OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH18 -0.45%) this morning are down -0.44% and European stocks are down -0.69%, following losses in Asian markets after China’s Shanghai Composite fell to a 1-week low and Japan’s Nikkei Stock Index fell to a 3-week low. Weakness in technology stocks is leading the overall market lower with Apple down 1% in pre-market trading. Apple is adding to Monday’s losses when it fell 2.6% after Nikkei reported Apple notified suppliers it will cut iPhone X’s production target for Q1 by half to 20 million units, due to slower-than-expected holiday sales. Energy stocks are lower as well with Mar WTI crude oil (CLH18 -0.98%) down -0.90% on expectations EIA data tomorrow will show U.S. crude stockpiles increased last week for the first time in eleven weeks. European stocks were also undercut after Eurozone Jan economic confidence unexpectedly declined. Asian stocks settled lower: Japan -1.43%, Hong Kong -1.09%, China -0.99%, Taiwan -1.29%, Australia -0.87%, Singapore -0.79%, South Korea -1.38%, India -0.69%. Weakness in technology stocks pushed Asian markets lower, led by losses in Apple suppliers, after Nikkei reported Apple would cut its Q1 iPhone X production in half.

The dollar index (DXY00 -0.26%) is down -0.28%. EUR/USD (^EURUSD) is up +0.39%. USD/JPY (^USDJPY) is down -0.32%.

Mar 10-year T-note prices (ZNH18 unch) are up +0.5 of a tick.

Eurozone Q4 GDP rose +0.6% q/q and +2.7% y/y, right on expectations.

Eurozone Jan economic confidence unexpectedly fell -0.6 to 114.7, weaker than expectations of +0.2 to 116.2. The Jan business climate indicator fell -0.06 to 1.54, weaker than expectations of +0.02 to 1.68.

UK Dec mortgage approvals were 61,000, less than expectations of 63,500 and the fewest in nearly 3-years.

Japan Dec overall household spending unexpectedly fell -0.1% y/y, weaker than expectations of +1.3% y/y.