OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM15 -0.53%) this morning are down -0.52% and European stocks are down -0.37% on giveback from Monday’s sharp gains. Energy producers are lower as crude oil slides on speculation a nuclear deal may be reached with Iran, while European deflation concerns remain after Eurozone Mar core CPI rose at the slowest pace on record. On the positive side, the Eurozone Feb unemployment rate fell to a 2-3/4 year low and German Mar retail sales were stronger than expected. Asian stocks settled mixed: Japan -1.05%, Hong Kong +0.18%, China -0.90%, Taiwan +0.68%, Australia +0.78%, Singapore -0.21%, South Korea +0.46%, India -0.07%. Commodity prices are weaker. May crude oil (CLK15 -2.18%) is down -2.26% on speculation that Western nations are nearing a nuclear deal with Iran that could allow sanctions to be lifted and allow Iran to increase crude exports that would exacerbate a global supply glut. May gasoline (RBK15 -1.82%) is down -1.63% at a 1-week low. Apr gold (GCJ15 -0.10%) is down -0.10% at a 1-week low. May copper (HGK15 -1.28%) is down -1.49% at a 1-week low. Agriculture prices are mostly lower ahead of the USDA Quarterly Grain stocks and U.S. 2015 acreage estimates. The dollar index (DXY00 +0.44%) is up +0.51% at a 1-week high. EUR/USD (^EURUSD) is down -0.81% at a 1-week low. USD/JPY (^USDJPY) is down -0.17%. Jun T-note prices (ZNM15 +0.12%) are up +5 ticks.
The Eurozone Mar CPI estimate fell -0.1% y/y, right on expectations. The Mar core CPI rose +0.6% y/y, less than expectations of +0.7% y/y and matched January’s gain as the slowest pace of increase since the data series began in 1997.
The Eurozone Feb unemployment rate fell -0.1 to 11.3% from an upward revised 11.4% in Jan, the lowest in 2-3/4 years.
The German Mar unemployment change fell -15,000 to 2.8 million, better than expectations of -12,000. The Mar unemployment rate unexpectedly fell -0.1 to 6.4%, better than expectations of no change at 6.5% and the lowest since data for a unified Germany began in 1991.
