Morning Call For February 11, 2015

OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 -0.12%) this morning are down -0.11% and European stocks are down -0.53% as Eurozone finance ministers meet in Brussels at an emergency meeting to discuss Greece's financing needs. German Finance Ministry spokesman Schaefer said an agreement with Greece is unlikely at the meeting as the proposals of Greek Prime Minister Tsipras would require approval of the German parliament. German Finance Minister Schaeuble said there are no plans to discuss a new accord or give Greece more time. An impasse risks leaving Greece without funding as of the end of this month when the current tranche of its 240 billion-euro bailout expires, which may push Greece into default and put its Eurozone membership in danger. Asian stocks closed mixed: Japan closed for holiday, Hong Kong -0.87%, China +0.80%, Taiwan +0.73%, Australia -0.54%, Singapore +0.30%, South Korea +0.30%, India +0.63%. Commodity prices are mixed. Mar crude oil (CLH15 -0.28%) is down -0.46% and Mar gasoline (RBH15 +0.22%) is down -0.06% as OPEC producers cut their March crude prices to Asia, a sign that the battle for market share is intensifying. Saudi Arabia reduced pricing to Asia last week to the lowest in at least 14 years and Iraq said yesterday it will sell its Basrah Light crude to Asia at a -$4.10 a barrel discount below Middle East benchmarks, the deepest discount since 2003. Apr gold (GCJ15 +0.37%) is up +0.23%. Mar copper (HGH15 +0.53%) is up +0.82%. Agriculture prices are lower. The dollar index (DXY00 +0.03%) is up +0.12%. EUR/USD (^EURUSD) is down -0.14%. USD/JPY (^USDJPY) is up +0.32%. Mar T-note prices (ZNH15 +0.12%) are up +2.5 ticks.

The cost for European banks to fund in dollars, a gauge of financial risk in the Eurozone, rose to the highest since Apr 2013 after the 1-year cross-currency basis swap, the rate banks pay to convert euro payments into dollars, fell to -0.295 below the euro interbank-offered rate, the lowest in 1-3/4 years.

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