OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +1.02%) are up +1.15% at a 3-week high and European stocks are up % +2.10%. The price of crude oil is up +3.64%, which boosted energy producers with Chevron up 1.5% and Exxon Mobile up 1.1% in pre-market trading. Copper prices are up +2.22% at a 2-week high, which has boosted European mining stocks with Rio Tinto Group and BHP Billiton Ltd. both up more than 5%. Gains in European stocks were limited after manufacturing data showed that the Eurozone Feb Markit manufacturing PMI fell more than expected to its slowest pace of expansion in a year. Asian stocks settled mostly higher: Japan +0.90%, Hong Kong +0.93%, China +2.35%, Taiwan +0.02%, Australia +0.98%, Singapore +0.14%, South Korea -0.14%, India +0.34%. China’s Shanghai Composite climbed to a 4-week high after the government replaced the country’s securities regulator chairman, which bolstered speculation that he will take steps to improve confidence in China’s stock market.

The dollar index (DXY00 +0.96%) is up +0.87% at a 2-week high. EUR/USD (^EURUSD) is down -0.80% at a 2-week low after weaker-than-expected Eurozone PMI data increases the chance that the ECB expands stimulus measures when it meets next month. USD/JPY (^USDJPY) is up +0.59%. GBP/USD is down -2.09% to a 1-month low as a split in the UK’s ruling party over European Union membership increases the chance that the UK will exit the EU.

Mar T-note prices (ZNH16 -0.16%) are down -10 ticks.

The Eurozone Feb Markit manufacturing PMI fell -1.3 to 51.0, weaker than expectations of -0.3 to 52.0 and the slowest pace of expansion in a year.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jan Chicago Fed national activity index (expected +0.12 to -0.10, Dec +0.14 to -0.22), and (2) prelim-Feb Markit manufacturing PMI (expected +0.1 to 52.5, Jan +1.2 to 52.4).

There are 4 of the S&P 500 companies that report earnings today: Motorola Solutions (consensus $1.46), Allergan (3.34), Tenet Healthcare (0.34), ONEOK (0.51).