Morning Call For May 21, 2015

OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 -0.12%) this morning are down -0.21% ahead of economic data on U.S. Apr existing home sales and weekly jobless claims to gauge the timing of a Fed interest rate increase after Wednesday afternoon's Apr 28-29 FOMC minutes reinforced the message that rates could rise at any Fed meeting. European stocks are down -0.52 % after the Eurozone May composite PMI unexpectedly weakened. Asian stocks closed mixed: Japan +0.03%, Hong Kong -0.22%, China +1.87%, Taiwan -1.10%, Australia +0.93%, Singapore +0.01%, South Korea -1.02%, India -0.10%. Japan's Nikkei Stock Index climbed to a new 15-year high on expectations that the weak yen will continue to give Japan's economy a boost after Wednesday's economic data showed Japan Q1 GDP rose +2.4% q/q annualized, the fastest pace of growth in a year. China's Shanghai Composite Stock Index rose to a 3-week high on speculation China will expand stimulus after a gauge of Chinese manufacturing activity contracted for a third month.

Commodity prices are mostly higher. Jul crude oil (CLN15 +1.03%) is up +1.38% and Jul gasoline (RBN15 +0.59%) is up +0.99% after Wednesday’s weekly EIA data showed U.S. crude stockpiles declined, indicating the supply glut may be easing. Metals prices are higher with a weaker dollar. Jun gold (GCM15 +0.02%) is up +0.05%. Jul copper (HGN15 +0.49%) is up +0.46%. Agricultural prices are higher.

The dollar index (DXY00 -0.28%) is down -0.37%. EUR/USD (^EURUSD) is up +0.59%. USD/JPY (^USDJPY) is down -0.28%.

Jun T-note prices (ZNM15 +0.01%) are up +3 ticks.

The May Eurozone composite PMI fell -0.5 to 53.4, weaker than expectations of unch at 53.9. The May Markit manufacturing PMI unexpectedly rose +0.3 to 52.3, stronger than expectations of -0.2 to 51.8 and the fastest pace of expansion in 13 months.

The China May HSBC flash manufacturing PMI rose +0.2 to 49.1, weaker than expectations of +0.4 to 49.3 and the third month the index has remained below the contraction/expansion level of 50.0.

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