OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ14 +0.02%) this morning are up +0.01% on increased M&A activity with Baker Hughes up over 5% in pre-market trading after it confirmed that it was in talks with Halliburton for a potential “business combination.” European stocks were down -0.76 % as a slide in commodity producers outweighed economic data that showed Eurozone Q3 GDP grew more than expected. Asian stocks closed mostly higher: Japan +0.56%, Hong Kong +0.28%, China +0.05%, Taiwan +0.02%, Australia +0.21%, Singapore +0.32%, South Korea -0.77%, India +0.38%. Japan’s Nikkei Stock Index rose to the highest in 7-1/4 years, led by strength in exporters, as a plunge in the yen to a 7-year low against the dollar bolstered the earnings prospects of exporters. Commodity prices are mixed. Dec crude oil (CLZ14 +0.22%) is up +0.19%. Dec gasoline (RBZ14 +0.81%) is up +0.83%. Dec gold (GCZ14 -0.70%) is down -0.86%. Dec copper (HGZ14 +0.18%) is up +0.07%. Agriculture prices are weaker. The dollar index (DXY00 +0.35%) is up +0.35%. EUR/USD (^EURUSD) is down -0.25%. USD/JPY (^USDJPY) is up +0.57% at a 7-year high on speculation Prime Minister Abe may announce a delay of a national sales tax increase and decide to dissolve parliament and call for snap elections, which are yen negative. Dec T-note prices (ZNZ14 -0.02%) are down -0.5 of a tick.

ECB Governing Council member Noyer told the French newspaper Les Echos that “inflation risks being too weak for too long” and that the ECB could begin to buy state of company debt if it decided that its policies weren’t having any effect.

Eurozone Q3 GDP rose +0.2% q/q and +0.8% y/y, a faster pace of increase than expectations of +0.1% q/q and +0.7% y/y.

German Q3 GDP rose +0.1% q/q and +1.2% y/y (nsa), slightly stronger than expectations of +0.1% q/q and +1.0% y/y (nsa).

China Oct new yuan loans were 548.3 billion yuan, less than expectations of 626.40 billion yuan. Oct aggregate financing, China’s broadest measure of credit, increased by 662.7 billion yuan, less than expectations of 887.5 billion yuan.

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