OVERNIGHT MARKETS AND NEWS
The dollar index (DXY00 -0.15%) is down -0.12%. EUR/USD (^EURUSD) is up +0.31%. USD/JPY (^USDJPY) is unchanged.
Mar 10-year T-note prices (ZNH18 -0.03%) are unchanged.
ECB Governing Council member Hansson said it's important for the ECB to move gradually when adjusting policy guidance as wage growth and price growth remain slow.
The German Dec IFO business climate unexpectedly fell -0.4 to 117.6, weaker than expectations of no change at 117.5.
Eurozone Q3 labor costs rose +1.6% y/y, weaker than the +1.8% y/y increase from Q2.
Eurozone Oct construction output fell -0.4% m/m, the first decline in 7 months.
u.s. STOCK PREVIEW
Key U.S. news today includes: (1) Nov housing starts (expected -3.2% to 1.249 million, Oct +13.7% to 1.29 million), (2) Q3 current account balance (expected -$116.0 billion, Q2 -$123.1 billion).
Notable Russell 1000 earnings reports today include: FedEx (consensus $2.89), Micron Technology (2.20), FactSet (1.97), Darden Restaurants (0.70), Red Hat (0.70), Carnival (0.51).
