Morning 12-9

 This caught my attention

 “China Consumer Prices Fall for First Time in 11 Years  China’s central bank is likely to look
through the first deflation in consumer prices in over a decade, economists said, as it keeps it focus on bringing debt under control. Consumer prices fell 0.5% in November from a year earlier –
– the first contraction since October 2009 — the National Bureau of Statistics said Wednesday. That was far weaker than the 0% median forecast in a Bloomberg survey of economists. ​
The fall was largely driven by a cyclical decline in the price of a single commodity, pork, after supplies recovered from last year’s swine disease.  (BBG) the PBOC unlikely to adjust monetary policy because of this.   PPI, a proxy for commodity demand came in a bit better than expected, still in deflationary territory though -1.5% vs F/C -1.8% Stocks in China closed lower on the session

Mnuchin has proposed a $916 B stimulus deal that trump and McConnell are behind are supposedly behind. McConnell said he may be willing to set aside demands for Business liability protection (BBG) the trade off   for Dems is they will have to choose between Extended pandemic insurance or Direct payments to citizens not both. W V. Senator Manchin said 90% of stimulus deal completed-CNN   Trumps fight to overturn election is nearing the end as US supreme court will not take up Pennsylvania case and yesterday was deadline for States to certify election

Markets:

Spoos 10 handle range overnight holidays are here I guess ECB meeting tomorrow more stimulus expected will they disappoint markets or surprise that is the question brought down into simplest terms. Decision at 6:45 A.M… European Bourse bid all 20 stoxx 600 sectors higher on day. Bank of Canada rate decision at 9:00 No changes expected. NKY closed + 1.3% outside of China most Worldwide stocks higher.  NDX higher for 10 consecutive days who said big tech was dead, Soybeans tested 1143 level and held tomorrow USDA crop report catalyst possibly.  Treasury yields higher 10-year auction today and stimulus weighing on long end. Dollar sideways to lower.

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