OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.14%) this morning are down -0.16% ahead of speeches today from Fed Chair Yellen and Vice Chair Fischer that may add to the recent hawkish Fed commentary that increases the chances of a Fed rate hike later this month. European stocks are up +0.46% at a 1-1/4 year high on reduced political risks in France after polls showed French Presidential candidate Macron jumped ahead of anti-euro candidate Le Pen for the first time. The Odoxa survey of first-round voting intentions showed Macron’s support rose +2 points to 27% and Le Pen’s support fell -1.5 points to 25.5%. The easing of French political risks reduced safe-haven demand for German bunds which fell to a 2-week low and for gold as Apr COMEX gold (GCJ17 -0.49%) dropped -0.42% to a 2-week low. Asian stocks settled lower: Japan -0.49%, Hong Kong -0.74%, China -0.36%, Taiwan -0.45%, Australia -0.81%, Singapore -0.45%, South Korea -1.06%, India -0.03%. Fed rate hike fears undercut Asian stocks with China’s Shanghai Composite falling to a 1-1/2 week low. Chinese stocks will look to headlines from the annual Chinese People’s Political Consultative Conference, an advisory body of political elites and business executives, that begins today in Beijing.

The dollar index (DXY00 -0.25%) is down -0.21%. EUR/USD (^EURUSD) is up +0.33%. USD/JPY (^USDJPY) is up +0.08%.

Jun 10-year T-note prices (ZNM17 -0.10%) are down -2 ticks.

The Japan Feb consumer confidence index unexpectedly fell -0.1 to 43.1, weaker than expectations of +0.3 to 43.5.

Japan Jan national CPI rose +0.4% y/y, right on expectations. Jan national CPI ex-fresh food rose +0.1% y/y, stronger than expectations of unch y/y. Jan national CPI ex food & energy rose +0.2% y/y, right on expectations.

Eurozone Jan retail sales of -0.1% m/m and +1.2% y/y was weaker than expectations of +0.3% m/m and +1.5% y/y.