OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH15 -0.28%) this morning are down -0.25% and European stocks are down -0.84% led by a slide in global energy producers as crude oil tumbled to a 5-1/2 year low. The yield on the Greek 10-year bond rose to a 1-1/4 year high of 9.558% as a Greek election next month rekindles European sovereign debt-crisis concerns, while the yield on Spain’s 10-year bond slid to a record low 1.596% after Spain Dec consumer prices fell-1.1% y/y, more than expectations of -0.7% y/y and the fastest pace of decline in over 5 years. Asian stocks closed mostly lower: Japan -1.57%, Hong Kong -1.14%, China +0.06%, Taiwan -0.19%, Australia -1.04%, Singapore -0.05%, South Korea -0.91%, India +0.03%. Japanese stocks closed lower as exporters fell after the yen rallied to a 1-week high against the dollar, which undercuts exporters’ earnings prospects. Commodity prices are mixed. Feb crude oil (CLG15 -0.65%) is down -0.13% at a 5-1/2 year low on concerns over oversupply on expectations that tomorrow’s EIA data will show U.S. crude stockpiles remained at 387.2 million bbl, the highest for this time of year since at least 1982. Feb gasoline (RBG15 -0.05%) is up +0.34%. Feb gold (GCG15 +0.25%) is up +0.44%. Mar copper (HGH15 +0.67%) is up +0.76%. Agriculture prices are mixed. The dollar index (DXY00 unch) is down-0.24% as it falls back from an 8-1/2 year high. EUR/USD (^EURUSD) is up +0.10% as it recovers from a 2-1/3 year low. USD/JPY (^USDJPY) is down-1.04 % at a 1-week low as a slide in global stocks boosts safe-haven demand for the yen. Mar T-note prices (ZNH15 +0.11%) are up +4.5 ticks.
The China Nov leading index dropped -0.20 from a downward revised 99.37 in Oct to 99.17, the lowest in 5-3/4 years.
U.K. Dec nationwide house prices rose +0.2% m/m and +7.2% y/y, right on expectations with the +7.2% y/y gain the slowest pace of increase in 13 months.
