OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.05%) are down -0.05% and European stocks are down -0.15% in thin uninspired holiday trade. The U.S. equity markets shut early today at 1300 EST for Christmas Eve and markets in the U.K., France and Netherlands also close early, while Germany, Switzerland and Italy are closed all day. Weakness in crude oil is pushing energy producers lower, while miners and raw-material producers are weaker after a +1,525 MT increase in LME copper inventories to a 2-week high undercuts copper prices. Asian stocks settled mixed: Japan -0.51%, Hong Kong +0.44%, China-0.65%, Taiwan +0.10%, Australia +1.28%, Singapore +0.49%, South Korea -0.49%, India -0.04%. China’s Shanghai Composite closed lower, led by weakness in health-care and property companies, on speculation that new initial public offerings (IPOs) will divert funds away from existing stocks. Japan’s Nikkei Stock Index closed lower as the yen rallied to a 1-3/4 month high against the dollar, which reduces the earnings prospects of exporter stocks and pushed them lower.

The dollar index (DXY00 -0.24%) is down -0.36% at a 1-week low. EUR/USD (^EURUSD) is up +0.29%. USD/JPY (^USDJPY) is down -0.45% at a 1-3/4 month low.

Mar T-note prices (ZNH16 unch) are up +1.5 ticks.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -1,000 to 270,000, previous -11,000 to 271,000) and continuing claims (expected -38,000 to 2.200 million, previous -7,000 to 2.238 million), and (2) the Treasury’s announcement of next week’s sale of 2, 5 and 7- year T-notes. The NYSE closes early today at 1:00 PM ET, CME equity and interest rate futures close early at 1:15 PM ET, and CME energy and metals products close early at 1:45 PM ET.

None of the Russell 3000 companies report earnings today.

U.S. IPO’s scheduled to price today: none.

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