Morning Call For March 3, 2016


March E-mini S&Ps (ESH16 unch) are down -0.03% as they fell back from a new 1-3/4 month high posted in overnight trade, and European stocks are down -0.27%. The markets are looking ahead to today's weekly U.S. jobless claims and the Feb ISM non-manufacturing index for direction. European shares were pulled lower after Evonik Industries AG, Germany's second-largest chemical maker, plunged 12% after it lowered guidance on 2016 profits. Asian stocks settled mostly higher: Japan +1.28%, Hong Kong -0.31%, China +0.35%, Taiwan +0.79%, Australia +1.19%, Singapore +2.22%, South Korea +0.61%, India +1.50%. Short-covering has fueled gains in Japanese stocks this week as Japan's Nikkei Stock Index climbed to a 3-week high after data showed short-selling of Japanese stocks on the Nikkei Stock Index fell to 36% of total turnover on Wednesday, the lowest level this year.

The dollar index (DXY00 -0.09%) is down -0.01%. EUR/USD (^EURUSD) is up +0.09%. USD/JPY (^USDJPY) is up +0.47%.

Jun T-note prices (ZNM16 -0.10%) are down -2 ticks.

The Eurozone Feb Markit composite PMI was revised upward to 53.0 from the originally reported 52.7, still the slowest pace of expansion in 13 months.


Key U.S. news today includes: (1) Feb Challenger job cuts (Jan +41.6% y/y), (2) weekly initial unemployment claims (expected -2,000 to 270,000, previous +10,000 to 272,000) and continuing claims (expected -3,000 to 2.250 million, previous -19,000 to 2.253 million), (3) revised Q4 non-farm productivity (expected unrevised at -3.0%) and revised Q4 unit labor costs (expected +4.4%, previous +4.5%), (4) revised Feb Markit services PMI (expected +0.2 to 50.0, preliminary-Feb -3.4 to 49.8), (5) Feb ISM non-manufacturing PMI (expected -0.4 to 53.1, Jan -2.3 to 53.5), (6) Jan factory orders (expected +2.1%, Dec -2.9% and -0.8% ex-transportation), (7) Dallas Fed President Rob Kaplan's speech at the University of Texas in Austin, and (8) USDA weekly Export Sales.

1 2 3 4
View single page >> |

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.