Morning Call For Wednesday, Dec. 12

Overnight Markets And News

Dec E-mini S&Ps (ESZ18 +0.71%) this morning are up +0.73% and European stocks are up +1.32% on optimism for the U.S.-China trade outlook. The CFO of Huawei Technologies was granted bail in Canada and President Trump said he would consider intervening in the case if it helps get a trade deal with China. Energy stocks are higher as Jan WTI crude oil (CLF19 +1.78%) climbs +1.78% after API data late Tuesday showed U.S. crude inventories fell -10.2 million bbl last week. European stocks rose on stronger-than-expected Eurozone Oct industrial production although gains were limited on Brexit concerns ahead of a no-confidence vote tonight for UK Prime Minister May in her leadership of the Conservative Party. GBP/USD is up +0.46% after UK Prime Minster May said a leadership challenge would delay Brexit, or even risk it being canceled altogether and that she "will contest the vote with everything she has." Asian stocks settled higher: Japan +2.15%, Hong Kong +1.61%, China +0.31%, Taiwan +1.13%, Australia +1.39%, Singapore +1.33%, South Korea +1.43%, India +1.79%. Asian markets moved higher on speculation progress was being made for a resolution to the U.S-China trade conflict.

The dollar index (DXY00 -0.03%) is down -0.03%. EUR/USD (^EURUSD +0.13%) is up +0.10%. USD/JPY (^USDJPY+0.02%) is up +0.04%.

Mar 10-year T-note prices (ZNH19 -0-010) are up +0.5 of a tick.

Eurozone Oct industrial production rose +0.2% m/m and +1.2% y/y, stronger than expectations of +0.1% m/m and +0.7% y/y.

Japan Oct core machine orders rose +7.6% m/m and +4.5% y/y, weaker than expectations of +9.7% m/m and +5.0% y/y.

The Japan Oct tertiary industry index jumped +1.9% m/m, much stronger than expectations of +0.8% m/m and the largest increase in 4-1/2 years.

Japan Nov PPI of -0.3% m/m and +2.3% y/y was weaker than expectations of -0.1% m/m and +2.4% y/y with the -0.3% m/m decline the largest monthly drop in 2-1/4 years.

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