Morning Call For Tuesday, Dec. 18

Overnight Markets And News

Mar E-mini S&Ps (ESH19 +0.39%) this morning are up +0.39% as stock prices stabilize following Monday's plunge to a 14-1/2 month low. European stocks are up +0.02% as they gave up most of their gains after German Dec IFO business fell more than expected to a 2-year low. Weakness in energy stocks and commodity producers are limiting the upside in the overall market as global demand concerns weigh on industrial metals and crude prices with Mar COMEX copper (HGH19 -1.56%) down -1.52% at a 1-month low and Jan WTI crude oil (CLF19 -2.81%) down -2.93% at a 1-1/4 year low. Asian stocks settled mostly lower: Japan -1.82%, Hong Kong -1.05%, China -0.82%, Taiwan -0.70%, Australia -1.22%, Singapore -2.21%, South Korea -0.42%, India +0.21%. China's Shanghai Composite fell to a 2-week low on negative carry-over from Monday's plunge in U.S. equity markets along with a keynote speech by Chinese President Xi Jinping to mark China's 40th anniversary of the Reform and Opening Up campaign that offered no fresh commitments to open up or stimulate China's economy.

The dollar index (DXY00 -0.31%) is down -0.35% at a 1-week low as the decline in the 10-year T-note yield to at a 3-1/2 month low of 2.821% undercuts the dollar's interest rate differentials. EUR/USD (^EURUSD +0.35%) is up +0.35% at a 1-week high. USD/JPY (^USDJPY -0.42%) is down -0.43% at a 1-week low.

Mar 10-year T-note prices (ZNH19 +0-045) are up +6 ticks at a 1-week high.

The German Dec IFO business climate fell-1.0 to a 2-year low of 101.0, weaker than expectations of -0.3 to 101.7.

U.S. Stock Preview

Key U.S. news today includes: (1) Nov housing starts (expected -0.2% to 1.226 million, Oct +1.5% to 1.228 million), (2) FOMC begins 2-day policy meeting.

Notable Russell 1000 earnings reports today include: FedEx (consensus $3.94), Darden Restaurants (0.91), FactSet Research (2.29), Jabil (0.88), Micron Technology (2.94).

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