Morning Notes
- China CPI number appears to have been leaked a day early- the rumor, which was probably leaked by a PBOC source, is that the CPI number would be in line (+4.6%)
- Recall: last month China CPI came in notably higher than expected at +5.1%
- A controlled CPI number would stem the need for further tightening in China
- The leaked data boosted indices in Asia, with the Shanghai Comp closing up nearly 2%, Hang Seng up 1.1%
- Nikkei was up 40bps- tech stocks were strong following solid IBM and AAPL earnings last night
- Japanese yen showed some strength, hindering further gains in the Nikkei
- Europe trading mixed to relatively flat this morning- the bourses have pulled back from opening highs
- There was a report out that Germany is looking at the potential effects of a debt restructuring
- Also there was a relatively successful 1 yr debt auction in Portugal
- Dollar seeing further weakness
- December Housing Starts: 529K vs. 550K
- December Building Permits: 635K vs. 554K
- December Housing Starts m/m: -4.3%
- December Building Permits m/m: +16.7%
- S&P futures down about 4 handles from FV
- Fairly tight pivots for the Spooz today
- Spooz on the S3 buy signal, trading between S4 and S3
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