Daily Summary

For those who might have missed a beat or two today, here’s Bloomberg with everything you need to know from Monday’s US session:

S&P 500, Dollar Fall; Oil Up; China Factory Output

What you need to know from overnight and in the Asian day ahead:

• S&P 500 slipped for first time in seven days, down 0.1%; Dow Jones Industrial Average rose 0.2% to a record
• Bloomberg Dollar Spot Index dropped 0.6% ahead of Dec. 13-14 FOMC meeting; click here for research roundup
• Citi sees Fed sticking to a two-hike scenario for 2017, in line with 65% of respondents in latest CitiFX poll, according to note today
• WTI crude climbed 2.6% to $52.83/bbl, highest close since July 2015; copper down 1% at $5,768/mt
• Ten-year UST yield pared rise seen during Asia/London trading to finish up less than 1bp at 2.47%
• ECB Executive Board member Coeure says the central bank chose just right stimulus amount for inflation
• Goldman’s Cohn to be director of Trump National Economic Council
• Barclays, JPMorgan, Citigroup help U.S. broaden currency probe
• TODAY: China industrial production, aggregate financing; Hong Kong industrial production; India CPI; Australia NAB business confidence
• USTs back near session highs following dip after 10Y auction tailed by around 0.5bp and produced bidder participation metrics that were better than previous yet weak by historical standards; primary dealers’ 36.5% allocation was exceeded only twice in year.

  • 10Y sector led post-auction dip, with 5s10s30s immediately rising ~1bp
  • USTs had rallied into bidding deadline and were close to session highs by 1pm ET, with current 10Y yield on lows around 2.47%; WI cheapened by ~0.5bp in minute before 1pm