Overnight Markets and News

Jun E-mini S&Ps (ESM18 -0.61%) this morning are down -0.54% at a 1-week low and European stocks are down -0.71% as weakness in commodity prices leads mining stocks raw-material producers lower. Also, technology stocks are lower, led by suppliers to Apple, after people familiar with the situation said Apple is making a significant investment in the development of next-generation MicroLED screens. British Gilts fell and GBP/USD climbed +0.56% to a 3-week high after the WSJ reported an unidentified EU official said the EU and UK have agreed to broad terms on Britain’s 2-year Brexit transition deal. Asian stocks settled mixed: Japan -0.90%, Hong Kong +0.04%, China +0.29%, Taiwan +0.17%, Australia +0.17%, Singapore -0.39%, South Korea -0.78%, India -0.76%. Weakness in Asian technology suppliers to Apple led Japanese stocks lower on a report that Apple is designing and producing its own device displays for the first time. China’s Shanghai Composite recovered from a 1-1/2 week low and closed higher after China’s incoming central bank governor, Yi Gang, signaled that he will maintain the course of financial liberation set forth by his predecessor Zhou Xiaochuan.

The dollar index (DXY00 -0.04%) is down -0.10%. EUR/USD (^EURUSD -0.06%) is down -0.03%. USD/JPY (^USDJPY +0.14%) is up +0.12%.

Jun 10-year T-note prices (ZNM18 -0-045) are down -3.5 ticks.

China Feb new home prices rose in 44 of 70 cities tracked by the government, down from 52 that rose in Jan.

ECB Governing Council member Knot said, “the outlook is almost as good as it gets” for the Eurozone economy and the region is “projected to continue this firm path of growth.”

Eurozone Jan construction output fell -2.2% m/m, the biggest decline in a year.

U.S. Stock Preview

Key U.S. news today includes: (1) Atlanta Fed President Raphael Bostic (voter) speaks about the Community Reinvestment Act at a conference in Miami, (2) USDA weekly grain export inspections.

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