Morning Call For February 3, 2015

OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 +0.37%) this morning are up +0.43% and European stocks are up +1.41% at a 6-1/3 year high after Greece's government backed down from its call for a debt write down. Greek bank stocks surged and Greece's ASE Stock Index jumped nearly 9% after Greek Finance Minister Varoufakis outlined plans to swap some Greek debt owned by the ECB and the European Financial Stability Facility for new securities that would allow Greece to avoid imposing a haircut on creditors. Asian stocks closed mixed: Japan -1.27%, Hong Kong +0.29%, China +2.49%, Taiwan +0.66%, Australia +1.46%, Singapore -0.45%, South Korea -0.09%, India -0.42%. Chinese stocks rose on speculation the PBOC may soon lower banks' reserve requirements in an attempt to revive economic growth after the China Jan manufacturing PMI contracted by the most in 28 months. Australia's S&P 200 Stock Index surged to a 6-1/2 year high after the RBA unexpectedly cut interest rates. Commodity prices are mostly higher. Mar crude oil (CLH15 +2.52%) is up +3.41% at a 2-week high and Mar gasoline (RBH15 +2.34%) is up +2.86% at a 1-1/4 month high as a strike by the United Steelworkers union, which represents employees at more than 200 refineries, enters its third day. Feb gold (GCG15 +0.10%) is up +0.32%. Mar copper (HGH15 +3.11%) is up +3.59% at a 1-week high. Agriculture prices are stronger. The dollar index (DXY00 -0.05%) is unchanged. EUR/USD (^EURUSD) is up +0.04%. USD/JPY (^USDJPY) is down -0.18%. Mar T-note prices (ZNH15 -0.25%) are down -13 ticks.

The Eurozone Dec PPI fell -1.0% m/m, more than expectations of -0.7% m/m and the largest monthly decline in 5-3/4 years. On an annual basis, Dec PPI fell -2.7% y/y, more than expectations of -2.5% y/y and the fastest pace of decline in 5 years.

The UK Jan Markit/CIPS construction PMI unexpectedly rose +1.5 to 59.1, better than expectations of -0.6 to 57.0.

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