Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 119.25 -10.5 basis points. 

• China Sovereign CDS 68.5 -2.75 basis points. 
• China Iron Ore Spot 114.9 USD/Metric Tonne -.18%.

• Bloomberg Emerging Markets Currency Index 47.5 unch.
• Bloomberg Global Risk-On/Risk Off Index  54.4 +.68%. 
• Bloomberg US Financial Conditions Index -.34 +4.0 basis points.
  
• Volatility Index(VIX) futures 23.5 +.5%.
• Euro Stoxx 50 futures -.18%.

• S&P 500 futures -.15%.

• NASDAQ 100 futures -.25%.  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ANGO)/-.01
• (CAG)/.66
• (STZ)/2.90
• (HELE)/2.60
• (LW)/.74
• (LNN)/1.18
• (MSM)/1.47
• (NEOG)/.14
• (RPM)/1.10
• (SCHN)/-.46
• (WBA)/1.14
  

After the Close:

• None of note
  

Economic Releases

7:30 am EST

• Challenger Job Cuts YoY for Dec.
  

8:15 am EST

• The ADP Employment Change for Dec. is estimated to rise to 150K versus 127K in Nov.

8:30 am EST

• The Trade Balance for Nov. is estimated at -$63.1B versus -$78.2B in Oct.
• Initial Jobless Claims for last week are estimated at 225K versus 225K the prior week. 
• Continuing Claims are estimated to rise to 1727K versus 1710K prior.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The China Services PMI report, weekly EIA natural gas inventory report, CES 2023 and the Goldman Energy/Clean Tech Conference 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 financial and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.