From The Trading Floor: Weak industrial production data out of China and the continued decline in oil prices have put pressure on the markets this morning
Wholesale Prices in the US. fell by -0.2%, more than forecast in November, led by the biggest drop in energy costs in more than a year indicating inflation pressures remain weak. Overall, the PPI report isn't helping the Fed's inflation mandate, meaning that it will keep the FOMC reserved about rushing to raise the fed funds rate.
Weak oil prices have added to worries about global demand and raised concerns about earnings for energy companies, with year-end tax selling putting more pressure on the group
The IEA has cut its outlook for 2015 oil demand growth by 230,000 barrels per day on lower expectations for Russia and other oil‐exporting countries.
The University of Michigan Consumer Confidence reading for December rose to 93.8
New Relic Inc. (NEWR) priced 5 million shares at $23 last night. The opening print was $30.16 on 968,461 shares
Workiva (WK) priced 7.2 million shares at $14 last night. The opening print was $14.00 on 1,006,833 shares
Metaldyne Performance Group (MPG) priced 10 million shares at $15 last night. The opening print was $15.25 on 586,944 shares.
Avolon Holdings LTD (AVOL) priced 13.63 million shares at $20. The opening print was $19.25 on 1,153,958 shares.
China reported a weaker than expected 7.2% year‐over‐year increase in industrial production in November, down from 7.7% in October, and Spain reported its CPI declined 0.4% year‐over‐year.
Resistance today is at the 2051 / 2054 level with support at 2023 / 2026
