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OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ17 +0.34%) this morning are up +0.31%, led by a nearly 3% gain in Wal-Mart in pre-market trading after it reported better-than-expected Q3 adjusted earnings and boosted its full-year earnings outlook. European stocks are up +0.57% as global stocks regained their footing following losses earlier in the week. Strength in automakers is leading European stocks higher after Eurozone Oct new car registrations rose +5.9% y/y, the biggest increase in 5-months. Asian stocks settled mostly higher: Japan +1.47%, Hong Kong +0.58%, China -0.10%, Taiwan -0.05%, Australia +0.16%, Singapore -0.81%, South Korea +0.66%, India +1.06%. China’s Shanghai Composite slid to a 1-week low, but recovered most of its losses after the PBOC injected cash into the financial system. The PBOC pumped in 310 billion yuan ($47 billion) through reverse-repurchase agreements on Thursday, the biggest one-day injection in 10 months, which eased interest rate concerns after the China 10-year note rose above 4% Tuesday for the first time in 3-years. The Nikkei Stock Index bounced back sharply following its slide Wednesday to a 2-week low as strength in quarterly corporate earnings boosted stocks.
The dollar index (DXY00 +0.14%) is up +0.16%. EUR/USD (^EURUSD) is down -0.20% after ECB Executive Board member Praet said inflation developments are subdued despite solid growth. USD/JPY (^USDJPY) is up +0.26%.
Dec 10-year T-note prices (ZNZ17 -0.20%) are down -7.5 ticks.
ECB Executive Board member Praet said “we have not yet accomplished our mission, and so we must remain patient and persistent” on monetary policy as inflation developments are subdued despite solid growth.
Eurozone Oct new car registrations rose +5.9% y/y to 1,169,672, the largest increase in 5-months. Year-to-date Eurozone new car registrations are up +3.9% y/y at 12,830,216.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected -4,000 to 235,000, previous +10,000 to 239,000) and continuing claims (expected -1,000 to 1.900 million, previous +17,000 to 1.901 million), (2) Nov Philadelphia Fed business outlook index (expected -3.8 to 24.1, Oct +4.1 to 27.9), (3) Oct import price index (expected +0.3% m/m and +2.5% y/y, Sep +0.7% m/m and +2.7% y/y), (4) Cleveland Fed President Loretta Mester (non-voter) delivers keynote address at the Cato Institute conference on “The Future of Monetary Policy,” (5) Oct industrial production (expected +0.5%, Sep +0.3%) (6) Nov NAHB housing market index (expected -1 to 67, Oct +4 to 68), (7) Treasury auctions $11 billion 10-year TIPS, (8) Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at the CFA Society Houston, (9) Fed Governor Lael Brainard delivers keynote address at the FinTech Financial Stability Conference co-hosted by the University of Michigan’s Center on Finance, Law and Policy, (10) San Francisco Fed President John Williams (non-voter) gives keynote address at the Asia Economic Policy Conference in San Francisco, (11) USDA weekly Export Sales.