Tuesday Watch

Night Trading 

• Asian equity indices are -.75% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 133.0 +.25 basis point. 

• China Sovereign CDS 77.25 +.5 basis point. 
• China Iron Ore Spot 108.2 USD/Metric Tonne +.6%.

• Bloomberg Emerging Markets Currency Index 47.6 -.05%.
• Bloomberg Global Risk-On/Risk Off Index  49.8 +.12%. 
• Bloomberg US Financial Conditions Index -.55 -3.0 basis points.
  
• Volatility Index(VIX) futures 24.1 +.13%.
• Euro Stoxx 50 futures -.13%.

• S&P 500 futures +.10%.

• NASDAQ 100 futures +.16%.  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (FDS)/3.63
• (GIS)/1.06
  

After the Close:

• (AIR)/.68
• (BB)/-.07
• (NKE)/.65
• (WOR)/.61
  

Economic Releases

8:30 am EST

• Housing Starts for Nov. is estimated to fall to 1400K versus 1425K in Oct.
• Building Permits for Nov. is estimated to fall to 1480K versus 1526K in Oct.
  

9:00 am EST

• Bloomberg US Economic Survey for Dec.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The PBOC decision and the weekly US retail sales reports could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly lower, weighed down by consumer and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 25% net long heading into the day.