Morning Update – 11/12/2017 – by Arjun Lakhanpal

Morning all.. Wall St closed firmly again as US data was seen as a “Goldilocks” release with signs of growth with solid unemployment but concerns over weak earnings still. The S&P closed up another 0.55% and Asia followed with the Nikkei closing up 0.55%, HK up almost 1% and Shanghai up an impressive 1.6%. The Nikkei 225 rallied to finish at highest since January 1992. The MSCI Asia Pacific Index added 0.6 percent and S&P futures are up another 7 points in Asia. The dollar trimmed some of last week’s gains before the Fed’s meeting at which it’s widely expected to lift rates this week. Bitcoin futures began trading in Chicago and at one point jumped as much as 25 percent. The kiwi dollar climbed as expectations of a dovish approach to monetary policy were scaled back with the appointment of Adrian Orr as the Reserve Bank of New Zealand’s new governor. Investor optimism was already bouncing back after the U.S. government averted a shutdown and tax reform negotiations made progress. US 10yr yields remain unchanged from the NY close at 2.38% and oil was unchanged. Sources: PM May will hail “a new sense of optimism” in Brexit talks in statement to Parliament; will reiterate was never going to be an easy process but now fully hopes to be able to confirm arrangements set out last week; nothing agreed until everything agreed. China Nov CPI: +1.7% y/y vs +1.8% cons (+1.9% prev).. China Nov PPI: +5.8% y/y in line w cons (+6.9% prev); lowest in 4m . We have nod data of note this morning and a very quiet session is expected barring headlines. Good luck..