Stock Market Update from Briefing.com

[BRIEFING.COM] The stock market spun its wheels through the bulk of the Thursday affair, but a final-hour charge helped the S&P 500 end little changed while the Nasdaq Composite (-0.4%) underperformed throughout the session.

Equities followed Wednesday's roller-coaster ride with a range-bound Thursday session that saw weakness in heavily-weighted cyclical sectors while health care (+0.5%) surrendered the bulk of its gain into the close; however, the market maintained its range through the afternoon as technology (-0.3%) cut its opening loss in half while energy (+0.5%) and consumer discretionary (+0.3%) outperformed.

Most notably, the technology sector (-0.4%) struggled from the start and the bulk of its weakness could be found in the semiconductor group where NXP Semiconductor (NXPI 73.00, -17.92) plunged 19.7% after below-consensus revenue and concerns about the company's inventories overshadowed a bottom-line beat and an expanded share buyback. Also of note, STMicroelectronics (STM 6.79, -0.42) fell 5.8% after issuing disappointing guidance and denying interest in Fairchild Semiconductor (FCS 16.56, -0.99). Meanwhile, the PHLX Semiconductor Index dove 3.0% after ending yesterday's session above its 200-day moving average (673.21).

Staying in the tech space, GoPro (GPRO 25.62, -4.59) sank 15.2% to a fresh all-time low in reaction to an uninspiring guidance while Cirrus Logic (CRUS 30.33, -1.29) dropped 4.1% despite beating estimates and issuing better than expected revenue guidance.

Similar to technology, growth-sensitive financials (-0.3%) and industrials (-0.1%) underperformed while consumer discretionary (+0.3%) outperformed with help from media names. Charter Communications (CHTR 193.33, +9.23) was a standout performer, spiking 5.0%, in reaction to solid results.

Also of note, the energy sector (+0.5%) displayed relative strength throughout the day while crude oil oscillated near its flat line to end little changed near $46.00/bbl. Earnings contributed to increased activity in the sector with ConocoPhillips (COP 53.62, +0.28), Marathon Petroleum (MPC 51.24, +1.40), Tesoro (TSO 108.99, +3.71), and Suncor Energy (SU 29.48, +1.01) jumping between 0.5% and 3.6% after beating estimates. On the downside, Royal Dutch Shell (RDS.A 52.56, -0.46) fell 0.9% after missing earnings estimates on better than expected revenue.

In addition to energy, the health care sector (+0.5%) provided a measure of support throughout the day. That being said, the sector backed away from its high during afternoon action amid a turnaround in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 328.55, -3.24) ended lower by 1.0%, masking a 6.0% surge in Allergan (AGN 304.38, +17.18) after the company confirmed it has been approached by Pfizer (PFE 34.77, -0.68) about a potential merger.

Unlike stocks, Treasuries slid throughout the session with the 10-yr yield rising eight basis points to 2.17%.

Today's participation was right in line with average as roughly 850 million shares changed hands at the NYSE floor.

Economic data included GDP, Initial Claims, and Pending Home Sales:

• GDP increased 1.5% in the third quarter, down from a 3.9% gain in Q2 2015 while the Briefing.com consensus an increase of 1.6%
  • Even though the headline growth level was on the lighter side, the overall economy looked pretty healthy in the third quarter with the drag resulting from a substantial pullback in inventory growth; however, that was a normal reaction following two consecutive quarterly gains
  • Excluding inventories, real final sales rose 3.0%, which was in-line with normal potential growth patterns
• The weekly initial claims level increased to 260,000 from an unrevised 259,000 while the Briefing.com consensus expected an increase to 264,000
  • The four-week moving average fell below 260,000 for the first time since 1973
  • The continuing claims level declined to 2.144 mln from an upwardly revised 2.181 mln (from 2.170 mln) while the consensus expected an increase to 2.185 mln
• Pending home sales for September fell 2.3% while the Briefing.com consensus expected an increase of 0.6%.

