Morning Call For Monday, Nov. 21

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 +0.18%) are up +0.18% and European stocks are up +0.49% on speculation U.S. President-elect Trump's policies will spur economic growth. Also, a rally in energy producing stocks is giving the market a boost with Dec WTI crude oil (CLZ16 +1.90%) up +1.90% at a 2-1/2 week high after Iranian Oil Minister Bifan Namdar Zanganeh said its' "highly probable" OPEC members will reach a consensus on oil production cuts. Crude prices extended their gains after Russian President Putin said that he sees no obstacles to OPEC reaching a pact later this month and that Russia is willing to freeze its crude oil output at current levels. European stocks recovered from a 1-week low and moved higher after the Bundesbank in its monthly report said that Q4 German economic growth "is likely to pick up again considerably." Asian stocks settled mixed: Japan +0.77%, Hong Kong +0.06%, China +0.79%, Taiwan +0.36%, Australia -0.15%, Singapore -0.77%, South Korea -0.28%, India -1.47%. Japan's Nikkei Stock Index rallied to a 10-1/2 month high as the fall in the yen to a 5-1/2 month low against the dollar has boosted export stocks on the prospects of increased profits. China's Shanghai Composite also rise to a 10-1/2 month high on speculation the government will increase fiscal spending to spur domestic growth.

The dollar index (DXY00 -0.22%) is down -0.25%. EUR/USD (^EURUSD) is up +0.40% after the Bundesbank's monthly report said that monetary indicators "don't show the need for more monetary policy action." USD/JPY (^USDJPY) is down -0.31%.

Dec 10-year T-note prices (ZNZ16 +0.10%) are up +3.5 ticks.

The Bundesbank in its monthly report said that Q4 German economic growth "is likely to pick up again considerably" with underlying cyclical momentum "quite strong" and that monetary indicators "don't show the need for more monetary policy action."

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