OVERNIGHT MARKETS AND NEWS
The dollar index (DXY00 +0.14%) is up +0.16%. EUR/USD (^EURUSD) is down -0.20% after ECB Executive Board member Praet said inflation developments are subdued despite solid growth. USD/JPY (^USDJPY) is up +0.26%.
Dec 10-year T-note prices (ZNZ17 -0.20%) are down -7.5 ticks.
ECB Executive Board member Praet said “we have not yet accomplished our mission, and so we must remain patient and persistent” on monetary policy as inflation developments are subdued despite solid growth.
Eurozone Oct new car registrations rose +5.9% y/y to 1,169,672, the largest increase in 5-months. Year-to-date Eurozone new car registrations are up +3.9% y/y at 12,830,216.
u.s. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected -4,000 to 235,000, previous +10,000 to 239,000) and continuing claims (expected -1,000 to 1.900 million, previous +17,000 to 1.901 million), (2) Nov Philadelphia Fed business outlook index (expected -3.8 to 24.1, Oct +4.1 to 27.9), (3) Oct import price index (expected +0.3% m/m and +2.5% y/y, Sep +0.7% m/m and +2.7% y/y), (4) Cleveland Fed President Loretta Mester (non-voter) delivers keynote address at the Cato Institute conference on “The Future of Monetary Policy,” (5) Oct industrial production (expected +0.5%, Sep +0.3%) (6) Nov NAHB housing market index (expected -1 to 67, Oct +4 to 68), (7) Treasury auctions $11 billion 10-year TIPS, (8) Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at the CFA Society Houston, (9) Fed Governor Lael Brainard delivers keynote address at the FinTech Financial Stability Conference co-hosted by the University of Michigan's Center on Finance, Law and Policy, (10) San Francisco Fed President John Williams (non-voter) gives keynote address at the Asia Economic Policy Conference in San Francisco, (11) USDA weekly Export Sales.
