Morning Call For February 17, 2015

OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 -0.10%) this morning are down -0.13% and European stocks are down -0.13% after Monday’s meeting of Eurozone finance ministers ended abruptly after Greek Finance Minister Varaoufakis refused to bow to European demands. The Eurozone finance ministers said there will be no more talks on financial support unless the Greek government requests an extension of its existing bailout program. The current aid program ends at the end of this month and failure by Greece to extend the aid could see it run out of cash by the end of next month and force it into default. Stock prices recovered from their worst levels after a gauge of German investor confidence rose to the highest in a year. Asian stocks closed mixed: Japan -0.10%, Hong Kong +0.24%, China +0.65% Taiwan and India closed for holiday, Australia -0.52%, Singapore -0.33%, South Korea +0.22%. China’s Shanghai Stock Index climbed to a 2-week high ahead of the week-long Lunar New Year holidays that begin tomorrow. Commodity prices are mixed. Mar crude oil (CLH15 +0.25%) is up +0.81% and Mar gasoline (RBH15 +0.12%) is up +0.36% at a 1-3/4 month high. Apr gold (GCJ15 -0.48%) is down -0.37%. Mar copper (HGH15 -1.06%) is down -1.06%. Agriculture prices are higher. The dollar index (DXY00 -0.28%) is down -0.35%. EUR/USD (^EURUSD) is up +0.67%. USD/JPY (^USDJPY) is up +0.24%. Mar T-note prices (ZNH15 -0.11%) are down -5.5 ticks.

The German Feb ZEW survey expectations of economic growth rose +4.6 to 53.0, less than expectations of +6.6 to 55.0, but still the highest in a year. The Feb ZEW survey current situation jumped +23.1 to 45.5, a much larger increase than expectations of +7.6 to 30.0 and the highest in 7 months.

Eurozone Jan new passenger car registrations rose +6.7% y/y to 999,000, the most in 10 months.

UK Jan CPI fell -0.9% m/m, more than expectations of -0.8% m/m and matched the largest monthly decline on record (data from 1988). On an annual basis, Jan CPI rose +0.3% y/y, less than expectations of +0.4% y/y and the smallest pace of increase on record.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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