OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.93%) are up +0.98% at a 2-month high and European stocks are up +2.97%. Bank stocks are higher with Goldman Sachs and Morgan Stanley both up at least 1.5% in pre-market trading, while a +2.30% jump in the price of crude to a 3-month high gives energy producing stocks a lift. Crude oil received a boost after the IEA cut its 2016 non-OPEC crude production estimate by -150,000 bpd and said that “there are signs that prices might have bottomed out.” Asian stocks settled higher: Japan +0.51%, Hong Kong +1.08%, China +0.20%, Taiwan +0.52%, Australia +0.32%, Singapore +0.70%, South Korea +0.22%, India +0.38%. China’s Shanghai Composite recovered from a 1-week low and closed higher and gave Asian markets a lift after the PBOC strengthened its daily reference rate for the yuan by 0.34%, which fueled a rally in the yuan to a 2-1/4 month high against the dollar.

The dollar index (DXY00 +0.50%) is up +0.54%. EUR/USD (^EURUSD) is down -0.62%. USD/JPY (^USDJPY) is up +0.49%.

Jun T-note prices (ZNM16 -0.15%) are down -5 ticks.

The IEA cut its 2016 non-OPEC crude production estimate to 750,000 bpd, down -150,000 from 900,000 bpd estimated last month, and said that “there are signs that prices might have bottomed out.”

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Feb import price index (expected -0.7% m/m and -6.5% y/y, Jan -1.1% m/m and -6.2% y/y).

None of the Russell 1000 companies report earnings today.

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

Equity conferences this week include: none.

OVERNIGHT U.S. STOCK MOVERS

Morgan Stanley (MS +0.16%) and Goldman Sachs Group (GS +0.74%) are both up over 1% in pre-market trading.

Ulta Salon Cosmetics & Fragrance (ULTA +2.75%) rallied over 12% in pre-market trading after it reported Q4 adjusted EPS of $1.69, above consensus of $1.54, and then raised guidance on Q1 EPS to $1.25-$1.30, higher than consensus of $1.22.