OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESZ15 -0.12%) this morning are down -0.23% on negative carry-over from the -1.13% sell-off in the EuroStoxx 50 index on this morning’s weaker-than-expected Eurozone Q3 GDP report of +0.3% q/q and +1.6% y/y. However, the weak Eurozone GDP has boosted expectations for the ECB to expand QE at its next meeting in December and cut its deposit rate by 10 bp to -0.30%. Germany 10-year bund yields this morning fell by-3 bp to 0.58% on the Eurozone GDP report.

China’s Shanghai Composite index on Friday fell by -1.4% after Thursday’s post-close news that China’s aggregate financing fell to a 15-month low of 477 billion yuan ($75 billion) and was weaker than market expectations of 1.05 trillion yuan.

Asian stocks today closed lower on carry-over weakness from China’s stock market: Japan -0.51%, Hong Kong -2.15%, China Shanghai Composite-1.43%, Taiwan -1.17%, Australia -1.45%, Singapore -1.13%, South Korea -0.99%, India -0.99%, Turkey -0.27%.

The dollar index (ZNZ15 +0.09%) this morning is slightly lower by -0.035 (-0.04%). EUR/USD (^EURUSD) is down -0.0025 at 1.0789 (-0.23%) on increased expectations for ECB stimulus at its next meeting in December. USD/JPY (^USDJPY) is slightly lower by -0.02 at 122.59 (-0.02%). Dec 10-year T-note futures (ZNZ15 +0.09%) this morning are up +6 ticks on weak global stocks and the weak Eurozone GDP report.

Commodity prices this morning are up +0.33% on a rebound from yesterday’s losses. Dec crude oil (CLZ15 +0.43%) this morning is up +0.27 (+0.65%) and Dec gasoline (RBZ15 +0.29%) is up +0.0049 (+0.38%). Metals prices this morning are mixed with Dec gold (GCZ15 +0.40%) up +5.4 (+0.50%), Dec silver (SIZ15 +0.53%) up +0.80 (+0.56%), and Dec copper (HGZ15 -0.21%) down -0.008 (-0.35%). Dec corn (-0.14%) and Jan soybeans (-0.49%) are trading lower but Dec wheat is slightly higher (+0.05%). Softs are trading steady to slightly higher.

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