Tomorrow, September Personal Income (Briefing.com consensus 0.2%), Personal Spending (expected 0.2%), core PCE Prices (consensus 0.1%), and Q3 Employment Cost Index (consensus 0.5%) will all be reported at 8:30 ET while October Chicago PMI (consensus 49.0) and the final reading of the Michigan Sentiment Index for October (expected 92.6) will be released at 9:45 ET and 10:00 ET, respectively.

• Nasdaq Composite +7.1% YTD
• S&P 500 +1.5% YTD
• Dow Jones Industrial Average -0.4% YTD
• Russell 2000 -3.2% YTD

3:35 pm: [BRIEFING.COM]

• The dollar index remain in the red today, but this didn't give commodities a boost as it normally would
• Gold, silver, copper and natural gas futures currently remain near today's lows
• Dec gold closed out of today's floor trading session -2.5% at $1147.50/oz, while Dec silver shed -4.4% at $15.56/oz
• Dec copper slid -1.7% to $2.32/lb
• Natural gas was volatile today, starting the day off strong and holding gains following the weekly EIA storage data, which was bullish for nat gas.
• However, following this, nat gas (Dec) would lost steam and finished the day off -1.3% at $2.29/MMBtu

2:55 pm:

[BRIEFING.COM] The S&P 500 trades lower by 0.1% with one hour remaining in the session.

With the earnings season in full swing, investors will receive another batch of earnings after the closing bell. A handful of consumer discretionary and technology names will be in focus this evening with Ingram Micro (IM 28.31, -0.67), Starbucks (SBUX 62.27, -1.24), Baidu.com (BIDU 168.24, -4.30), Expedia (EXPE 127.25, +1.45), Western Union (WU 19.08, -0.51), and Electronic Arts (EA 76.09, -0.68) set to deliver their results.

Things will slow down a bit tomorrow, but large cap energy names will be in focus with Chevron (CVX 89.86, +0.07), ExxonMobil (XOM 82.42, +0.14), and Phillips 66 (PSX 86.39, +1.50) expected to report their earnings prior to the opening bell.

2:30 pm:

[BRIEFING.COM] The major averages continue ranging near their recent levels with the S&P 500 trading lower by 0.1%.

As mentioned in our previous update, the biotech group has retreated from its recent levels with iShares Nasdaq Biotechnology ETF (IBB 330.10, -1.69) slipping into the red. That has caused a pullback in the health care sector (+0.4%), but some of the slack has been picked up by the consumer discretionary space (+0.1%), which has climbed out of the red thanks to solid gains among media names with Charter Communications (CHTR 191.80, +7.70) spiking 4.1% in reaction to solid results.

On a separate note, Treasuries have continued their retreat with the 10-yr yield now up eight basis points at 2.17%.

2:00 pm:

[BRIEFING.COM] The major averages have slipped from their highs amid a turnaround in the biotech group.

Despite a big slowdown in headline GDP growth, the overall economy looks healthy.

GDP increased 1.5% in the third quarter, down from a 3.9% gain in Q2 2015. The Briefing.com Consensus expected GDP to increase 1.6%.

Even though the headline growth level was on the lighter side, the overall economy looked pretty healthy in the third quarter.

All of the downside growth trend was the result of a substantial pullback in inventory growth. That was a normal reaction following two consecutive quarterly gains.

Excluding inventories, real final sales rose 3.0%. That is in-line with normal potential growth patterns.

1:35 pm:

[BRIEFING.COM] U.S. stocks continue to float around in negative territory at the time, but have rebound slightly since your last update.

A look inside the Dow Jones Industrial Average shows Intel (INTC 34.18, -0.53), Pfizer (PFE 34.92, -0.53), and Microsoft (MSFT 53.45, -0.53) are underperforming. Intel shares are being dragged lower following awful guidance from semiconductor peer NXP Semi (73.81, -17.11), while Pfizer is lower after confirming a WSJ report that is in preliminary friendly discussions with Allergan (AGN 308.436, +21.26) in relation to a potential transaction. The WSJ reported late last night the two have held merger talks; Allergan's market cap is currently $121 bln.

