OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH15 -0.26%) this morning are down -0.34% after Greek opposition party Syriza won in Sunday’s election. European stocks, however, shook off early losses and are up +0.18% after Syriza leader Tsipras pledged to keep Greece within the Eurozone as he negotiates a write-down of Greek debt. European stocks also received a boost after a gauge of German business confidence rose more than expected to the highest in 6 months. Asian stocks closed mixed: Japan -0.25%, Hong Kong +0.24%, China +1.02%, Taiwan +0.07%, Australia and India closed for holiday, Singapore -0.38%, South Korea -0.07%. Commodity prices are mostly lower. Mar crude oil (CLH15 -1.07%) is down -1.14% at a 1-1/2 week low. Mar gasoline (RBH15 -1.19%) is down -1.33%. Feb gold (GCG15 -0.87%) is down -1.10%. Mar copper (HGH15 -1.16%) is down -1.06% at a 5-1/2 year low after the dollar index climbed to an 11-1/3 year high and on signs of increasing supplies after LME copper inventories rose +1,700 MT to 236,850 MT, the most in 8-3/4 months. Agriculture prices are mixed. The dollar index (DXY00 +0.20%) is up +0.24% at an 11-1/3 year high. EUR/USD (^EURUSD) is up +0.18%. USD/JPY (^USDJPY) is up +0.37%. Mar T-note prices (ZNH15 +0.04%) are down -1 tick.
The German Jan IFO business climate rose +1.2 to 16.7, better than expectations of +1.0 to 106.5 and the highest in 6 months. The Jan IFO current assessment rose +1.9 to 111.7, stronger than expectations of +0.8 to 110.8. Jan IFO expectations rose +0.7 to 102.0, less than expectations of +1.4 to 102.5.
The Japan Dec trade balance shrink to a -660.7 billion yen deficit from an upward revised -893.5 billion yen deficit in Nov, a smaller deficit than expectations of -735.2 billion yen and the smallest deficit in 1-1/2 years. Dec exports rose +12.9% y/y, better than expectations of +11.2% y/y and the most in a year. Dec imports rose +1.9% y/y, slightly less than expectations of +2.0% y/y.
