Morning Call For February 26, 2015


March E-mini S&Ps (ESH15 +0.13%) this morning are up +0.19% and European stocks are up +0.39% as global stock and bond markets continue their rallies to record highs after Fed Chair Yellen this week dampened concern of an imminent interest rate increase and ahead of the ECB's QE program that begins next month. 10-year government bond yields of 9 Eurozone nations fell to record lows today, including Germany where the 10-year bund yield fell to an all-time low of 0.288%. Asian stocks closed mixed: Japan +1.08%, Hong Kong +0.50%, China +2.52%, Taiwan -0.80%, Australia -0.61%, Singapore -0.43%, South Korea -0.01%, India -0.90%. Japan's Nikkei Stock Index posted a 14-3/4 year high and China's Shanghai Stock Index rose to a 4-week high on speculation the government will boost stimulus to spur economic growth. Chinese Premier Li Keqiang called for more active fiscal policy while a government publication said the PBOC should cut bank's required reserve ratios further to deal with deflation risks. Commodity prices are mixed. Apr crude oil (CLJ15 -1.20%) is down -1.51% and Apr gasoline (RBJ15 +0.31%) is up +0.05%. Apr gold (GCJ15 +1.35%) is up +1.26%. Mar copper (HGH15 +2.14%) is up +2.50% at a 1-1/2 month high on speculation China may boost stimulus to revive growth, which would spur copper demand. Agriculture prices are mixed. The dollar index (DXY00 +0.13%) is up +0.03%. EUR/USD (^EURUSD) is down -0.10%. USD/JPY (^USDJPY) is down -0.08%. Mar T-note prices (ZNH15 +0.15%) are up +5.5 ticks at a 2-week high.

Eurozone Feb economic confidence rose +0.7 to 102.1, stronger than expectations of +0.8 to 102.0 and the highest in 7 months. The Feb business climate indicator unexpectedly fell -0.05 to 0.07, weaker than expectations of +0.07 to 0.23.

Eurozone Jan M3 money supply rose +4.1% y/y, stronger than expectations of +3.7% y/y and the fastest pace of growth in 5-3/4 years. The Jan M3 money supply 3-month average was +3.6%, stronger than expectations of +3.4%.

The German Mar GfK consumer confidence rose +0.4 to 9.7, stronger than expectations of +0.2 to 9.5 and the highest since the data series began in 2005.

German Feb unemployment fell -20,000, double expectations of -10,000. The Feb unemployment rate remained unchanged at 6.5%, right on expectations and the lowest since employment data for a unified Germany began in 1991.

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