Conversely, Procter & Gamble (PG 77.08, +0.57) is the best-performing Dow component as consumer-staples outperform the broad market.

For the week, the DJIA is currently up 0.56%, and up nearly 9% in October.

1:00 pm:

[BRIEFING.COM] The major averages hold modest midday losses with the S&P 500 trading lower by 0.1% while the Nasdaq Composite (-0.3%) underperforms.

Equity indices have spent the first half of the Thursday session in the red, pressured by a batch of disappointing earnings from the technology sector (-0.4%). The bulk of the weakness can be traced back to the semiconductor group where NXP Semiconductor (NXPI 74.20, -16.72) has given up 18.4% after below-consensus revenue and concerns about the company's inventories overshadowed a bottom-line beat and an expanded buyback. Also of note, STMicroelectronics (STM 6.83, -0.38) has surrendered 5.3% in reaction to disappointing guidance. Meanwhile, the broader PHLX Semiconductor Index, which ended yesterday's session above its 200-day moving average (673.22), trades lower by 2.7% with all but three components in the red.

Elsewhere in the technology sector, GoPro (GPRO 25.83, -4.83) has plunged 14.5% to a fresh all-time low in reaction to an uninspiring guidance while Yelp (YELP 23.43, +1.36) has climbed 6.2% with better than expected revenue and revenue guidance overshadowing a bottom-line miss.

To be fair, the tech sector has climbed off its low in recent action with Apple (AAPL 119.65, +0.38) contributing to the rebound.

Similar to technology, most other cyclical sectors trade in the red while energy (+0.5%) and materials (+0.1%) have shown relative strength. The energy sector has received a boost from better than expected results from the likes of Marathon Petroleum (MPC 50.88, +1.04), Tesoro (TSO 108.36, +3.08), and Suncor Energy (SU 29.41, +0.94) masking a 0.9% drop in Royal Dutch Shell (RDS.A 52.56, -0.46) after the industry giant reported a bottom-line miss on above-consensus revenue.

Also of note, the health care sector (+0.7%) is largely responsible for keeping the benchmark index close to its flat line. Biotechnology has done its part with iShares Nasdaq Biotechnology ETF (IBB 332.67, +0.88) trading higher by 0.3%, but insurance heavyweights Aetna (AET 114.99, +3.88) and McKesson (MCK 187.54, +5.13) hold respective gains of 3.5% and 2.8% in reaction to better than expected results.

Unlike stocks, Treasuries have spent the day in a steady slide with the 10-yr yield higher by six basis points at 2.15%.

Economic data included GDP, Initial Claims, and Pending Home Sales:

• GDP increased 1.5% in the third quarter, down from a 3.9% gain in Q2 2015 while the Briefing.com consensus an increase of 1.6%
  • Even though the headline growth level was on the lighter side, the overall economy looked pretty healthy in the third quarter with the drag resulting from a substantial pullback in inventory growth; however, that was a normal reaction following two consecutive quarterly gains
  • Excluding inventories, real final sales rose 3.0%, which was in-line with normal potential growth patterns
• The weekly initial claims level increased to 260,000 from an unrevised 259,000 while the Briefing.com consensus expected an increase to 264,000
  • The four-week moving average fell below 260,000 for the first time since 1973
  • The continuing claims level declined to 2.144 mln from an upwardly revised 2.181 mln (from 2.170 mln) while the consensus expected an increase to 2.185 mln
• Pending home sales for September fell 2.3% while the Briefing.com consensus expected an increase of 0.6%

12:25 pm:

[BRIEFING.COM] Not much change in the market as trading ranges have narrowed in recent action. The S&P 500 (-0.1%) holds a three-point loss with relative weakness in technology (-0.6%), health care (-0.2%), industrials (-0.2%), and financials (-0.1%) offsetting solid gains in health care (+0.8%) and energy (+0.9%).

