Morning Call For April 22, 2015

June E-mini S&Ps (ESM15 -0.20%) this morning are down -0.33% and European stocks are down -0.67% as a decline in crude oil undercuts energy producers which are leading the overall market lower. Chipotle Mexican Grill slumped over 5% in pre-market trading as Q1 revenue trailed analysts' estimates. Losses in European stocks were limited after ASML Holding NV, Europe's largest chip-equipment maker, jumped over 6% after it said it signed a deal with a U.S. customer to deliver at least 15 of its extreme ultraviolet lithography systems. Greek default concerns eased as the Greek 10-year bond yield fell back from a 2-1/3 year high on signs that Greek and EU officials were moving closer to a resolution on financing Greece's debt. Asian stocks closed mostly higher: Japan +1.13%, Hong Kong +0.30%, China +2.44%, Taiwan +0.83%, Australia -0.59%, Singapore -0.35%, South Korea +0.18%, India +0.77%. Japan's Nikkei Stock Index rose to a 15-year high after Japan's Mar trade balance showed Japan swung to its largest trade surplus in 3-1/2 years. China's Shanghai Composite Index climbed to a new 7-year high on speculation the Chinese government will counter slowing growth with stimulus.

Commodity prices are mostly lower. Jun crude oil (CLM15 -0.72%) is down -0.53% and Jun gasoline (RBM15 -0.13%) is down -0.06% ahead of an expected +2.5 million bbl increase in EIA crude supplies later today. Metals prices are lower. Jun gold (GCM15 -0.03%) is down -0.08%. May copper (HGK15 -0.37%) is down -0.39%. Agriculture prices are mixed.

The dollar index (DXY00 -0.34%) is down -0.35%. EUR/USD (^EURUSD) is up +0.27%. USD/JPY (^USDJPY) is down -0.12%.

Jun T-note prices (ZNM15 +0.01%) are up +4 ticks.

The Greek 10-year bond yield fell back from a 2-1/3 year high as Greek default concerns eased after Greek Finance Minister Varoufakis said late Tuesday that there were narrowing differences between the government and Eurozone officials and that neither "will let the opportunity slip to arrive at an agreement."

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