Notes/Observations
- Thin holiday trade as various markets closed in Asia/Europe (including Hong Kong, Australia, New Zealand, France, Germany, Spain, Switzerland, UK and Italy);
Asia:
- Japan Nov Jobless Rate hits its lowest level since Nov 1993 (2.7% v 2.8%e)
- Japan Nov National Core CPI hits its highest level since March 2015 (0.9% v 0.8%e) but 2% inflation target still distant
- BOJ Gov Kuroda reiterated stance to patiently maintain powerful monetary easing
- Japan PM Abe urges firms to raise wages by 3% or more
Europe:
- Russian Central Election Commission (CEC) denied opposition leader Alexei Navalny the right to participate in the 2018 presidential election due to his criminal conviction for fraud
Americas:
- AAPL said to have told suppliers Q1 iPhone X sales will be 30M v 50M units
Energy:
- Oil producers to discuss exit plans from cuts once market near balance
Economic Data:
- (BR) Brazil Dec FGV Construction Costs M/M: 0.1% v 0.3%e
**Fixed Income Issuance:
- None seen
SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM
**Equities**
- Indices [Stoxx50 closed, FTSE closed, DAX closed, CAC-40 closed, IBEX-35 closed, FTSE MIB closed, SMI closed, S&P 500 Futures +0.02%]
- Market Focal Points/Key Themes: European markets largely closed due to holiday; very thin trading during session with no major equities news; attention on upcoming US session with Case-Shiller home price index and Richmond Fed Manufacturing Index
Equities
- None Seen
Speakers
- Russia govt official: Legitimacy of elections is not influenced by absece of one person seeking to take part; Navalny’s call for election boycott needs to be carefully studied to see whether they comply with law
- India Fin Min official: Recap bonds to be issued to all State-run banks; will not let any bank default
Currencies
- FX markets were quiet with many outlets closed for holiday.
- EUR/USD was little changed at 1.1875 area after a brief Christmas day volatility said to be inspired by algorithmic trading.
- The USD/JPY was also little changed near 6-week highs despite some encouraging data out of Japan on the employment and inflation front
Fixed Income
- Markets closed for holiday.
Looking Ahead
- 05:25 (BR) Brazil Central Bank Weekly Economists Survey
- 06:30 (TR) Turkey Dec Capacity Utilization: No est v 79.9 prior
- 06:30 (TR) Turkey Dec Real Sector Confidence (Seasonally Adj): No est v 109.8 prior; Real Sector Confidence (unadj): No est v 106.3 prior
- 06:45 (US) Daily Libor Fixing (**Note: no 3-month fixing)
- 09:00 (US) Oct S&P/Case-Shiller 20-City M/M: 0.60%e v 0.52% prior; Y/Y: 6.25%e v 6.19% prior; House Price Index (HPI): No est v 203.50 prior
- 09:00 (US) Oct S&P Case-Shiller (overall) HPI Y/Y: No est v 6.15% prior; Overall HPI Index : No est v 195.51 prior
- 09:00 (EU) Weekly ECB Forex Reserves:
- 10:00 (US) Dec Richmond Fed Manufacturing Index: 21e v 30 prior
- 10:30 (US) Dec Dallas Fed Manufacturing Activity: 20.0e v 19.4 prior
- 11:30 (US) Treasury to sell 4-Week Bills
- 11:30 (US) Treasury to sell 3-Month and 6-Month Bills
- 13:00 (US) Treasury to sell 2-Year Notes
- 14:00 (AR) Argentina Nov Trade Balance: -$0.8Be v -$1.0B prior
- 16:00 (KR) South Korea Dec Consumer Confidence: No est v 112.3 prior
- 20:10 (JP) BOJ Outright Bond Purchase 1~3 Years and 3~5 Years
- 20:30 (CN) China Nov Industrial Profits Y/Y: No est v 25.1% prior
- (AR)Argentina Central Bank (BCRA) Interest Rate Decision