Although stocks have maintained narrow ranges, the same has not been happening in the bond market where the 10-yr note has slid to a fresh low with its yield now up seven basis points at 2.17%.

On a related note, the Dollar Index (97.42, -0.27) hovers not far above its low, having retraced roughly half of yesterday's post FOMC spike.

12:00 pm:

[BRIEFING.COM] Equity indices have inched up from their recent levels, but the overall dynamic remains the same. The technology sector (-0.7%) has had little success in staging a rebound, which has kept the market in the red.

For the most part, technology heavyweights have held up relatively well, but high-beta chipmakers have been a big drag on the sector. The PHLX Semiconductor Index is lower by 2.7% with all but three names in the red. The broad-based slide has been paced by NXP Semiconductor (NXPI 74.08, -16.84) as the stock trades lower by 18.5% after below-consensus revenue and concerns about the company's inventories overshadowed a bottom-line beat and an expanded buyback.

It is worth noting that today's drop in the SOX index follows yesterday's settlement four points above its 200-day moving average (673.22), which has been an area of resistance as of late.

11:30 am:

[BRIEFING.COM] The major averages continue meandering near their recent levels with the S&P 500 remaining lower by 0.3% as most cyclical sectors trade in the red. We say most, because the energy space (+0.2%) hovers just above its flat line while crude oil sits just beneath its unchanged level, trading lower by 0.2% at $45.87/bbl.

On the earnings front, Marathon Petroleum (MPC 50.46, +0.62), Tesoro (TSO 108.58, +3.30), and Suncor Energy (SU 29.08, +0.61) hold gains between 1.2% and 3.1% after beating estimates while ConocoPhillips (COP 53.30, -0.04) is little changed after reporting above-consensus results. On the downside, Royal Dutch Shell (RDS.A 52.12, -0.90) has given up 1.7% after missing earnings estimates on better than expected revenue.

11:00 am:

[BRIEFING.COM] The major averages remain pressured with the S&P 500 trading lower by 0.3%. The benchmark index had attempted a recovery from its early low, but that move has been put on hold due, in part, to a turnaround in the financial sector (-0.5%). Additionally, three other influential sectors-consumer discretionary (-0.4%), industrials (-0.5%), and technology (-0.8%)-have slipped to new lows of their own.

On the flip side, the health care sector (+1.1%) continues holding strong with Aetna (AET 115.15, +4.04) spiking 3.6% in reaction to better than expected results.

Also of note, Treasuries have set new lows in recent action with the 10-yr yield now up six basis points at 2.15%.

10:35 am: [BRIEFING.COM]

• The dollar has been trading down all session, pulling back from late-strength yesterday on the FOMC's rate-hike commentary
  • Interest rates were left unchanged but market sentiment generally construed commentary as leaving December as a live-meeting
• The index saw modest/transitory strength upon the release of better-than-expected US unemployment and in-line GDP data released this morning, but has recently given up that momentum is now -0.3% to 97.37
• WTI pulled back overnight-following yesterday's huge 6.3% gain- following a smaller-than-expected build reported by the EIA (of 3.38 mln barrels)
• The December contract is now strongly positive for the day, at +1.1% to $46.42/barrel 
• Natural gas saw a heavy rally going into the morning's EIA inventory report, which was expected to show a relatively modest build of ~75 bcf
• Upon release of the data, which measured a build of 63 bcf, December nat gas extended its rally and is booking gains of +2.4% to $2.35/MMBtu
• Metals are once again seeing heavy selling pressure, with gold at -2% to $1152.60/oz, silver at -3.7% to $15.69/oz and copper at -0.9% to $2.34/lb

10:00 am:

[BRIEFING.COM] The S&P 500 trades lower by 0.3% while the Nasdaq Composite (-0.5%) remains behind with the technology sector extending its loss to 0.7%.

