What’s in Today’s Report:
- Year-End Melt Up: Why Stocks Are Rallying Off Recycled Headlines
- Weekly Jobless Claims: Retracing the Thanksgiving Spike
Futures are modestly higher yet again following another quiet night of news as the melt-up continues into year-end.
Chinese Industrial Profits rose 5.4% in November, the first gain in three months, and this headline is mostly responsible for the gain in futures this morning.
Other economic data was mixed, as Japanese Industrial Production (-0.9% vs. (E) -1.4%) and Unemployment (2.2% vs. (E) 2.4%) beat estimates, while Retail Sales slightly missed (-2.1% vs. (E) -1.7%).
Today there are no notable economic reports nor any Fed speakers, and if should be a generally quiet day.