Morning Call For February 20, 2015


March E-mini S&Ps (ESH15 -0.01%) this morning are little changed, up +0.02%, while European stocks are down -0.17% after Eurozone manufacturing activity expanded at a slower-than-expected pace and German producer prices fell more than expected. Eurozone finance ministers will hold an emergency meeting today in Brussels with their Greek counterparts in an attempt to find a compromise on the funding of Greece’s debt. Asian stocks closed mixed: Japan +0.37%, Australia -0.38%, India -0.78%. Hong Kong, China, Taiwan, Singapore and South Korea were all closed for holiday. Japanese stocks continued their upside momentum as the Nikkei Stock Index rose to its highest in 14-3/4 years. Japanese exporter stocks led the overall market higher on positive carry-over from Thursday’s data that showed Japan’s exports last month rose at the fastest pace in a year. Commodity prices are mostly lower. Mar crude oil (CLH15 -0.02%) is down -0.49% and Mar gasoline (RBH15 +0.55%) is down -0.18%. Apr gold (GCJ15 +0.30%) is down -0.37%. Mar copper (HGH15 -0.82%) is down -0.53%. Agriculture prices are weaker. The dollar index (DXY00 +0.24%) is up +0.16% at a 1-week high. EUR/USD (^EURUSD) is down -0.41% at a 1-week low. USD/JPY (^USDJPY) is down -0.16%. Mar T-note prices (ZNH15 +0.12%) are up +1 tick.

The Eurozone Feb Markit manufacturing PMI rose +0.1 to 51.1, less than expectations of +0.5 to 51.5. The Feb Markit composite PMI rose +0.9 to 53.5, better than expectations of +0.4 to 53.0 and the fastest pace of expansion in 7 months.

The German Feb Markit/BME manufacturing PMI was unchanged at 50.9, weaker than expectations of +0.6 to 51.5. The Feb Markit services PMI rose +1.5 to 55.5, stronger than expectations of +0.4 to 54.4 and the fastest pace of expansion in 5 months.

The German Jan PPI fell -0.6% m/m and -2.2% y/y, more than expectations of -0.4% m/m and -2.0% y/y with the -2.2% y/y drop the fastest pace of decline in nearly 5 years.

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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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