OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16 +0.13%) are up +0.05% on increased M&A activity after CenturyLink agreed to buy Level 3 in a deal valued at about $34 billion. Gains were limited on concern that U.S. Presidential candidate Clinton’s election prospects may suffer after the FBI reopened an investigation into her use of an unauthorized e-mail server. Oil producing stocks are also lower and undercut European stocks which are down -0.55%. Crude oil prices (CLZ16 -0.53%) are down -0.53% after weekend talks between OPEC and other major oil producers failed to come to an agreement on output cuts. Another negative for European stocks was the unexpected decline in German Sep retail sales which fell by the most in over 2 years. Asian stocks settled mostly lower: Japan -0.12%, Hong Kong -0.09%, China -0.12%, Taiwan -0.18%, Australia +0.64%, Singapore -0.08%, South Korea -0.23%, India closed for holiday. China’s Shanghai Composite fell to a 1-week low after China’s 1-year interest rate swaps climbed to a 1-1/2 year high of 2.76%, which bolstered speculation the PBOC will try to keep money rates high to curb asset bubbles. Japanese stocks were undercut on weaker-than-expected economic data on industrial production and retail sales.
The dollar index (DXY00 +0.26%) is up +0.20%. EUR/USD (^EURUSD) is down -0.31%. USD/JPY (^USDJPY) is up +0.22%.
Dec 10-year T-note prices (ZNZ16 +0.02%) are up +1 tick.
Eurozone Q3 GDP grew +0.3% q/q and +1.6% y/y, right on expectations.
The Eurozone Oct CPI rose +0.5% y/y, right on expectations. The Oct core CPI rose +0.8% y/y, right on expectations.
German Sep retail sales unexpectedly fell -1.4% m/m, weaker than expectations of +0.2% m/m and the biggest decline in over 2 years.
Japan Sep industrial production was unch m/m and rose +0.9% y/y, weaker than expectations of +0.9% m/m and +1.9% y/y.
Japan Sep retail sales was unch m/m and fell -1.9% y/y, weaker than expectations of +0.2% m/m and -1.8% y/y.
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