Morning Call For December 23, 2014

OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 +0.10%) this morning are up +0.11% and European stocks are up +0.40% on expectations that U.S. Q3 GDP will be revised upward and Nov durable goods orders will show a solid gain. Asian stocks closed mixed: Japan closed for holiday, Hong Kong -0.32%, China -2.05%, Taiwan +0.03%, Australia -1.12%, Singapore +0.05%, South Korea -0.26%, India -0.71%. The yield on the German 10-year bund fell back toward last week's record lows after Greek Prime Minister Samaras failed in his second attempt to get lawmakers to back his nominee for president. If Samaras fails in the third and final vote on Dec 29, parliament will be dissolved and early elections will be called. National elections could empower the opposition party Syriza, which seeks a write-down on Greek . The Russian ruble rose to a 2-week high against the dollar after Russian lawmakers passed legislation to allow The Russian Deposit Insurance Agency to acquire stakes in troubled banks before they face bankruptcy proceedings in an attempt to support financial stability. Commodity prices are mixed. Feb crude oil (CLG15 +1.32%) is up +1.23%. Feb gasoline (RBG15 +1.00%) is up +0.93%. Feb gold (GCG15 -0.16%) is down -0.16%. Mar copper (HGH15 -0.47%) is down -0.37%. Agriculture prices are mixed. The dollar index (DXY00 +0.07%) is down -0.02%. EUR/USD (^EURUSD) is down -0.03%. USD/JPY (^USDJPY) is up +0.06% at a 2-week high. The British pound fell to a 1-1/4 year low against the dollar after the UK Q3 current account balance was revised down to a record deficit. Mar T-note prices (ZNH15 -0.04%) are unchanged.

UK Q3 GDP was left unrevised at 0.7% q/q, but on a year-over-year basis was revised lower to +2.6% y/y from the previously reported +3.0% y/y.

UK Q3 total investment was revised lower to -1.4% q/q from the previously reported -0.7% q/q, the largest decline since Q2 of 2009. On an annual basis Q3 business investment was revised lower to +5.2% y/y from the previously reported +6.3% y/y.

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