OVERNIGHT MARKETS AND NEWS December E-mini S&Ps (ESZ14 -0.33%) this morning are down -0.29% and European stocks are down -0.67% on concerns over slowing global growth after China Nov exports rose less than expected by the smallest amount in 7 months. Weakness in energy producers is another drag on stock prices as crude oil slipped to near last weeks 5-1/3 year low. Asian stocks closed mixed: Japan +0.08%, Hong Kong +0.19%, China +4.10%, Taiwan -0.21%, Australia +0.70%, Singapore -0.80%, South Korea -0.21%, India -1.19%. Japans Nikkei Stock Index climbed to a fresh 7-1/3 year high as exporter stocks rallied after a slide in the yen to a 7-1/3 year low against the dollar boosted their earnings prospects. Chinas Shanghai Stock Index pushed up to a fresh 3-1/2 year high as bullish momentum for Chinese shares continues after an unexpected decline in China Nov imports fueled speculation the government will expand stimulus measures in an attempt to boost domestic demand. Commodity prices are mixed. Jan crude oil (CLF15 -1.96%) is down -2.02%. Jan gasoline (RBF15 -2.28%) is down -2.01% at a fresh 5-year low. Feb gold (GCG15 +0.50%) is up +0.40%. Mar copper (HGH15 -0.43%) is down -0.24%. Agriculture prices are weaker. The dollar index (DXY00 +0.09%) is up +0.06% at a 5-3/4 year high. EUR/USD (^EURUSD) is down -0.17% at a 2-1/4 year low. USD/JPY (^USDJPY) is down -0.33%. Mar T-note prices (ZNH15 -0.11%) are down -5.5 ticks at a 2-week low. The China Nov trade balance unexpectedly widened to a record surplus of +$54.47 billion, more than expectations of +$43.95 billion and the largest surplus since data began in 1986. Nov exports increased +4.7% y/y, less than expectations of +8.0% y/y and the smallest increase in 7 months. Nov imports unexpectedly fell -6.7% y/y, weaker than expectations of +3.8% y/y and the largest decline in 8 months. The Eurozone Dec Sentix investor confidence rose +9.4 to -2.5, a larger increase than expectations of +2.9 to -9.0 and the highest in 4 months. German Oct industrial production rose +0.2% m/m and +0.8% y/y, less than expectations of +0.4% m/m and +0.9% y/y. The Japan Nov eco-watchers survey current unexpectedly fell -2.5 to 41.5, weaker than expectations of +1.8 to 45.8 and the lowest in 2 years. The Nov eco-watchers survey outlook fell -2.6 to 44.0, weaker than expectations of +0.4 to 47.0 and the lowest in 8 months. Japans Q3 GDP was revised lower to -1.9% q/q annualized from the previously reported -1.6% q/q after Q3 GDP business spending was revised downward to -0.4% q/q from the originally reported -0.2% q/q. The Q3 GDP deflator was revised lower to +2.0% y/y from the originally report +2.1% y/y.
Posted on: Mon, 08 Dec 2014 16:08:18 +0000
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