Overnight Developments
Dec E-mini S&Ps this morning are down -0.16% on weakness in technology stocks, led by a -0.5% decline in Apple in pre-market trading, on a less than enthusiastic response to the company's unveiling of its new iPhone late Tuesday. Geopolitical tensions also rose after U.S. Treasury Secretary Mnuchin warned that the U.S. may impose sanctions on China if it doesn't follow through on the newly imposed United Nations restrictions against North Korea. In its first response to the newly imposed sanctions, North Korea said it will accelerate its plans to acquire a nuclear weapon that can strike the U.S. mainland. European stocks are up +0.12% after Eurozone Jul industrial production rose as expected, and as energy stocks gained with Oct WTI crude up +0.91% after the IEA increased its 2017 global crude oil demand estimate by +100,000 bpd to 1.6 million bpd, a 2-year high. Weakness in mining stocks is limiting the advance in European equities with Dec COMEX copper prices down -1.50% to a 3-week low on signs of ample supplies after LME copper inventories surged +27,850 MT to a 3-week high. Asian stocks settled mixed: Japan +0.45%, Hong Kong -0.28%, China +0.14%, Taiwan -0.73%, Australia -0.04%, Singapore -0.16%, South Korea -0.14%, India +0.09%. Japan's Nikkei Stock Index climbed to a 1-month high on signs of optimism in the Japanese economy after the Japan Q3 BSI large manufacturing business conditions rose +12.3 to 9.4, a 2-year high.

The dollar index is down -0.05%. EUR/USD is up +0.14%. USD/JPY is down -0.17%.

Dec 10-year T-note prices are up +3 ticks.

The UK ILO unemployment rate unexpectedly fell -0.1 to 4.3% for the 3-months through Jul, better than expectations of no change at 4.4% and a 42-year low.

Eurozone Jul industrial production rose +0.1% m/m, right on expectations.

Japan Q3 BSI large manufacturing business conditions rose +12.3 to 9.4, stronger than expectations of +7.9 to 5.0 and a 2-year high.