Tuesday Watch

Night Trading 

• Asian equity indices are -.25% to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 132.0 unch. 

• China Sovereign CDS 74.0 -1.25 basis points. 
• China Iron Ore Spot 108.8 USD/Metric Tonne -.54%.

• Bloomberg Emerging Markets Currency Index 47.68 +.05%.
• Bloomberg Global Risk-On/Risk Off Index  47.3 +.51%. 
• Bloomberg US Financial Conditions Index -.76 -6.0 basis points.
  
• Volatility Index(VIX) futures 24.9 -.31%.
• Euro Stoxx 50 futures +.36%.

• S&P 500 futures -.04%.

• NASDAQ 100 futures unch.  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (PLAB)/.48
  

After the Close:

• (ABM)/.88
  

Economic Releases

6:00 am EST

• The NFIB Small Business Optimism Index for Nov. is estimated to fall to 90.5 versus 91.3 in Oct.
  

8:30 am EST

• The CPI MoM for Nov. is estimated to rise +.3% versus a +.4% gain in Oct.
• The CPI Ex Food and Energy MoM for Nov. is estimated to rise +.3% versus a +.3% gain in Oct.
• The CPI YoY for Nov. is estimated to rise +7.3% versus a +7.7% gain in Oct.
• Real Avg. Weekly Earnings for Nov.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The German CPI report, 30Y T-Note auction, weekly US retail sales reports, (EVBG) investor day, (LLY) 2023 guidance call, (TEX) investor day, (QDEL) investor day and the (YUM) investor day could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly higher, boosted by financial and commodity shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.