Wednesday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 125.0 -7.0 basis points. 

• China Sovereign CDS 69.0 -5.0 basis points. 
• China Iron Ore Spot 107.5 USD/Metric Tonne -1.2%.

• Bloomberg Emerging Markets Currency Index 47.9 unch.
• Bloomberg Global Risk-On/Risk Off Index  48.2 -.4%. 
• Bloomberg US Financial Conditions Index -.67 +1.0 basis point.
  
• Volatility Index(VIX) futures 24.0 +.22%.
• Euro Stoxx 50 futures -.08%.

• S&P 500 futures +.20%.

• NASDAQ 100 futures +.24%.  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (WEBR)/-.35
  

After the Close:

• (LEN)/4.90
• (NDSN)/2.33
  

Economic Releases

8:30 am EST

• Import Price Index MoM for Nov. is estimated to fall -.5% versus a -.2% decline in Oct.
• Import Price Index YoY for Nov. is estimated to rise +3.2% versus a +4.2% gain in Oct.
• Export Price Index MoM for Nov. is estimated to fall -.5% versus a -.3% decline in Oct.
• Export Price Index YoY for Nov. is estimated to rise +5.7% versus a +6.9% gain in Oct.
  

10:30 am EST

• Bloomberg  consensus estimates call for a weekly crude oil inventory decline of -3,409,140 barrels versus a -5,186,000 barrel decline the prior week. Gasoline supplies are estimated to rise by +2,783,140 barrels versus a +5,319,000 barrel gain the prior week. Distillate inventories are estimated to rise by +2,747,710 barrels versus a +6,159,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise +.03% versus a +.3% gain prior.
  

2:00 pm EST

• The FOMC is expected to raise the benchmark Fed Funds Rate +50.0 bps to 4.25% to 4.5%.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed Rate Conference, UK CPI report, Senate hearing on FTX, weekly MBA Mortgage Applications report, (SJM) investor day, Roth Capital Consumer Conference and the (MKSI) analyst 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 healthcare and technology shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.