OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH18 +0.09%) this morning are up +0.08% and European stocks are down -0.12%. Most global stocks markets moved higher ahead of central bank meetings this week from the Fed, ECB and BOE. U.S. equity gains were limited and European stocks were down -0.12% on weakness in energy stocks with Jan WTI crude oil (CLF18 -0.30%) down -0.45% after data from Baker Hughes on Friday showed the number of active U.S. oil rigs rose to a 3-month high. Losses in European stocks were contained on upbeat comments from ECB Governing Council member Nowotny who said growth prospects are “looking up.” Asian stocks settled higher: Japan +0.56%, Hong Kong +1.14%, China +0.98%, Taiwan +0.72%, Australia +0.07%, Singapore +1.05%, South Korea +0.13%, India +0.62%. Chinese stocks closed higher after China’s Nov credit growth exceeded estimates and Japan’s Nikkei Stock Index rose to a 1-week high after a gauge of Japan Q4 large company business conditions climbed to a 2-year high.

The dollar index (DXY00 -0.13%) is down -0.14%. EUR/USD (^EURUSD) is up +0.15%. USD/JPY (^USDJPY) is down -0.11%.

Mar 10-year T-note prices (ZNH18 +0.15%) are up +4 ticks.

ECB Governing Council member Nowotny said “thanks to the broad-based economic expansion we see today, growth prospects are looking up, not just at the global but in particular the European level.”

China Nov CPI rose +1.7% y/y, weaker than expectations of +1.8% y/y. Nov PPI rose +5.8% y/y, right on expectations.

China Nov new yuan loans rose +1.12 trillion yuan, stronger than expectations of +800 billion yuan. Nov aggregate financing rose +1.60 trillion yuan, stronger than expectations of +1.25 trillion yuan.

Japan Q4 BSI business conditions large company all-industry rose +1.1 to a 2-year high of 6.2, stronger than expectations of +0.7 to 5.8.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct JOLTS job openings (expected +7,000 to 6.100 million, Sep +3,000 to 6.093 million), (2) USDA weekly grain export inspections, (3) Treasury auctions $24 billion of 3-year T-notes and $20 billion of 10-year T-notes.