Morning Call For Monday, Dec. 17

Overnight Markets And News

Mar E-mini S&Ps (ESH19 -0.12%) this morning are down -0.08% on weakness in retail stocks, led by a 4% decline in Best Buy in pre-market trading, after it was downgraded to 'Underperform‘ at Bank of America/Merrill Lynch. Also weighing on the market is concern there could be a partial shutdown of the U.S. government Friday night if lawmakers and President Trump fail to resolve funding for President Trump's wall along the Mexican border. European stocks are down -0.49% as weakness in retailers drags the overall market lower. UK's Asos Plc plunged nearly 40% after it cut its full-year sales-growth guidance and warned the Christmas shopping season got off to a disastrous start. Losses in the overall market were limited as energy stocks advanced with Jan WTI crude oil (CLF19+1.11%) up +1.19% after last Friday afternoon's data from Baker Hughes showed active U.S. oil rigs fell to an 8-week low. Asian stocks settled mostly higher: Japan +0.62%, Hong Kong -0.03%, China +0.16%, Taiwan +0.14%, Australia +1.00%, Singapore +1.21%, South Korea +0.29%, India +0.85%. China's Shanghai Composite recovered from a 2-week low and eked out a small gain as a rally in energy producers lifted the overall market.

The dollar index (DXY00 -0.25%) is down -0.32%. EUR/USD (^EURUSD +0.30%) is up +0.33%. USD/JPY (^USDJPY -0.07%) is down -0.10%.

Mar 10-year T-note prices (ZNH19 +0-020) are up +2 ticks.

Eurozone Nov CPI was revised lower to +1.9% y/y from the originally reported +2.0% y/y, the slowest pace of increase in 6 months. Nov core CPI was left unrevised at +1.0% y/y.

China Nov new home prices rose +0.98% m/m and +10.3% y/y. Home prices rose in 63 cities in Nov, down from 65 that rose in Oct.

U.S. Stock Preview

Key U.S. news today includes: (1) Dec Empire manufacturing index (expected -3.3 to 20.0, Nov +2.2 to 23.3), (2) Dec NAHB housing market index (expected +1 to 61, Nov -8 to 60).

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