OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ14 -0.14%) this morning are down -0.10% and European stocks are down -0.09% after a gauge of Eurozone manufacturing activity last month was revised lower to its slowest pace of expansion in 15 months. Losses were contained after data showed Chinese manufacturing activity was stronger-than-expected last month. Greek stocks rallied sharply after the Financial Times reported that ECB President Draghi at Thursday’s ECB policy meeting will unveil a plan to buy private-sector assets and will push for the central bank to buy bundles of Greek and Cypriot bank loans with “junk” ratings. Asian stocks closed mixed: Japan -0.56%, Hong Kong and China closed for holiday, Taiwan +0.26%, Australia +0.78%, Singapore -0.39%, South Korea -1.54%, India -0.23%. Commodity prices are mixed. Nov crude oil (CLX14 +0.67%) is up +0.36%. Nov gasoline (RBX14 +0.58%) is up +0.31%. Dec gold (GCZ14 -0.15%) is down -0.21%. Dec copper (HGZ14 +1.20%) is up +0.57%. Agriculture and livestock prices are lower with Dec corn down -0.47% at a fresh 5-year low. The dollar index (DXY00 +0.23%) is up +0.18%. EUR/USD (^EURUSD) is down -0.27%. USD/JPY (^USDJPY) is up +0.17% at a new 6-year high. Dec T-note prices (ZNZ14 +0.18%) are up +8.5 ticks at a 3-week high on carry-over support from a rally in German bunds to a 3-week high.
The German Sep Markit/BME manufacturing PMI was revised lower to 49.9 from the previously reported 50.3, the first time that manufacturing activity in Germany has contracted in 15 months.
The Eurozone Sep Markit manufacturing PMI was revised down to 50.3 from the previously reported 50.5, the slowest pace of expansion in 15 months.
The China Sep manufacturing PMI was unchanged at 51.1, better than expectations of -0.1 to 51.0.
The UK Sep Markit manufacturing PMI fell -0.6 to 51.6, weaker than expectations of +0.2 to 52.7 and the slowest pace of expansion in 17 months.
