Morning Call For March 11, 2015

OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 +0.37%) this morning are up +0.44% as the market recovers from yesterday's plunge and European stocks are up +1.74% after a plunge in EUR/USD to an 11-3/4 year low has fueled a rally in European exporters as the slide in EUR/USD boosts their earnings prospects. European government bond yields continue to fall as the 10-year German bund yield dropped to a record low 0.198% as the ECB buys Eurozone sovereign debt for a third day. Asian stocks closed mixed: Japan +0.31%, Hong Kong -0.75%, China +0.11%, Taiwan -0.14%, Australia -0.53%, Singapore -0.58%, South Korea +0.16%, India -0.18%. Chinese stocks rebounded from early losses and closed higher on speculation the government may boost stimulus measures to support the economy after Chinese Feb industrial production and retail sales rose less-than-expected. Japanese stocks recovered from losses and closed higher as the rally in USD/JPY Tuesday to a 7-1/2 year high improved the earnings prospects of Japanese exporters. Commodity prices are mixed. Apr crude oil (CLJ15 +0.39%) is up +0.08%. Apr gasoline (RBJ15 -0.83%) is down -0.92% at a 2-1/2 week low. Apr gold (GCJ15 -0.19%) is down -0.24%. May copper (HGK15 +0.32%) is up +0.36%. Agriculture prices are higher. The dollar index (DXY00 +0.85%) is up +0.78% at an 11-1/2 year high. EUR/USD (^EURUSD) is down -1.17% at an 11-3/4 year low. USD/JPY (^USDJPY) is up +0.35%. Jun T-note prices (ZNM15 -0.16%) are down -5 ticks.

ECB President Draghi said the aim of QE is to return inflation to the ECB's goal of 2.0% and "we can deploy and will deploy monetary policy in a way that can and will stabilize inflation in line with our objective."

China Feb retail sales rose +10.7% year-to-date, weaker than expectations of +11.6% year-to-date and the slowest pace of increase in 11 years.

China Feb industrial production rose +6.8% year-to-date, weaker than expectations of +7.7% year-to-date and the slowest pace of increase in 5-3/4 years.

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