Morning Call For Tuesday, Dec. 11

Overnight Markets And News

Dec E-mini S&Ps (ESZ18 +0.96%) this morning are up +0.66% on signs that U.S. and China trade talks are continuing despite the diplomatic rift over the arrest of a senior Chinese businesswoman. According to a statement from China's Ministry of Commerce, China's Vice Premier Liu He, U.S. Treasury Secretary Mnuchin and trade representative Lighthizer spoke by phone this morning on the timetable and road map of future trade talks. U.S. automakers are set to move higher today on a report that China is moving toward cutting tariffs on cars made in the U.S. to 15% from the current 40%. European stocks are up +1,64% after German Dec ZEW investor confidence unexpectedly improved and as GBP/USD recovered from Monday's 1-1/2 year low and is up +0.41% as UK Prime Minister May is set to tour European capitals in an attempt to secure concessions on a Brexit deal she can sell to the UK Parliament. Asian stocks settled mixed: Japan -0.34%, Hong Kong +0.07%, China +0.37%, Taiwan +0.62%, Australia +0.42%, Singapore -0.43%,South Korea -0.25%, India +0.54%. China’s Shanghai Composite closed higher on signs of stronger credit growth in China last month and Japan's Nikkei Stock Index tumbled to a 1-1/2 month low after Japan Nov machine tool orders fell by the most in 2-1/4 years.

The dollar index (DXY00 -0.33%) is down -0.30%. EUR/USD (^EURUSD +0.34%) is up +0.33%. USD/JPY (^USDJPY-0.16%) is down -0.15%.

Mar 10-year T-note prices (ZNH19 -0-090) are down -7.5 ticks.

The German Dec ZEW survey expectations of economic growth unexpectedly rose +6.6 to -17.5, stronger than expectations of -0.9 to -25.0.

China Nov new yuan loans were !.25 trillion yuan, stronger than expectations of +1.15 trillion yuan. Nov aggregate financing was 1.519 trillion yuan, stronger than expectations of +1.350 trillion yuan.

Japan Nov machine tool orders dropped -16.8% y/y, the steepest decline in 2-1/4 years.

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