OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH18 +0.08%) this morning are up +0.10% after Congress late Thursday night averted a government shutdown and passed a temporary spending bill that will keep the U.S. government open through Jan 19. European stocks are down -0.39% on rekindled political risks after Catalan separatists won a regional election in Spain. Losses in European stocks were limited after a gauge of German Jan consumer confidence rose more than expected and France Q3 GDP was revised higher. Asian stocks settled mostly higher: Japan +0.16%, Hong Kong +0.72%, China -0.09%, Taiwan +0.46%, Australia +0.15%, Singapore +0.09%, South Korea +0.47%, India +0.55%. A rally in exporter stocks boosted the Nikkei Stock Index on prospects of stronger earnings after USD/JPY rose to a 1-week high Thursday. 

The dollar index (DXY00 +0.09%) is up +0.08%. EUR/USD (^EURUSD) is down -0.16%. USD/JPY (^USDJPY) is up +0.05%.

Mar 10-year T-note prices (ZNH18 -0.01%) are unchanged.

German Jan GfK consumer confidence rose +0.1 to 10.8, stronger than expectations of no change at 10.7.

German Nov import prices rose +0.8% m/m and +2.7% y/y, stronger than expectations of +0.7% m/m and +2.6% y/y.

France Q3 GDP was revised upward to +0.6% q/q and +2.3% y/y from +0.5% q/q nod +2.2% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Nov personal spending (expected +0.5%, Oct +0.3%) and Nov personal income (expected +0.4%, Oct +0.4%), (2) Nov PCE deflator (expected +0.3% m/m and +1.8% y/y, Oct +0.1% m/m and +1.6% y/y) and Nov core PCE deflator (expected +0.1% m/m and +1.5% y/y, Oct +0.2% m/m and +1.4% y/y), (3) Nov durable goods orders (expected +2.0% and +0.5% ex transportation, Oct -1.2% and +0.4% ex transportation), (4) Nov new home sales (expected -4.4% to 655,000, Oct +6.2% to 685,000), (5) final-Dec University of Michigan U.S. consumer sentiment index (expected +0.4 to 97.2, prelim-Dec -1.7 to 96.8), (6) Dec Kansas City Fed manufacturing activity (expected -1 to 15, Nov -7to 16), (7) USDA Q4 Hogs & Pigs Inventory, (8) USDA Nov Cattle on Feed, (9) USDA Nov Cold Storage.

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