OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU15 +0.23%) are up +0.28% although European stocks are down -0.53% at a 4-month low as Eurozone finance ministers gather to work on an agreement for as much as 7.2 billion euros in bailout funds for Greece. European stocks rebounded from their worst levels after the Kathimerini newspaper reported that the European Union Commission and the ECB were working on the draft of a possible statement on debt relief to be used if Greece and its creditors reach an agreement. Asian stocks closed mostly lower: Japan -1.13%, Hong Kong -0.22%, China -3.67%, Taiwan +0.31%, Australia -1.26%, Singapore -0.77%, South Korea +0.24%, India +1.06%. Japan’s Nikkei Stock Index fell to a 4-week low, dragged down by weakness in Japanese exporters, as the yen rose to a 1-week high against the dollar.
Commodity prices are higher as the dollar weakened. Jul crude oil (CLN15Â +1.39%) is up +1.25%, Jul gasoline (RBN15Â +0.44%) is up +0.44%. Metals prices are stronger. Aug gold (GCQ15Â +1.92%) is up +1.58% at a 2-week high after the Fed signaled on Wednesday that the pace of policy tightening will be gradual. Jul copper (HGN15Â +0.77%) is up +0.65%. Agricultural prices are mixed.
The dollar index (DXY00 -0.62%) is down -0.52% at a 1-month low after the FOMC on Wednesday cut its longer-term projections for interest rates. EUR/USD (^EURUSD) is up +0.51% at a 1-month high. USD/JPY (^USDJPY) is down -0.60% at a 1-week low.
Sep T-note prices (ZNU15Â +0.17%) are up +6.5 ticks at a 2-week high on positive carryover from Wednesday’s dovish post-FOMC statement.
The Kathimerini newspaper reported that the EU Commission and the ECB are working on the draft of a possible statement on debt relief to be used if Greece and its creditors reach an agreement, citing an unidentified EU official. The official said that the draft could be a renewal of the Nov 2012 Eurozone commitment to debt relief.
