Morning Call For May 11, 2015


June E-mini S&Ps (ESM15 -0.01%) this morning are down -0.06% as stocks consolidate after Friday's sharp rally. European stocks are down -1.09% as Greek government officials meet with Eurozone finance ministers in Brussels today in an attempt to hammer out a debt deal. Signs that a deal to resolve the Greek debt crisis is not imminent undercut European stocks after Dutch Finance Minister Dijsselbloem said that an accord "will surely not be reached at the today's meeting of Eurozone finance ministers." Greece is due to make a 750 million-euro payment to the IMF on Tuesday. On the positive side, Asian markets rallied after China ramped up stimulus efforts and cut interest rates for the third time in six months. Asian stocks closed mostly higher: Japan +1.25%, Hong Kong +0.51%, China +3.04%, Taiwan -0.29%, Australia -0.17%, Singapore +0.54%, South Korea +0.26%, India +1.48%.

Commodity prices are mostly lower. Jun crude oil (CLM15 -0.40%) is down -0.44% and Jun gasoline (RBM15 -0.25%) is down -0.21%. Metals prices are lower. Jun gold (GCM15 -0.23%) is down -0.37% on fund selling after long positions in ETFs fell to a 3-3/4 month low Friday. Jul copper (HGN15-0.51%) is down -0.39%. Agriculture prices are mostly higher.

The dollar index (DXY00 +0.34%) is up +0.30%. EUR/USD (^EURUSD) is down -0.37%. USD/JPY (^USDJPY) is up +0.12%.

Jun T-note prices (ZNM15 -0.13%) are down -5.5 ticks.

As expected, the BOE at the conclusion of today's policy meeting kept its benchmark interest rate at a record low 0.50% and maintained its asset purchase target at 375 billion pounds.

The PBOC cut the 1-year lending rate by -0.25 to 5.10%, and cut the 1-year deposit rate by the same amount to 2.25% effective today. The PBOC also raised the deposit-rate ceiling to 150% of the benchmark rate and said that the "economy faces relatively large downward pressure."

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