OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH18 +0.43%) this morning are up +0.46% and European stocks are up +0.92% on signs the U.S. may not go through with plans to put tariffs on metal imports. White House economic adviser Cohn is said to have summoned executives from U.S. companies that depend on aluminum and steel to meet with President Trump this week in an attempt to halt the administration’s plans to levy the tariffs. President Trump tweeted late Monday that he is open to ending plans on tariffs if “a new and fair NAFTA agreement is signed.” An easing of North Korean tensions is another positive for equity prices after South Korean President Moon Jae-In said that North Korea in open to denuclearization if the safety of Kim Jong Un’s regime is guaranteed. The two Korean leaders have agreed to meet for a summit at the end of April. Asian stocks settled mostly higher: Japan +1.79%, Hong Kong +2.09, China +1.00%, Taiwan +1.33%, Australia +1.14%, Singapore +1.55%, South Korea +1.93%, India -1.27%.

The dollar index (DXY00 -0.44%) is down -0.45% at a 1-week low. EUR/USD (^EURUSD) is up +0.48% at a 2-week high as Italian political risks eased. USD/JPY (^USDJPY) is up +0.11%.

Jun 10-year T-note prices (ZNM18 -0.14%) are down -5 ticks.

The UK Feb BRC sales like-for-like rose +0.6% y/y, unchanged from Jan and stronger than expectations of +0.5% y/y.

The German Feb Markit construction PMI fell -7.1 to 52.7, the slowest pace of expansion in 13 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) NY Fed President Dudley (voter) speaks in the U.S. Virgin Islands, (2) Jan factory orders (expected -1.3%, Dec +1.7% and +0.7% ex transportation), (3) Fed Governor Lael Brainard (voter) addresses Money Marketeers of NYU in NY, (4) Dallas Fed President Robert Kaplan (non-voter) speaks at energy conference in Houston.

Notable Russell 1000 earnings reports today include: Target (consensus $1.38), H&R Block (-1.19), Urban Outfitters (0.64), Ross Stores (0.92%), Autodesk (-0.11), John Wiley (0.82).