Morning Call For Nov. 18, 2014


December E-mini S&Ps (ESZ14 -0.04%) this morning are down -0.07%, although European stocks are up +0.89% after German investor confidence rose more than expected to a 4-month high. Asian stocks closed mixed: Japan +2.18%, Hong Kong -1.13%, China -1.00%, Taiwan -0.28%, Australia-0.24%, Singapore +0.76%, South Korea +0.95%, India -0.05%. Japanese stocks closed higher after Prime Minister Abe suspended a national sales tax increase, called for an early election, and ordered his minsters to start preparing a mew stimulus package. Commodity prices are mixed. Dec crude oil (CLZ14 -0.12%) is up +0.30%. Dec gasoline (RBZ14 -0.31%) is unch. Dec gold (GCZ14 +1.34%) is up +1.48% at a 2-week high after ECB Executive Board member Mersch suggested the ECB could purchase assets including bullion to counter low inflation. Dec copper (HGZ14 -1.33%) is down-1.35%. Agriculture prices are mixed. The dollar index (DXY00 -0.30%) is down -0.34%. EUR/USD (^EURUSD) is up +0.52%. USD/JPY (^USDJPY) is up +0.03% at a 7-year high after Japanese Prime Minister Abe called for an early election and suspended a planned sales-tax increase. Dec T-note prices (ZNZ14 +0.06%) are up +1 tick.

The German Nov ZEW survey expectations of economic growth rose +15.1 to 11.5, better than expectations of +4.1 to 0.5 and the highest in 4 months. The Nov ZEW survey current situation unexpectedly rose +0.1 to 3.3, better than expectations of -1.5 to 1.7.

ECB Executive Board member Mersch said that the ECB could "theoretically" but sovereign debt, gold, exchange-traded funds, and even real estate to counter a longer period of low inflation.

Eurozone Oct new car registrations rose +6.5% y/y, the largest increase in 7 months and the 14th consecutive month that sales have increased.

A research report from the San Francisco Fed said that monetary policy "appears to be far from causing excessive inflation" and price increases are likely to remain slow through the end of 2016 and that it's more probable that inflation will remain below the Fed's 2% inflation target than rise above it.

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