OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM16 -0.45%) are down -7.50 points (-0.37%) this morning due to a sharp sell-off in European and Japanese stocks. The Euro Stoxx 50 index this morning is down -2.04%. The Nikkei index today fell by -3.55% on a disappointing Tankan report, which indicated weak Japanese business confidence. The markets were unable to get much support from the much stronger-than-expected Chinese March PMI reports. The Shanghai Composite index today rose by only +0.19%. Other Asian stock markets today closed lower: Hong Kong -1.34%, Taiwan -1.00%, Australia -1.64%, Singapore -0.79%, South Korea -1.42%, India -0.28%, Turkey -0.59%.
The dollar index (DXY00 -0.17%) this morning is slightly lower by -0.05 points (-0.05%). EUR/USD (^EURUSD) is up +0.0031 (+0.27%) and USD/JPY (^USDJPY) is down -0.39 (-0.35%) with the yen seeing some safe-haven demand with the sharp sell-off in the Japanese stock market. June 10-year T-note prices (ZNM16 +0.02%) this morning are down 1.5 ticks.
Commodity prices this morning are down by -0.34% on average. May WTI crude oil (CLK16 -2.63%) is sharply lower by -0.81 (-2.11%) after a key Saudi official said that Saudi Arabia will only freeze production at the upcoming OPEC/non-OPEC April 17 meeting if all other major producers including Iran freeze production as well. May gasoline (RBK16 -1.65%) is down -0.0196 (-1.35%). May natural gas (NGK16 +1.58%) is up +0.014 (+0.71%). Metals prices this morning are mixed with April gold (GCJ16 -0.48%) down -1.7 (-0.14%), May silver (SIK16 -0.90%) down -0.054 (-0.35%), and May copper (HGK16 +0.02%) up +.003 (+0.11%).
Grains this morning are mixed: May corn -2.25 (-0.63%), May soybeans +2.25 (+0.25%), and May wheat -2.50 (-0.53%). Softs this morning are lower: May sugar -0.05 (-0.33%), May coffee -0.90 (-0.71%), May cocoa -6 (-0.20%), and May cotton -0.08 (-0.14%).
Saudi Arabia will only freeze production if Iran and other major producers freeze their production as well, according to Saudi Arabia’s deputy crown prince Mohammed bin Salman. Iran has already repeatedly said that it will not freeze production until its production reaches pre-sanction levels.
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