Morning Call For Thursday, Dec. 27

Overnight Markets And News

Mar E-mini S&Ps (ESH19 -1.75%) this morning are down -1.52% as markets give back some of Wednesday's sharp rally. European stocks are down -0.69% at a new 2-year low as markets there reopen after the 2-day Christmas holiday. Economic growth fears along with Brexit concerns continue to weigh on European equity markets. The European volatility gauge, the VSTOXX Index, jumped to a 10-1/2 month high today as growth concerns weigh on bank stocks and trade concerns undercut automakers. On the positive side, China's Ministry of Commerce said today that U.S. and China trade negotiators have been in close contact and the U.S. will sent its negotiating team to Beijing the week of Jan 7. Asian stocks settled mixed: Japan +3.88%, Hong Kong -0.67%, China -0.61%, Taiwan +1.72%, Australia +1.88%, Singapore +1.12%, South Korea -0.16%, India +0.44%. Chinese stocks moved lower on concern the ongoing U.S.-China trade war is hurting the profitability of Chinese companies after China Nov industrial profits fell for the first time in nearly 3 years. The Chinese yuan climbed to a 2-week high against the dollar today after the PBOC said in a statement about its Q4 policy meeting that it will keep prudent monetary policy and strike a balance between tightening and easing.

The dollar index (DXY00 -0.33%) is down -0.25%. EUR/USD (^EURUSD -0.39%) is up +0.35%. USD/JPY (^USDJPY+0.72%) is down -0.48%.

Mar 10-year T-note prices (ZNH19 +0-065) are up +7 ticks.

The ECB said in its monthly economic bulletin that "looking ahead, the incoming information remains overall consistent with an ongoing economic expansion, albeit with increased downside risks."

China Nov industrial profits fell -1.8% y/y, the first decline in nearly 3 years.

Japan Nov construction orders fell -10.7% y/y, the second straight month orders have declined.

Japan Nov annualized housing starts fell -0.6% y/y to 957,000 annualized, right on expectations.

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