OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH15 +0.24%) this morning are up +0.29% at a contract high, while European stocks are down -0.91% as a slide in health-care companies leads the overall market lower. The Russian ruble strengthened to just below 60 per dollar on signs of a short-term cash crunch as the Bank of Russia provided 488 billion rubles ($8.1 billion) at a special repurchase auction of 3-day cash after the rate banks charge each other for overnight funds soared to an 8-year high of 27.3% yesterday. Asian stocks closed higher: Japan +2.39%, Hong Kong +1.25%, China +1.11%, Taiwan +1.36%, Australia +2.45%, Singapore +1.11%, South Korea +1.70%, India +0.90%. China’s Shanghai Stock Index climbed to a 4-year high as airlines and shipping companies rallied on optimism that the plunge in oil prices will lower their costs and boost their profits. Commodity prices are mostly higher. Jan crude oil (CLF15 +1.61%) is up +1.74%. Jan gasoline (RBF15 +1.38%) is up +1.56%. Feb gold (GCG15 +0.15%) is up +0.18%. Mar copper (HGH15 +1.33%) is up +1.14%. Agriculture prices are weaker. The dollar index (DXY00 +0.16%) is up +0.19% at a 1-1/2 week high. EUR/USD (^EURUSD) is down -0.19% at a 1-1/2 week low. USD/JPY (^USDJPY) is up +0.40% at a 1-week high after the BOJ maintained record stimulus following its 2-day policy meeting. Mar T-note prices (ZNH15 -0.02%) are up +1.5 ticks.
German Jan GfK consumer confidence rose +0.3 to 9.0, better than expectations of +0.1 to 8.8 and the highest in 8 years.
German Nov PPI was unch m/m and fell -0.9% y/y, a slower pace of decline than expectations of -0.2% m/m and -1.1% y/y.
UK Dec GfK consumer confidence unexpectedly fell -3 to -4, weaker than expectations of +1 to -1 and the lowest in 9 months.
UK Dec CBI reported sales jumped +34 to 61, much better than expectations of +3 to 30 and the highest in 26 3/4 years.
