OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM15 +0.11%) this morning are up +0.12% and the Jun E-mini Nasdaq is up +0.65% at a 15-year nearest-futures high, led by a 3% increase in Microsoft, who reported better-than-expected Q3 profits. European stocks are up +0.57% after German Apr IFO business confidence rose more than expected to a 10-month high. The 10-year Greek bond yield fell to a 1-week low of 11.84% on signs of a resolution to the Greek debt crisis after ECB President Draghi said “progress on Greece has been achieved” in the last few days. Asian stocks closed mixed as they consolidated this week’s sharp gains: Japan -0.83%, Hong Kong +0.84%, China -0.47%, Taiwan +1.18%, Australia +1,51%, Singapore +0.29%, South Korea -0.56%, India -1.07%.
Commodity prices are mixed. Jun crude oil (CLM15 -0.42%) is down -0.12% and Jun gasoline (RBM15 +0.37%) is up +0.60%. Metals prices are mixed. Jun gold (GCM15 -0.64%) is down -0.27% and May copper (HGK15 +1.35%) is up +1.15% after weekly Shanghai copper inventories fell -22,550 MT, the biggest decline this year, to a 2-month low of 208,285 MT. Agriculture prices are weaker with May corn down -0.54% to a 5-week low on concern the recent Bird-Flu outbreak will reduce demand for corn used in animal feed.
The dollar index (DXY00 -0.05%) is down -0.07% at a 2-week low. EUR/USD (^EURUSD) is down -0.02% as it fell back from a 2-week high after Jeroen Dijsselbloem, head of the Eurozone finance ministers, said that there were still “wide differences” between Greece and its creditors. USD/JPY (^USDJPY) is down -0.03%.
Jun T-note prices (ZNM15 -0.07%) are down -3.5 ticks.
The German Apr IFO business climate rose +0.7 to 108.6, stronger than expectations of +0.5 to 108.4 and the highest in 10 months.
U.S. STOCK PREVIEW
Key U.S. reports today include: (1) March durable goods orders (expected +0.6% and +0.3% ex-transportation after Feb’s -1.4% and -0.6% ex-transportation).
