OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH15 -0.12%) this morning are down -0.18% and European stocks are down -0.44% as Friday’s stronger-than-expected U.S. Feb payrolls report increases anxiety about the timing of the first Fed interest rate hike. European stocks were also pressured on revived Greek debt concerns after European officials said Greece’s latest proposals were “far” from complete and Greece probably won’t receive an aid disbursement this month. Asian stocks closed mostly lower: Japan -0.95%, Hong Kong -0.17%, China +1.70%, Taiwan -0.86%, Australia -1.31%, Singapore -0.38%, South Korea -1.25%, India -2.05%. China’s Shanghai Stock Index rebounded from a 3-week low and closed higher after Chinese bank stocks rallied when regulators said it may allow banks to enter the brokerage business. Chinese stocks had posted a 3-week low after China Feb imports fell more than expected and posted their biggest decline in 5-3/4 years. Commodity prices are mostly higher. Apr crude oil (CLJ15 +0.24%) is up +0.32%. Apr gasoline (RBJ15 -0.40%) is down -0.50%. Apr gold (GCJ15 +0.82%) is up +0.85%. May copper (HGK15 +0.69%) is up +0.79%. Agriculture prices are higher. The dollar index (DXY00 -0.17%) is down -0.26%. EUR/USD (^EURUSD) is up +0.31%. USD/JPY (^USDJPY) is up +0.04%. Jun T-note prices (ZNM15+0.09%) are up +3.5 ticks.
The German Jan trade balance unexpectedly shrunk to a surplus of +15.9 billion euros, narrower than expectations of a +19.5 billion-euro surplus. Jan exports fell -2.1% m/m, weaker than expectations of -1.5% m/m and the biggest decline in 5 months. Jan imports unexpectedly fell for a second month as they dropped -0.3% m/m, weaker than expectations of +0.5% m/m.
Eurozone Mar Sentix investor confidence rose +6.2 to a 7-1/2 year high of 18.6, higher than expectations of +2.6 to 15.0.
