December E-mini S&Ps (ESZ14 -0.43%) this morning are down -0.48% and European stocks are down -1.26% on global growth concerns after manufacturing activity slowed in China and in the Eurozone. A gauge of Chinese manufacturing activity dropped to a 6-month low and the Eurozone Nov composite PMI unexpectedly fell to its slowest pace of growth in 16-months. Asian stocks closed mixed: Japan +0.07%, Hong Kong -0.10%, China unch, Taiwan +1.29%, Australia -0.98%, Singapore -0.57%, South Korea -0.55%, India +0.12%. Japanese stocks closed higher on signs that the weaker yen is positive for the Japanese economy after Japan Oct exports rose more than expected by the most in 8 months. Chinese stocks erased losses and closed little changed on speculation that the fall in Chinese factory activity to a 6-month low will prompt the government to increase stimulus measures. Commodity prices are mixed. Dec crude oil (CLZ14 +0.19%) is up +0.09%. Dec gasoline (RBZ14 +0.08%) is down -0.17%. Dec gold (GCZ14-0.10%) is up +0.03%. Dec copper (HGZ14 -1.22%) is down -1.17%. Agriculture prices are mixed. The dollar index (DXY00 +0.05%) is up +0.04%. EUR/USD (^EURUSD) is down -0.14%. USD/JPY (^USDJPY) is up +0.19% at a new 7-year high on speculation Japanese Prime Minister Abe will win elections and extend his economic stimulus program. Dec T-note prices (ZNZ14 +0.20%) are up +9.5 ticks.

The China Nov HSBC manufacturing PMI fell -0.4 to 50.0, a bigger decline than expectations of -0.2 to 50.2 and the slowest pace of expansion in 6 months.

The Eurozone Nov Markit manufacturing PMI unexpectedly slipped -0.2 to 50.4, weaker than expectations of a +0.2 increase to 50.8. The Nov composite PMI unexpectedly fell -0.7 to 51.4, weaker than expectations of +0.2 to 52.3 and the slowest pace of expansion in 16 months.

The German Nov Markit/BME manufacturing PMI unexpectedly fell -1.4 to 50.0, weaker than expectations of +0.1 to 51.5.

German Oct PPI fell -0.2% m/m and -1.0% y/y, right on expectations.

The Japan Nov Markit/JMMA manufacturing PMI unexpectedly fell -0.3 to 52.1, weaker than expectations of +0.3 to 52.7.

The Japan Oct trade balance unexpectedly shrank to a deficit of -710.0 billion yen from a revised -960.6 billion yen deficit in Sep, better than expectations for the deficit to widen to 1.027 trillion yen and the smallest deficit in 16 months. Oct exports rose +9.6% y/y, over double expectations of +4.5% y/y and the most in 8 months. Oct imports rose +2.7% y/y, less than expectations of +3.4% y/y.

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