OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 -0.29%) are down -0.16% on some give back from Monday’s rally to a 2-3/4 month high. European stocks are up +0.02% as a +1.04% rally in Dec crude oil (CLZ15 +0.76%) boosts energy producers while weakness in European banks limits gains. UBS is down over 4% after it postponed the date on when it expects to return to profitability and Standard Chartered fell over 9% after it reported an unexpected Q3 quarterly loss of -$139 million and said it will raise $5.1 billion in a rights offer. Also, Volkswagen AG is down over 3% after U.S. regulators said that after testing they found other Volkswagen models, including Porsche, have equipment to alter emissions systems. Asian stocks settled mixed: Japan closed for holiday, Hong Kong +0.89%, China -0.25%, Taiwan +1.14%, Australia +1.42%, Singapore +0.85%, South Korea +0.61%, India +0.12%.

The dollar index (DXY00 +0.27%) is up +0.24%. EUR/USD (^EURUSD) is down -0.42%. USD/JPY (^USDJPY) is up +0.11%.

Dec T-note prices (ZNZ15 -0.01%) are unchanged.

According to the Xinhua News Agency, Chinese President Xi Jinping said that China’s annual growth should be no less than 6.5% in the next 5 years in order to realize the goal to double 2010 gross domestic product and per capita income by 2020. He added that it’s still possible to maintain growth at about 7%, the government’s current goal, despite the many uncertainties facing the economy.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct New York ISM (expected +1.2 to 45.7, Sep -6.6 to 44.5), (2) Sep factory orders (expected -0.9%, Aug -1.7% and-0.8% ex transportation), and (3) Oct total vehicle sales (expected 17.70 million, Sep 18.07 million).

There are 27 of the S&P 500 companies that report earnings today with notable reports including: Kellogg (consensus $0.84), ADM (0.70), Emerson Electric (0.97), McGraw Hill Financial (1.06), CBS (0.81).