Morning Call For February 9, 2015


March E-mini S&Ps (ESH15 -0.54%) this morning are down -0.60% and European stocks are down -1.59% on Greek sovereign debt concerns after Greek Prime Minister Tsipras on Sunday vowed to negotiate an end to austerity measures, which fuels concern about a confrontation with Greece's international creditors. EU finance ministers will hold an emergency meeting in Brussels on Wednesday with Greek Finance Minister Varoufakis to discuss Greece's financing needs. Also pressuring stocks was an unexpected decline in China Jan exports, which fell by the most in 10 months and heightens concern about a global economic slowdown. Asian stocks closed mostly lower: Japan +0.36%, Hong Kong -0.64%, China +1.01%, Taiwan-0.37%, Australia -0.09%, Singapore -0.39%, South Korea -0.36%, India -1.71%. Despite the largest drop in China Jan imports in 5-1/2 years, Chinese stocks rose on speculation that the government will boost stimulus measures to revive economic growth. Commodity prices are mostly higher. Mar crude oil (CLH15 +1.66%) is up +1.37% and Mar gasoline (RBH15 +1.12%) is up +0.83%. Apr gold (GCJ15 +0.35%) is up +0.53%. Mar copper (HGH15-0.35%) is down -0.04%. Agriculture prices are mixed. The dollar index (DXY00 unch) is down -0.03%. EUR/USD (^EURUSD) is down -0.05%. USD/JPY (^USDJPY) is down -0.54%. Mar T-note prices (ZNH15 +0.17%) are up +7.5 ticks.

The China Jan trade balance unexpectedly expanded to a record +$60.03 billion surplus, wider than expectations of a +$48.90 billion surplus. Jan exports unexpectedly fell -3.3% y/y, weaker than expectations of +5.9% y/y and the lowest in 10 months. Jan imports sank -19.9% y/y, more than expectations of -3.2% y/y and the biggest decline in 5-1/2 years.

The Eurozone Feb Sentix investor confidence jumped +11.5 to 12.4, more than expectations of +2.1 to 3.0 and the highest in 9 months.

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