OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.27%) are up +0.24% at a 3-month high and European stocks are up +1.15% on positive carryover from Friday’s U.S. employment and manufacturing data that showed the economy was strengthening. Stocks also rose and Jun T-note prices climbed to a 1-month high on speculation that global central banks will continue to support growth after ECB Executive Board member Praet said that the ECB will continue to act “forcefully” if needed. Gains in European stocks were limited after Greece’s ASE Stock Index fell -1.49% when IMF Managing Director Lagarde said that the IMF is “a good distance away” from an agreement that would allow for additional loans to Greece. Asian stocks settled mixed: Japan -0.25%, Hong Kong, China and Taiwan were closed for holiday, Australia -0.08%, Singapore +0.60%, South Korea +0.28%, India +0.51%. Japan’s Nikkei Stock Index fell to a 1-month low as exporter stocks led the overall market lower as the yen rallied to a 2-week high against the dollar, which undercuts the earnings prospects of exporters.

The dollar index (DXY00 +0.16%)is up +0.17%. EUR/USD (^EURUSD) is down -0.24% after ECB Executive Board member Praet said that the ECB is “so determined” to raise inflation. USD/JPY (^USDJPY) is up +0.01% as it rebounds from a 2-week low.

Jun T-note prices (ZNM16 +0.12%) are up +4 ticks at a 1-month high.

ECB Executive Board member Praet said that the ECB is “so determined” to raise inflation and will continue to act “forcefully” if needed to counter the risk of low inflation in the Eurozone becoming entrenched.

The Eurozone Feb PPI fell -0.7% m/m and -4.2% y/y, weaker than expectations of -0.5% m/m and -4.0% y/y with the -4.2% y/y fall the biggest year-on-year decline in 6-1/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Mar New York ISM (Feb -1.0 to 53.6), (2) Feb factory orders (expected -1.9%, Jan +1.6% and -0.2% ex transportation), and (3) Minneapolis Fed President Neel Kashkari holds a town hall meeting on too big to fail.