OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +1.41%) are up +1.20% at a 1-week high, led by a rally in energy producers, with ConocoPhilips and Marathon Oil up at least 2% in pre-market trading as crude oil gains +0.95%. A rally in bank stocks is also pushing stock index futures higher with Bank of America, Goldman Sachs and Morgan Stanley all up over 1% in pre-market trading. European stocks are down -0.28%, led by weakness in commodity producers, as Anglo American Plc dropped over 6% after the company said it would sell more mines and raise its debt-reduction target following a fourth year of losses. European stocks were also undercut after German Feb ZEW expectations of economic growth fell to the lowest in 16 months. Asian stocks settled mostly higher: Japan +0.20%, Hong Kong +1.08%, China +3.29%, Taiwan +1.80%, Australia +1.37%, Singapore +1.41%, South Korea +1.37%, India -1.54%. China’s Shanghai Composite climbed to a 3-week high after Chinese data showed a record jump in new credit last month. Also, Chinese Premier Li Keqiang said Monday that China will take decisive actions if needed amid recent global economic headwinds and slumping equity markets.

The dollar index (DXY00 +0.65%) is up +0.69%. EUR/USD (^EURUSD) is up +0.03%. USD/JPY (^USDJPY) is down -0.48%.

Mar T-note prices (ZNH16 -0.21%) are down -4.5 ticks.

The German Feb ZEW survey expectations of economic growth fell -9.2 to 1.0, stronger than expectations of -10.2 to 0, but still the lowest in 16 months.

China Jan new yuan loans surged by a record 2.51 trillion yuan, stronger than expectations of +1.90 trillion yuan. Jan aggregate financing, the broadest measure of new credit, jumped a record +3.42 trillion yuan, stronger than expectations of +2.20 trillion yuan.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Feb Empire manufacturing index (expected +9.37 to -10.00, Jan -13.16 to -19.37), (2) Philadelphia Fed President Patrick Harker’s speech on the 2016 economic forecast at the University of Delaware’s Center for Economic Education and Entrepreneurship, and (3) Feb NAHB housing market index (expected unch at 60, Jan unch at 60).