Morning Call For April 30, 2015

OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 -0.30%) this morning are down -0.23%, led by a 1% drop in Apple after a report that a component defect could force it to limit supply of its new watch. European stocks are down -0.14% at a 1-1/2 month low after German Mar retail sales unexpectedly fell -2.3% m/m, the biggest monthly drop in 15 months. Also, Nokia Oyj is down nearly 8% after it reported Q1 profits that were below estimates, and STMicroelectronics plunged 12% after it forecast weaker-than-expected revenue and profit margins amid a slowdown in demand. Asian stocks closed mostly lower: Japan -2.69%, Hong Kong -0.94%, China -0.78%, Taiwan -0.34%, Australia -0.83%, Singapore +0.01%, South Korea -0.60%, India -0.79%. Japan's Nikkei Stock Index fell to a 1-week low, led by a slide in exporters, after the yen climbed to a 1-month high against the dollar, which reduces the earnings prospects of exporters.

Commodity prices are mixed. Jun crude oil (CLM15 +1.02%) is up +0.89% at a new 4-1/2 month high as the dollar weakened and after Wednesday's EIA data showed a decline in crude supplies at Cushing for the first time since Nov. Jun gasoline (RBM15 +0.61%) is up +0.33%. Metals prices are mixed. Jun gold (GCM15 -0.62%) is down -0.63% after Wednesday's post-FOMC statement signaled the Fed is still open to raising interest rates. May copper (HGK15 +1.45%) is up +1.29% at a 1-month high after weekly Shanghai copper inventories fell for a fourth week as they slid -20,120 Mt TO 188,165 MT, a 2-1/2 month low. Agriculture prices are higher due to a weaker dollar.

The dollar index (DXY00 -0.39%) is down -0.44% at a fresh 2-month low on speculation the Fed is in no hurry to raise interest rates. EUR/USD (^EURUSD) is up +0.58% at a 2-month high after Eurozone Apr CPI was unch y/y and ended a 4-month streak of declines. USD/JPY (^USDJPY) is down -0.06% at a 1-month low.

Jun T-note prices (ZNM15 -0.04%) are down -0.5 of a tick on carry-over weakness from a slide in German bunds to a 1-1/2 month low.

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