Just reported, pending home sales for September fell 2.3% while the Briefing.com consensus expected an increase of 0.6%.

9:40 am:

[BRIEFING.COM] As expected, the major averages began the day on a modestly lower note. The S&P 500 has given up 0.2% in early action while the Nasdaq Composite (-0.3%) underperforms slightly.

Seven sectors trade in the red, but their losses have been limited for the most part. However, the top-weighted technology sector (-0.6%) is the second weakest performer (utilities -0.7%), which explains the underperformance in the Nasdaq.

On the flip side, health care (+1.6%) has displayed early strength with biotechnology powering that move. The iShares Nasdaq Biotechnology ETF (IBB 335.80, +4.01) is higher by 1.2% with Amgen (AMGN 163.07, +0.41) adding 0.3% after reporting better than expected results.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: -6.20. Nasdaq futures vs fair value: -20.50.

The stock market is on track for a modestly lower start (S&P futures -6 vs fair value), but futures have narrowed their losses in recent action after the advance Q3 GDP pointed to growth of 1.5% while the Briefing.com consensus expected a reading of 1.6%. The slight miss was caused by a pullback in inventory growth, but that was not a surprise considering inventories grew substantially during the previous two quarters. Notably, real final sales rose 3.0%, which falls within normal growth patterns.

Despite the uptick from lows, the market remains under pressure after several companies reported disappointing quarterly results. To that point, Deutsche Bank (DB 28.13, -2.18), Royal Dutch Shell (RDS.A 52.19, -0.83), STMicroelectronics (STM 6.74, -0.47), NXP Semiconductor (NXPI 74.56, -16.36), Buffalo Wild Wings (BWLD 157.00, -27.40), and GoPro (GPRO 25.14, -5.07) are tracking losses between 1.6% and 18.0% in reaction to disappointing earnings, revenue, and/or guidance.

On a separate note, Treasuries have retreated following the GDP report after spending the night near their flat lines. The 10-yr note currently sits on its low with the benchmark yield up three basis points at 2.12%.

One more data point will be released today with September Pending Home Sales (expected 0.6%) set to be announced at 10:00 ET.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -6.70. Nasdaq futures vs fair value: -21.40.

The S&P 500 futures trade seven points below fair value.

Markets in the Asia-Pacific region were mostly lower Thursday, with the notable exceptions of Japan (+0.2%) and China (+0.4%). The former bumped up ahead of the Bank of Japan policy announcement and following better than expected industrial production data. China advanced despite talk Chinese officials may soon lower the GDP growth target. Many emerging markets, meanwhile, felt the pinch of the FOMC's relatively hawkish directive on Wednesday, which kept alive the possibility of a rate hike in December and led to a dollar rally.

• In economic data:
  • Japan's September Industrial Production +1.0% month-over-month (expected -0.5%; prior -1.2%)
  • Australia's September HIA New Home Sales -4.0% (prior +2.3%), Q3 Export Price Index 0.0% quarter-over-quarter (expected +0.5%; prior -4.4%), and Q3 Import Price Index +1.4% quarter-over-quarter (expected +1.6%; prior +1.4%)
  • Singapore's Q3 Unemployment Rate 2.0% (expected 2.0%; prior 2.0%)

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• Japan's Nikkei increased 0.2% following some better than expected industrial production data for September. It took a late rebound, however, to finish in positive territory. The industrials (+1.3%) and health care (+0.9%) sectors were the best-performing areas. OKUMA Corp (+9.2%), Fujikura (+6.3%), and Nippon Electric Glass (+3.8%) topped the list of individual winners. DeNA Co (-14.9%), Mitsui Mining & Smelting (-8.3%), and Asahi Kasei (-5.3%) led the losers. Out of the 225 index members, 126 ended higher, 89 finished lower, and 10 were unchanged.
• Hong Kong's Hang Seng declined 0.6% and ended at its lows for the day with financial and property companies weighing. China Life Insurance (-5.4%), China Merchants Holdings (-3.0%), and China Resources Power Holdings (-2.9%) were the worst-performing issues. CNOOC (+3.4%), PetroChina (+2.0%), and Lenovo Group (+1.9%) led advancing issues. Out of the 50 index members, 12 ended higher, 37 finished lower, and 1 was unchanged.
• China's Shanghai Composite increased 0.4% in a choppy day of trading that was accented by reports that China is apt to lower its GDP growth target soon. Financial shares were among the laggards that held the market in check.

