Wednesday, March 22, 2023

Thursday Watch

Night Trading 

  • Asian equity indices are -1.0% to -.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 139.75 -4.0 basis points. 
  • China Sovereign CDS 79.75 +.75 basis point. 
  • China Iron Ore Spot 121.4 USD/Metric Tonne +.9%.
  • Bloomberg Emerging Markets Currency Index 47.6 +.08%.
  • Bloomberg Global Risk-On/Risk Off Index  48.0 -1.7%. 
  • Bloomberg US Financial Conditions Index -.28 +4.0 basis points.
  • Volatility Index(VIX) futures 23.5 -.21%.
  • Euro Stoxx 50 futures n/a.
  • S&P 500 futures +.12%.
  • NASDAQ 100 futures +.12%.  
Morning Preview Links

BOTTOM LINE: Asian indices are modestly lower, weighed down by financial and commodity 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.

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