Morning Call For December 24, 2014


March E-mini S&Ps (ESH15 +0.06%) this morning are up +0.04% and European stocks are down -0.24% in uninspired holiday trade with most markets closing early for Christmas Eve. U.S. and European markets will also be closed for the Christmas holiday on Thursday. European stocks fell back after France reported Nov jobless claims rose 27,400, or +0.8%, to a record 3.49 million, as France's economy continues to struggle. Asian stocks closed mixed: Japan +1.24%, Hong Kong +0.07%, China -2.84%, Taiwan +0.97%, Australia +0.25%, Singapore +0.40%, South Korea +0.41%, India -1.08%. Japan's Nikkei Stock Index climbed to a 2-week high on the heels of a rally in the S&P 500 Tuesday to a record high. China's Shanghai Stock Index slipped to a 1-week low after the action by some brokerages in China to raise the threshold for margin trading prompted profit-taking from the recent run up in prices to a 4-3/4 year high. Commodity prices are mostly lower. Feb crude oil (CLG15 -2.12%) is down -1.59%. Feb gasoline (RBG15 -2.29%) is down -1.60%. Feb gold (GCG15 -0.05%) is down -0.10%. Mar copper (HGH15 -0.45%) is down -0.54%. Agriculture prices are mixed. The dollar index (DXY00 -0.19%) is down -0.18%. EUR/USD (^EURUSD) is up +0.22%. USD/JPY (^USDJPY) is down -0.23%. Mar T-note prices (ZNH15 -0.02%) are up +2 ticks.

Eurozone banks borrowed 23 million euros overnight from the ECB on Dec 23 from the previous day, the lowest since Dec 19. Eurozone banks deposited 37.9 billion euros overnight at the ECB on Dec 23, the lowest in one week. The ECB's current account holdings rose to 265.1 billion euros on Dec 23, the most in 11-1/2 months.

Japan Dec small business confidence fell -1.0 point to 46.7, the lowest in 7 months.



Today’s initial unemployment claims report is expected to show a slight +1,000 gain to 290,000 after last week’s -6,000 decline to 289,000.  Meanwhile, today's continuing claims report is expected to show a +2,000 increase to 2.375 million after last week’s -147,000 decline to 2.373 million.  The Treasury today will sell $29 billion of 7-year T-notes.  None of the the Russell 3000 companies report earnings today.  There are no equity conferences this week.  

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Nick Punwani 6 years ago Contributor's comment