Major European indices trade in negative territory with UK's FTSE (-1.1%) showing relative weakness. Elsewhere, Sveriges Riksbank Governor Stefan Ingves said the central bank could continue cutting its benchmark rate, going below -0.35% if needed. Mr. Ingves also noted that he sees significant risks in rising debt levels.

• Economic data was plentiful:
  • Eurozone October Business and Consumer Survey ticked up to 105.9 from 105.6 (expected 105.2)
  • UK's September BoE Consumer Credit GBP1.261 billion (expected GBP1.10 billion; prior GBP1.263 billion) and Mortgage Lending GBP3.60 billion (consensus GBP3.50 billion; previous GBP3.40 billion). Separately, October CBI Distributive Trades Survey fell to 19 from 49 (expected 35) and Nationwide HPI 0.6% month-over-month (expected 0.5%; prior 0.5%)
  • Germany's October Unemployment Change -5,000 (expected -4,000; prior 1,000) while the Unemployment Rate held at 6.4%, as expected
  • Spain's September Retail Sales +4.3% year-over-year (consensus 3.0%; prior 3.0%) and October CPI +0.7% month-over-month, as expected; -0.7% year-over-year (consensus -0.6%)

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• Germany's DAX trades down 0.4% with Deutsche Bank surrendering 6.6% after reporting disappointing results and announcing layoffs for 9,000 full time employees and 6,000 contractors. Lufthansa also lags, falling 8.1%, despite strong results. On the upside, Fresenius and Bayer hold respective gains of 3.1% and 1.3%, respectively.
• In France, the CAC is down 0.8% with Saint Gobain, Sanofi, and Arcelor Mittal down between 4.5% and 5.6%. Financials also lag with BNP Paribas, Societe Generale, and Credit Agricole down between 1.3% and 3.2%.
• UK's FTSE has surrendered 1.1% with miners leading the slide. Anglo American, BHP Billiton, Glencore, and Randgold Resources down between 4.5% and 5.5%. On the flip side, consumer and health care names outperform with Merlin Entertainments, Hikma Pharmaceuticals, Diageo, and Carnival rising between 0.6% and 1.8%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -7.70. Nasdaq futures vs fair value: -20.70.

The S&P 500 futures trade eight points below fair value.

The advance estimate of third quarter GDP pointed to an expansion of 1.5%, while the Briefing.com consensus expected a reading of 1.6%. Meanwhile, the third quarter GDP Deflator came in at 1.2%, while the consensus expected a reading of 1.3%.

Separately, the latest weekly initial jobless claims count totaled 260,000 while the Briefing.com consensus expected a reading of 264,000. Today's tally was above the unrevised prior week count of 259,000. As for continuing claims, they fell to 2.144 million from 2.181 million.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: -9.20. Nasdaq futures vs fair value: -24.40.

U.S. equity futures trade near their pre-market lows amid cautious action overseas. The S&P 500 futures hover nine points below fair value after a steady retreat from their overnight highs.

Meanwhile, Treasuries hold slim losses with the 10-yr yield up one basis point at 2.10%.

On the economic front, weekly Initial Claims (Briefing.com consensus 264,000) and the advance reading of Q3 GDP (consensus 1.6%) will be released at 8:30 ET while the September Pending Home Sales report (expected 0.6%) will cross the wires at 10:00 ET.

