Tuesday, December 20, 2022

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.

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