Morning Call For February 19, 2016

OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 -0.46%) are down -0.47% and European stocks are down -1.33% as they track crude oil prices lower. Mar WTI crude oil is down -1.92% on concern that oversupply of crude will persist after EIA data yesterday showed U.S. crude stockpiles expanded to 504 million bbl, the highest since weekly data began in 1982 and in monthly data going back to 1930. Weakness in European insurance companies are leading European stocks lower, led by a -1.5% decline in Allianz SE, after it reported weaker-than-expected quarterly profits. Asian stocks settled mostly lower: Japan -1.42%, Hong Kong -0.40%, China -0.10%, Taiwan +0.12%, Australia -0.79%, Singapore -0.03%, South Korea +0.23%, India +0.25%.

The dollar index (DXY00 -0.13%) is down -0.06%. EUR/USD (^EURUSD) is up +0.05%. USD/JPY (^USDJPY) is down -0.37%.

Mar T-note prices (ZNH16 +0.26%) are up +10 ticks.

San Francisco Fed President John Williams said late yesterday that "the economy is actually done fine" and he sees a gradual U.S. rate hike path as the "best course." He added that while the Fed has tools to deal with an economic downturn including negative interest rates, he doesn't expect that it will have to use them.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Cleveland Fed President Loretta Mester's speech at a breakfast meeting on the economic outlook at the Global Interdependence Center in Sarasota, FL, and (2) Jan CPI (expected -0.1% m/m and +1.3% y/y, Dec -0.1% m/m and +0.7% y/y) and Jan CPI ex food & energy (expected +0.2% m/m and +2.1% y/y, Dec +0.1% m/m and +2.1% y/y).

There are 6 of the S&P 500 companies that report earnings today: Deere (consensus $0.71), Cabot Oil (-0.04), Pinnacle West Capital (0.26), Ameren (0.15), VF Corp (1.01), PSEG (0.50).

U.S. IPO's scheduled to price today: none.

Equity conferences during the remainder of this week include: none.

OVERNIGHT U.S. STOCK MOVERS

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Disclosure: None.

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