In U.S. corporate news of note:

• Deutsche Bank (DB 28.35, -1.96): -6.5% after announcing a EUR6 billion loss in the third quarter combined with news of upcoming layoffs for 9,000 full time employees and 6,000 contractors.
• Amgen (AMGN 164.20, +1.53): +0.9% after beating earnings/revenue estimates and raising its guidance.
• Royal Dutch Shell (RDS.A 51.92, -1.10): -2.1% in reaction to a bottom-line miss on above-consensus revenue.
• STMicroelectronics (STM 6.78, -0.43): -6.0% after cautious guidance overshadowed a bottom-line beat.
• NXP Semiconductor (NXPI 79.00, -11.92): -13.1% after below-consensus revenue overshadowed a bottom-line beat and an expanded buyback.
• Altria Group (MO 62.00, +0.56): +0.9% after reporting a one-cent miss on above-consensus revenue.
• Aetna (AET 117.80, +6.69): +6.0% after beating earnings estimates on light revenue.
• Buffalo Wild Wings (BWLD 157.00, -27.40): -14.9% after missing estimates and lowering its fiscal-year 2015 guidance.
• GoPro (GPRO 24.70, -5.51): -18.2% after missing on both metrics and issuing defensive guidance.
• Yelp (YELP 23.00, +0.93): +4.2% after better than expected revenue and revenue guidance overshadowed a bottom-line miss.

Reviewing overnight developments:

• Asian markets ended mixed. Japan's Nikkei +0.2%, Hong Kong's Hang Seng -0.6%, and China's Shanghai Composite +0.4%
  • In economic data:
    • Japan's September Industrial Production +1.0% month-over-month (expected -0.5%; prior -1.2%)
    • Australia's September HIA New Home Sales -4.0% (prior +2.3%), Q3 Export Price Index 0.0% quarter-over-quarter (expected +0.5%; prior -4.4%), and Q3 Import Price Index +1.4% quarter-over-quarter (expected +1.6%; prior +1.4%)
    • Singapore's Q3 Unemployment Rate 2.0% (expected 2.0%; prior 2.0%)
  • In news:
    • The Reserve Bank of New Zealand left its official cash rate at 2.75%, as expected

• Major European indices trade in negative territory. Germany's DAX -0.4%, France's CAC -0.9%, and UK's FTSE -1.1%. Elsewhere, Italy's MIB -0.9% and Spain's IBEX -0.8%
  • Economic data was plentiful:
    • Eurozone October Business and Consumer Survey ticked up to 105.9 from 105.6 (expected 105.2)
    • UK's September BoE Consumer Credit GBP1.261 billion (expected GBP1.10 billion; prior GBP1.263 billion) and Mortgage Lending GBP3.60 billion (consensus GBP3.50 billion; previous GBP3.40 billion). Separately, October CBI Distributive Trades Survey fell to 19 from 49 (expected 35) and Nationwide HPI 0.6% month-over-month (expected 0.5%; prior 0.5%)
    • Germany's October Unemployment Change -5,000 (expected -4,000; prior 1,000) while the Unemployment Rate held at 6.4%, as expected
    • Spain's September Retail Sales +4.3% year-over-year (consensus 3.0%; prior 3.0%) and October CPI +0.7% month-over-month, as expected; -0.7% year-over-year (consensus -0.6%)
  • Among news of note:
    • Riksbank Governor Stefan Ingves said the central bank could continue cutting its benchmark rate, going below -0.35% if needed. Mr. Ingves also noted that he sees significant risks in rising debt levels.

5:50 am: [BRIEFING.COM] S&P futures vs fair value: -8.50. Nasdaq futures vs fair value: -20.90.

5:50 am: [BRIEFING.COM] Nikkei...18935.71...+32.70...+0.20%.  Hang Seng...22819.94...-136.60...-0.60%.

5:50 am: [BRIEFING.COM] FTSE...6368.17...-69.60...-1.10%.  DAX...10804.93...-27.00...-0.30%.