Morning Call For February 24, 2015

OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 unch) this morning are up +0.02% ahead of testimony from Fed Chair Yellen to U.S. lawmakers and European stocks are up +0.23% at a 6-1/2 year high on optimism Eurozone finance ministers will agree to Greece's list of debt-reduction policies. The markets will be watching for clues on the timing of a Fed interest rate hike when Fed Chair Yellen delivers her semi-annual monetary policy testimony later today before the Senate Banking Committee. Greece's ASE Stock Index soared over 7% to a 2-1/2 month high and the yield on Greece's 10-year bond fell to a 4-week low of 8.85% after a European Union source said that Greece's creditors; the European Commission, the ECB and the IMF were all satisfied with the reforms submitted by the Greek government in its bid for a bailout extension. Asian stocks closed mostly higher: Japan +0.74%, Hong Kong -0.35%, China closed for holiday, Taiwan +1.05%, Australia +0.32%, Singapore +0.48%, South Korea +0.19%, India +0.10%. Japan's Nikkei Stock Index posted a 14-3/4 year high, led by strength in exporters, after the yen fell to a 1-week low against the dollar. Commodity prices are mostly higher. Apr crude oil (CLJ15 +0.44%) is up +0.61% and Apr gasoline (RBJ15 +0.33%) is up +0.39%. Apr gold (GCJ15 -0.14%) is down -0.19%. Mar copper (HGH15 +0.25%) is up +0.25%. Agriculture prices are higher. The dollar index (DXY00 +0.16%) is up +0.18%. EUR/USD (^EURUSD) is down -0.11%. USD/JPY (^USDJPY) is up +0.61% at a 1-week high. Mar T-note prices (ZNH15 -0.10%) are down -4.5 ticks.

Eurozone Jan CPI fell -1.6% m/m, right on expectations and the biggest monthly decline since the euro currency was introduced in 1999. The Jan CPI was left unrevised at -0.6% y/y and the Jan core CPI was also left unrevised at +0.6% y/y.

The German Q4 GDP was left unrevised at +0.7% q/q and +1.6% y/y (nsa).

Japan Jan PPI services rose +3.4% y/y, less than expectations of +3.6% y/y and the smallest pace of increase in 6 months.

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