Morning Call For February 27, 2015


March E-mini S&Ps (ESH15 -0.15%) this morning are down -0.12% and European stocks are down -0.04% on expectations for U.S. Q4 GDP to be revised lower later today. Stock losses were limited after German lawmakers approved an extension of Greece's loan program. Asian stocks closed mixed: Japan +0.06%, Hong Kong -0.32%, China +0.18%, Taiwan closed for holiday, Australia +0.34%, Singapore -0.68%, South Korea -0.58%, India +1.65%. Japan's Nikkei Stock Index rose to a 14-3/4 year high after Jan industrial production rose more than expected by the most in 3-1/2 years. China's Shanghai Stock Index climbed to a 4-week high ahead of the annual National People's Congress meeting next week. China's yuan fell to 6.2699 per dollar, a 2-1/3 year low, after the PBOC cut its reference rate by the most in a month. Commodity prices are mixed. Apr crude oil (CLJ15+1.43%) is up +1.74% and Apr gasoline (RBJ15 +1.12%) is up +0.95% at a 2-1/2 month high. Apr gold (GCJ15 -0.10%) is down -0.20%. Mar copper (HGH15 -0.94%) is down -0.87% after weekly Shanghai copper inventories surged +50,475 MT to 205,146 MT, an 11-month high. Agriculture prices are higher. The dollar index (DXY00 -0.26%) is down -0.27%. EUR/USD (^EURUSD) is up +0.22%. USD/JPY (^USDJPY) is down -0.07%. Mar T-note prices (ZNH15 -0.11%) are down -6 ticks.

The Japan Jan jobless rate unexpectedly rose +0.2 to 3.6% when expectations were for no change at 3.4%. The Jan job-to-applicant ratio was unchanged at 1.14, weaker than expectations of 1.15.

Japan Jan overall household spending fell -5.1% y/y, weaker than expectations of -4.1% y/y and the tenth consecutive month that spending has declined.

Japan Jan national CPI rose 2.4% y/y, right on expectations. Jan national CPI ex-fresh food rose +2.2% y/y, less than expectations of +2.3% y/y and the slowest pace of increase in 10 months. Jan national CPI ex food & energy rose +2.1% y/y, right on expectations.

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