Monday, January 09, 2023

Tuesday Watch

Night Trading 

  • Asian equity indices are -.25% to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 112.0 -2.0 basis points. 
  • China Sovereign CDS 58.5 -1.0 basis point. 
  • China Iron Ore Spot 116.9 USD/Metric Tonne -.11%.
  • Bloomberg Emerging Markets Currency Index 48.0 -.05%.
  • Bloomberg Global Risk-On/Risk Off Index  55.6 +.3%. 
  • Bloomberg US Financial Conditions Index -.06 -3.0 basis points.
  • Volatility Index(VIX) futures 23.2 +.41%.
  • Euro Stoxx 50 futures n/a.
  • S&P 500 futures -.10%.
  • NASDAQ 100 futures -.15%.  
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (ACI)/.67
  • (BBBY)/-2.81
  • (SNX)/2.92
After the Close:
  • None of note
Economic Releases
6:00 am EST
  • The NFIB Small Business Optimism Index for Dec. is estimated to fall to 91.5 versus 91.9 in Nov.
10:00 am EST
  • Wholesale Trade Sales MoM for Nov. is estimated to rise +.2% versus a +.4% gain in Oct.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Powell speaking, China New Loans Data report, weekly US retail sales reports and the 3Y T-Note auction 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 technology 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 50% net long heading into the day.

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