OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ14 +0.14%) this morning are up +0.09% as they recover slightly from Thursday’s rout and European stocks are up +0.49% as they rebound from a 3-week low. Nike is up nearly 7% in pre-market trading after the company reported stronger-than-expected Q1 profit and Micron is up 6% after its quarterly sales beat consensus. Gains in European stocks were muted after a gauge of German consumer confidence fell more than expected to the lowest in 9 months. Asian stocks closed mixed: Japan -0.88%, Hong Kong -0.38%, China +0.01%, Taiwan -0.24%, Australia -1.28%, Singapore +0.04%, South Korea -0.05%, India +0.60%. India’s Sensex Stock Index closed higher and the rupee recovered from a 1-1/2 month low against the dollar after Standard & Poor’s raised India’s credit rating outlook to stable from negative. Commodity prices are mixed. Nov crude oil (CLX14 +0.64%) is up +0.41%. Nov gasoline (RBX14 -0.04%) is down -0.05%. Dec gold (GCZ14 -0.23%) is up +0.13%. Dec copper (HGZ14 +0.43%) is up +0.51%. Agriculture and livestock prices are mostly lower. The dollar index (DXY00 +0.16%) is up +0.06%. EUR/USD (^EURUSD) is down -0.08%. USD/JPY (^USDJPY) is up +0.27%. Dec T-note prices (ZNZ14 +0.04%) are up +2.5 ticks at a 2-week high on carry-over support from a rally in German bunds which also rose to a 2-week high.
The German Oct GfK consumer confidence fell -0.3 to 8.3, a bigger decline than expectations of -0.1 to 8.5 and the lowest in 9 months.
The German Aug import price index fell -0.1% m/m and -1.9% y/y, a slower pace of decline than expectations of -0.2% m/m and -2.0% y/y.
Japan Aug national CPI rose +3.3% y/y, right on expectations. Aug national CPI ex-fresh food rose +3.1% y/y, a slower pace than expectations of +3.2% y/y. Aug national CPI ex food & energy rose +2.3% y/y, right on expectations.
