OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM15 +0.06%) this morning are little changed. The Euro Stoxx 50 index is up +0.60% on some optimism after Greece made its 450 million euro IMF payment that was due by today and German industrial production rose +0.2% m/m. Asian stocks today closed mixed: Japan +0.75%, Hong Kong +2.70%, China -0.93%, Taiwan -0.04%, Australia -0.48%, Singapore -0.01%, South Korea -0.07%, India +0.62%, and Turkey -0.01%.
The dollar index (DXY00 +0.27%) is up +0.023 (+0.24%) on an extension of this week’s rally. EUR/USD (^EURUSD) is down -0.0012 (-0.11%) and USD/JPY (^USDJPY) is down -0.13 (-0.11%). Jun 10-year T-notes (ZNM15 +0.02%) are up +3 ticks.
Commodity prices are mildly higher by +0.15%. May crude oil (CLK15 +2.06%) is up $1.27 (+2.52%) on a modest rebound after yesterday’s -6.6%plunge on the bearish EIA report. May gasoline (RBK15 +1.49%) is up +0.0342 (+1.97%). May natural gas (NGK15 +0.34%) is up +0.025 (+0.95%).
Precious metals prices are trading slightly lower due to the higher dollar: Jun gold (GCM15Â -0.37%)Â -3.5Â (-0.29%), May silver (SIK15Â -0.72%)Â -0.144(-0.88%). May copper (HGK15Â +0.31%) up +0.016 (+0.59%). Grain prices are trading lower and softs are trading mostly lower.
Alcoa is down -2.3% in overnight trading after yesterday’s earnings news, which was better than expected but caused concern since the company said it expects there to be an aluminum oversupply.
Greece reportedly made its 450 million euro payment to the IMF that was due today, which boosted Greek stocks today by +0.4% and caused the 10-year Greek bond yield to drop by 29 bp to 11.25%. Greece’s Jan unemployment rate fell by -0.2 points to 25.7% from Dec’s 25.9%, while Feb industrial production improved to +1.9% y/y from -0.2% y/y in Jan.
The Bank of England today left its monetary policy unchanged with the base rate at 0.50% and its asset purchase target unchanged at 375 million sterling. That outcome was in line with market expectations.
