OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ14 -0.10%) this morning are down -0.06% and European stocks are up +0.56% after Die Zeit reported that ECB President Draghi called German Finance Minister Schaeuble after the Dec 4 ECB meeting in an attempt to garner support in Germany for a government-bond purchase plan to be decided as soon as next month. Asian stocks closed mixed: Japan -2.25%, Hong Kong +0.16%, China +3.69%, Taiwan -1.06%, Australia -0.45%, Singapore +0.18%, South Korea -1.52%, India +0.12%. Chinese stocks rallied nearly 4% after a slowdown in inflation bolstered the case for more monetary easing after China Nov CPI rose less than expected at the slowest pace in 5 years. Commodity prices are mostly lower. Jan crude oil (CLF15 -1.91%) is down -1.93% after OPEC cut its 2015 global demand forecast for its crude to a 12-year low. Jan gasoline (RBF15 -2.09%) is down -2.16% at a fresh 5-year low. Feb gold (GCG15 -0.34%) is down -0.33%. Mar copper (HGH15 -0.92%) is down -0.70%. Agriculture prices are mixed. The dollar index (DXY00 unch) is down -0.02%. EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is down -0.33%. Mar T-note prices (ZNH15 unch) are unch.
China Nov CPI rose +1.4% y/y, less than expectations of +1.6% y/y and the smallest pace of increase in 5 years. China Nov PPI fell -2.7% y/y, a larger decline than expectations of -2.4% y/y and the steepest drop in 1-1/2 years.
The Japan Nov consumer confidence index unexpectedly fell -1.2 to 37.7, weaker than expectations of +0.6 to 39.5 and the lowest in 7 months.
The Japan Q4 BSI large all-industry business conditions fell -6.1 to 5.0, a bigger decline than expectations of -1.1 to 10.0. Q4 BSI large manufacturing business conditions fell -4.6 to 8.1.
Japan Nov PPI fell -0.2% m/m, a smaller decline than expectations of -0.3% m/m. On an annual basis, Nov PPI rose +2.7% y/y, more than expectations of +2.6% y/y but still the slowest pace of increase in 8 months.
