December E-mini S&Ps (ESZ14 -0.40%) this morning are down -0.41% and European stocks are down -0.67% on global growth concerns after manufacturing data from China and the Eurozone disappointed. A slump in crude oil prices to a 4-1/3 year low has also undercut energy producers and oil service operators with Exxon Mobile and Schlumberger both down -1.3% in pre-market trading. Asian stocks closed mixed: Japan +0.75%, Hong Kong -2.58%, China +0.39%, Taiwan -0.76%, Australia -1.98%, Singapore -1.34%, South Korea -0.83%, India -0.47%. Japan’s Nikkei Stock Index surged to a 7-1/3 year high as exporters rallied after the yen fell to a 7-1/3 year low against the dollar. USD/JPY gave up its advance, however, after Moody’s Investors Service cut Japan’s credit rating after the Asian equity markets closed. Commodity prices are mostly lower. Jan crude oil (CLF15-0.51%) is down -0.95% at a 4-1/3 year low on negative carry-over from OPEC’s inaction Thursday to cut oil production. Jan gasoline (RBF15 -0.69%) is down -1.03% at a 4-1/4 year low. Feb gold (GCG15 -0.19%) is down -0.18% at a 3-week low. Mar copper (HGH15 -0.23%) is down -0.70% at a contract low. Agriculture prices are mixed. The dollar index (DXY00 -0.33%) is down -0.31%. EUR/USD (^EURUSD) is up +0.06. USD/JPY (^USDJPY) is down-0.12%. Mar T-note prices (ZNH15 +0.23%) are up +6.5 ticks at a 5-week high.

The China Nov manufacturing PMI fell-0.5 to 50.3, a bigger decline than expectations of -0.3 to 50.5 and the slowest pace of expansion in 9 months.

The German Nov Markit/BME manufacturing PMI was revised lower to 49.5 from the originally reported 50.0, the slowest pace of expansion in 17 months.

The Eurozone Nov Markit manufacturing PMI was revised lower to 50.1 from the previously reported 50.4, the slowest pace of expansion in 17 months.

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