As quickly as it arrived, this week’s Santa Claus rally has already started to fade. Indices continued to climb overnight but as the morning has progressed, traders have been taking profits ahead of what are expected to be a very light two weeks for trading broken up by the holidays. Major European indices have all turned downward except for the FTSE. US indices have given back all of their overnight gains and turned lower except for the Dow which is barely clinging to positive territory. Crude oil is trading higher today and appears to be stabilizing near $60.00 for Brent and $55.00 for WTI. Although this may be a pause within a wider downtrend, for now, it has shored up support for oil-sensitive currencies with RUB up 2% and NOK up 0.7%. CAD is lagging behind after retail sales came in flat after growing 0.8% the previous month, and consumer prices only fell a little bit, still holding above 2% indicating that so far the fall in oil prices has dampened consumer spending more than inflation pressures, a potentially ominous sign of stagflation in the Canadian economy. Corporate News Blackberry $0.01 vs street ($0.05), sales $793M vs street $931M, cash flow positive one quarter ahead of schedule Economic News Economic reports released overnight and this morning include: Bank of Japan decision no change to rate or QE as expected Canada consumer prices 2.0% vs street 2.2% Canada core CPI inflation 2.1% vs street 2.5% Canada retail sales 0.0% vs street (0.2%) Canada retail ex auto 0.2% as expected NZ ANZ business confidence 30.4 vs previous 31.5 NZ ANZ activity outlook 37.3 vs previous 41.7 Japan leading index 104.5 vs previous 104.0 Norway unemployment rate 2.7% as expected Economic reports due later today include: There are no major announcements scheduled for later today.