Tuesday, December 06, 2022

Wednesday Watch

Evening Headlines


Fox News:
Zero Hedge:
Night Trading 
  • Asian equity indices are -1.0% to -.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 131.5 +4.75 basis points. 
  • China Sovereign CDS 80.25 +5.75 basis points. 
  • China Iron Ore Spot 108.2 USD/Metric Tonne unch.
  • Bloomberg Emerging Markets Currency Index 47.7 +.13%.
  • Bloomberg Global Risk-On/Risk Off Index  47.2 +.03%. 
  • Bloomberg US Financial Conditions Index -.59 unch.
  • Volatility Index(VIX) futures 24.8 -.12%.
  • Euro Stoxx 50 futures +.1%.
  • S&P 500 futures +.03%.
  • NASDAQ 100 futures +.07%  
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (ASO)/1.59
  • (BF/B)/.55
  • (CPB)/.87
  • (OLLI)/.40
  • (THO)/1.70
  • (UNFI)/1.15
  • (WEBR)/-.35
After the Close:
  • (AI)/-.16
  • (GME)/-.28
  • (OXM)/1.22
  • (VRNT)/.61
Economic Releases
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,989,330 barrels versus a -1,259,100 barrel decline the prior week. Gasoline supplies are estimated to rise by +1,774,500 barrels versus a +2,770,000 barrel gain the prior week. Distillate inventories are estimated to rie by +1,654,670 barrels versus a +3,547,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.18% verus a +1.3% gain prior.
3:00 pm EST
  • Consumer Credit for Oct. is estimated to rise to $28.0B versus $24.976B in Sept.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The China Trade Data report, weekly MBA Mortgage Applications report, Barclays Tech/Media/Telecom Conference, BofA SMID Cap Conference, (LUV) investor day and the (LOW) analyst conference could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are modestly lower, weighed down by financial and commodity 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.

No comments: