OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 -0.19%) are up +0.06% and European stocks are down -0.43% as a sell-off in crude oil (CLF16 -2.44%) to a new 6-3/4 year low drags energy producers lower. U.S. and European stocks had moved higher in overnight trade after stronger-than-expected Chinese economic data reduced global growth concerns. European stocks also received a boost after Eurozone Oct industrial production rose more than expected and after ECB President Draghi pledged to boost stimulus if needed. Asian stocks settled mostly lower: Japan -1.80%, Hong Kong -0.72%, China +2.51%, Taiwan -0.93%, Australia -2.01%, Singapore -0.69%, South Korea -0.91%, India +0.42%. China’s Shanghai Composite closed higher on stronger-than-expected economic data on retail sales and industrial production, and on strength in mining stocks on the prospects of production cuts. Japan’s Nikkei Stock Index dropped to a 1-1/2 month low on the heels of the rout in U.S. stocks on Friday.

The dollar index (DXY00 +0.17%) is up +0.17%. EUR/USD (^EURUSD) is down -0.06%. USD/JPY (^USDJPY) is down -0.17%.

Mar T-note prices (ZNH16 -0.06%) are down -1.5 ticks.

ECB President Draghi said he expects inflation to return to target “without delay” and that the ECB would intensify stimulus if it has to.

Eurozone Oct industrial production rose +0.6% m/m and +1.9% y/y, stronger than expectations of +0.3% m/m and +1.4% y/y.

China Nov industrial production rose +6.2% y/y, stronger than expectations of +5.7% y/y and the fastest pace of increase in 5 months.

China Nov retail sales rose +11.2% y/y, stronger than expectations of +11.1% y/y and the fastest pace of increase in 11 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: none.

There is 1 of the Russell 1000 companies that report earnings today: VeriFone Systems (consensus $0.48).

U.S. IPO’s scheduled to price today: none.