Morning Call For Tuesday, Dec. 4

Overnight Markets And News

Dec E-mini S&Ps (ESZ18 -0.46%) this morning are down -0.39% and European stocks are down -0.58% as losses in technology stocks lead the overall market lower. Shares of Apple are down nearly 1% and Apple supplier Cirrus Logic is down more than 6% in pre-market trading after Cirrus cut its Q3 revenue estimate on flagging iPhone sales. Losses in the overall market were limited as energy stocks rose with Jan WTI crude oil (CLF19 +1.89%) up +1.98% at a 1-week high. Crude oil is rising ahead of OPEC's 2-day meeting in Vienna on Thursday and Friday when the cartel is expected to announce crude production cuts. Asian stocks settled mixed: Japan -2.39%, Hong Kong +0.29%, China +0.42%, Taiwan -0.54%, Australia -1.01%, Singapore -0.72%, South Korea -1.05%, India -0.29%. China's Shanghai Composite climbed to a 2-week high and the yuan soared to a 2-1/4 month high against the dollar on positive carry-over from this past weekend when China and the U.S. agreed to a trade truce. Japan's Nikkei Stock Index fell back as losses in exporter stocks led the overall market lower when USD/JPY dropped to a 1-week low, which reduces the earnings prospects for exporters.

The dollar index (DXY00 -0.51%) is down -0.50% at a 1-week low. EUR/USD (^EURUSD +0.39%) is up +0.36% at a 1-week high after Eurozone Oct producer prices rose at the fastest pace in nearly 7 years, which is hawkish for ECB policy. USD/JPY (^USDJPY -0.76%) is down -0.76% at a 1-week low.

Mar 10-year T-note prices (ZNH19 +0-075) are up +7.5 ticks at a 3-month high.

Eurozone Oct PPI rose +0.8% m/m and +4.9% y/y, stronger than expectations of +0.5% m/m and +4.5% y/y with the +4.9% y/y gain the biggest year-on-year increase in nearly 7 years.

The UK Nov Markit/CIPS construction PMI unexpectedly rose +0.2 to a 4-month high of 53.4, stronger than expectations of -0.7 to 52.5.

UK Nov BRC sales like-for-like unexpectedly fell -0.5% y/y, weaker than expectations of +0.3% y/y and the biggest decline in 7 months.

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