Day Traders Diary
11/18/13U.S. equity futures hover near their pre-market highs amid generally upbeat overseas action. The S&P 500 futures trade higher by one point above fair value.
Looking at overnight developments:
Asian markets ended mostly higher. Hong Kong's Hang Seng +2.7%, China's Shanghai Composite +2.9%, and Japan's Nikkei settled flat while USDJPY slipped to 100.09.
In regional economic data:
China's house prices rose 9.6% month-over-month (9.1% prior).
Hong Kong's unemployment rate held steady at 3.3%, as expected.
South Korea's PPI slipped 0.4% month-over-month (-0.1% last) while the year-over-year reading fell 1.4% (-1.8% previous).
Among news of note:
Indices in China and Hong Kong surged as participants continued reacting to reform plans announced late last week.
Moody's commented on Chinese reform, saying the current direction is a positive for the country's sovereign rating.
Major European indices trade higher across the board with peripheral indices in the lead. Great Britain's FTSE +0.5%, France's CAC +0.7%, and Germany's DAX +0.7%. Elsewhere, Spain's IBEX +1.6% and Italy's MIB +2.0%.
Economic data was limited:
Eurozone trade surplus expanded to EUR14.3 billion from EUR12.3 billion (EUR14.2 billion expected) while the current account surplus narrowed to EUR13.7 billion from EUR17.9 billion (EUR19.0 billion forecast).
Germany's House Price Index rose 0.8% month-over-month (-0.9% prior).
Italian Prime Minister Enrico Letta said the country is on the right track for a return to growth next year, but youth unemployment remains a pressing issue. Mr. Letta said he expects 2014 GDP growth of 1.4%.
In U.S. corporate news:
JinkoSolar Holding (JKS 32.00, +2.50): +8.5% after beating revenue expectations and raising its full-year 2013 shipment guidance.
Microsoft (MSFT 37.44, -0.40): -1.1% after Bank of America/Merrill Lynch downgraded the stock to 'Underperform' from 'Neutral.'
September net long-term TIC flows and the November NAHB Housing Market Index will be reported at 9:00 ET and 10:00 ET, respectively.
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