Evening Headlines
Bloomberg:
- Germany Had Monitored Berlin Truck Attack Suspect for Months. (video) German officials had deemed the Tunisian man being sought in a manhunt across Europe a threat long before a truck plowed into a Christmas market in Berlin — and even kept him under covert surveillance for six months this year before halting the operation. Now the international manhunt for Anis Amri — considered the prime suspect in Monday's deadly rampage — is raising questions about how closely German authorities are monitoring the hundreds of known Islamic extremists in the country. The issue puts new pressure on Chancellor Angela Merkel, who is running for re-election next year. Critics are lambasting her for allowing hundreds of thousands of asylum-seekers to enter the country, allegedly without proper security checks.
- BNP Paribas' Lo: See More Defaults in China in 2017. (video) Brexit and Politics Cast Shadow Over U.K. After Tumultuous 2016. The U.K.’s long-predicted Brexit slump may finally arrive.
- Japan Stocks Echo U.S. Drop as Oil Decline Halts: Markets Wrap. Futures on China and Hong Kong share gauges foreshadowed declines after the Dow Jones Industrial Average failed to reach the much-heralded 20,000 mark amid thinner volumes in the lead up to year-end. The Bloomberg Dollar Spot Index was steady after a 0.1 percent drop Wednesday, with the New Zealand dollar stronger following data that indicated faster-than-expected economic growth. Crude oil held above $52.50 a barrel after a report showing U.S. stockpiles increased drove it down 1.9 percent Wednesday.
- Micron(MU) Rises on Quarterly Sales Forecast, Restored Growth. Micron Technology Inc., the largest U.S. maker of memory chips, predicted sales that exceeded some analysts’ estimates on demand for phone and computer parts that is beginning to outstrip supplies. Shares jumped as much as 10 percent in extended trading after the forecast.
Wall Street Journal:
- Tunisian Migrant Investigated for Suspected Terror Ties Is Sought in Berlin Truck Attack. Revelation that authorities sought and failed to deport asylum seeker stokes criticism of Angela Merkel’s refugee policy.
- Goldman Sachs(GS) Ties to Scandal-Plagued 1MDB Run Deep. Bank courted state fund now at heart of global embezzlement probes, and investigators want to know if it should have reported suspicious activity.
- Donald Trump’s New Appointments Shake Up Trade, Regulation. Billionaire investor Carl Icahn and Peter Navarro, a critic of trade with China, join the president-elect’s economic team.
- U.S. Car Makers Idle Plants Amid Oversupply Concerns. GM, Ford, Chrysler move to clear inventory of sedans, compact cars and minivans as consumer tastes shift toward SUVs.
- Bring Back Jobs From China? In Shenzhen, They Aren’t That Worried. As Donald Trump presses companies on U.S. manufacturing, city that became poster child for globalization has learned to adapt to economic shifts.
- Obama’s ‘Permanent’ Drilling Freeze. He claims his latest executive order can’t be repealed—ever.
Zero Hedge:
- Mexican Ambassador To U.S. Urges Illegals To Apply For Citizenship Before Trump Takes Office.
- Nearly 3,000 US Communities Have Lead Levels Higher Than Flint.
- Trump Taps Icahn As "Special Advisor" On Regulation.
- €100,000 Award Offered For "Dangerous And Armed" Berlin Attacker; Europe-Wide Police Alert Issued.
- Chinese Multibillionaire Defaults On Retail Bonds Due To "Severe Cash Crunch".
- Japan Slashes 2017 Bond Issuance By 5% In Implicit Boost To QE; First Reduction In 10Y JGBs Since 1998.
- Illinois Is Losing 1 Resident Every 4.6 Minutes.
- The Obama 'Recovery': Number Of Millennials Living At Home With Mom Reaches 75-Year High.
- Trump Appoints "Death By China" Author Peter Navarro To Head Trade Office, Hints At Trade War With Beijing.
- The Wierdest Thing About 2016 Is...
- "Almost 20,000" Dow Disappoints For 7th Day In A Row Despite VIXtermination. (graph)
Telegraph:
Night Trading
Earnings of Note
Company/Estimate
8:30 am EST
Night Trading
- Asian equity indices are -.5% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 121.55 -1.75 basis points.
- Asia Pacific Sovereign CDS Index 37.25 -.5 basis point.
- Bloomberg Emerging Markets Currency Index 69.54 +.03%.
- S&P 500 futures -.03%.
- NASDAQ 100 futures -.02%.
Earnings of Note
Company/Estimate
- (CAG)/.45
- (RAD)/.05
- (CALM)/-.48
- (CTAS)/1.15
8:30 am EST
- Chicago Fed National Activity Index for November is estimated to fall to -.1 versus -.08 in October.
- 3Q GDP is estimated to rise +3.3% versus a prior estimate of a +3.2% gain.
- 3Q GDP Price Index is estimated to rise +1.4% versus a prior estimate of a +1.4% gain.
- 3Q Personal Consumption is estimated to rise +2.8% versus a +2.8% prior estimate.
- 3Q Core PCE QoQ is estimated to rise +1.7% versus a prior estimate of a +1.7% gain.
- Durable Goods Orders for November are estimated to fall -4.9% versus a +4.6% gain in October.
- Durables Ex Transports for November are estimated to rise +.2% versus a +.8% gain in October.
- Cap Goods Orders Non-Defense Ex-Air for November are estimated to rise +.4% versus a +.2% gain in October.
- Initial Jobless Claims are estimated to rise to 257K versus 254K the prior week.
- Continuing Claims are estimated to fall to 2010K versus 2018K prior.
- The FHFA House Price Index MoM for October is estimated to rise +.5% versus a +.6% gain in September.
- Personal Income for November is estimated to rise +.3% versus a +.6% gain in October.
- Personal Spending for November is estimated to rise +.3% versus a +.3% gain in October.
- PCE Core MoM for November is estimated to rise +.1% versus a +.1% gain in October.
- The Leading Index for November is estimated to rise +.1% versus a +.1% gain in October.
- The Kansas City Fed Manufacturing Activity Index for December is estimated to rise to 4.0 versus 1.0 in November.
- None of note
- The China Business Indicators, Bloomberg Economic Expectations for December, weekly Bloomberg Consumer Comfort Index and weekly EIA natural gas inventory report could also impact trading today.