Wednesday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 135.0 +2.0 basis points. 

• China Sovereign CDS 77.75 +.5 basis point. 
• China Iron Ore Spot 109.9 USD/Metric Tonne +.59%.

• Bloomberg Emerging Markets Currency Index 47.6 -.08%.
• Bloomberg Global Risk-On/Risk Off Index  53.2 +1.0%. 
• Bloomberg US Financial Conditions Index -.57 -4.0 basis points.
  
• Volatility Index(VIX) futures 23.8 -.6%.
• Euro Stoxx 50 futures +.55%.

• S&P 500 futures +.38%.

• NASDAQ 100 futures +.42%.  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (CCL)/-.89
• (CTAS)/3.03
• (RAD)/-.31
• (TTC)/1.08
  

After the Close:

• (MU)/-.02
• (MLKN)/.42
  

Economic Releases

8:30 am EST

• The Current Account Deficit for 3Q is estimated at -$222.0B versus -$251.1B in 2Q.
  

10:00 am EST

• Existing Home Sales MoM for Nov. is estimated to fall to 4.2M versus 4.43M in Oct.
• The Conference Board Consumer Confidence report for Dec. is estimated to rise to 101.0 versus 100.2 in Nov.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone Services PMI report, 20Y T-Bond auction and the weekly MBA Mortgage Applications report 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.