OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 -0.22%) this morning are down -0.30% and European stocks are down -0.98% at a 3-week low as weakness in energy producing stocks and mining companies drags the overall market lower. May WTI crude oil (CLK17-0.85%) is down -0.78% at a 1-week low on concern that U.S. shale oil production is ramping up after the latest data showed active U.S. oil rigs last week increased to their highest in 1-1/2 years. Freeport McMoRan and U.S. Steel are both down more than 1% in pre-market trading as iron ore prices tumbled to a 4-3/4 month low after Citigroup said it was bearish in the outlook for the metal. GBP/USD jumped +0.79% to a 2-1/2 month high after British Prime Minister May announced as early general election set for June 8 as she seeks approval from voters as she heads into negotiations with the EU over Brexit. Also weighing on European stocks is political risks from this Sunday’s presidential election in France that is still too close to call. Asian stocks settled mostly lower: Japan +0.35%, Hong Kong -1.39%, China -0.79%, Taiwan +0.31%, Australia -0.90%, Singapore -0.02%, South Korea +0.05%, India -0.32%. China’s Shanghai Composite fell to a 2-week low as tensions on the Korean peninsula along with tougher regulatory scrutiny on stock trading led to selling of Chinese stocks.

The dollar index (DXY00 -0.27%) is down -0.17%. EUR/USD (^EURUSD) is up +0.24%. USD/JPY (^USDJPY) is down -0.03%.

Jun 10-year T-note prices (ZNM17 +0.11%) are up +7 ticks.

China Mar new home prices rose in 62 out of the 70 cities tracked by the government, the most in 5 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Mar housing starts (expected -3.0% to 1.250 million, Feb +3.0% to 1.288 million), (2) Kansas City Fed President Esther George (non-voter) speaks at a conference at the Levy Economics Institute of Bard College, (3) Mar industrial production (expected +0.4%, Feb unch).