Morning Call For June 3, 2015

OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 +0.49%) this morning are up +0.27% and European stocks are up +0.68% ahead of the ECB meeting. European stocks received a boost on stronger-than-expected economic data on Eurozone Apr retail sales that rose +0.7% m/m, the most in 15 months, and after Eurozone Apr unemployment fell -0.1 to 11.1%, the lowest in 3 years. Bank stocks also gave the overall market a boost as Credit Suisse climbed nearly 3% after RBC upgraded the lender to 'Outperform' from 'Sector Perform.' Another positive for European stocks is the decline in the Greek 10-year bond yield to a 2-week low of 10.92% on optimism that a solution to the Greek debt crisis can soon be found. Stock prices climbed even after the OECD cut its 2015 global GDP forecast to 3.1% from a 3.7% estimate in Oct. Asian stocks closed mostly lower: Japan -0.34%, Hong Kong +0.69%, China -0.01%, Taiwan -0.60%, Australia -0.93%, Singapore +0.27%, South Korea -0.85%, India -1.29%.

Commodity prices are mostly lower as the dollar strengthened. Jul crude oil (CLN15 -2.07%) is down -2.20% and Jul gasoline (RBN15 -2.11%) is down -2.16%. Metals prices are weaker. Aug gold (GCQ15 -0.35%) is down -0.50% and Jul copper (HGN15 -0.35%) is down -0.51%. Agricultural prices are lower.

The dollar index (DXY00 +0.34%) is up +0.42%. EUR/USD (^EURUSD) is down -0.26%. USD/JPY (^USDJPY) is up +0.28%.

Sep T-note prices (ZNU15 -0.14%) are down -4 ticks at a 2-week low.

The Organization for Economic Cooperation and Development (OECD) lowered its 2015 global growth forecast to 3.1% from a 3.7% estimate in Oct, saying investment is lagging and risks including a possible Greek default are hurting confidence. The OECD cut its 2015 U.S. GDP forecast to 2.0% from a Mar estimate of 3.1%.

Eurozone Apr retail sales rose +0.7% m/m, stronger than expectations of +0.6% m/m and the most in 15 months. On an annual basis, Apr retail sales rose +2.2% y/y, stronger than expectations of +2.0% y/y.

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