OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +1.01%) are up +1.21% and European stocks are up +1.79% as strength in bank stocks and energy producers leads the overall market higher. JPMorgan Chase climbed over 3% and Bank of America added 2.4% in pre-market trading, while ConocoPhillips advanced 2.7% as the price of crude (CLH16 +4.69%) jumped +5.34%. European stocks were led higher by gains in mining stocks as copper prices rose, although on the negative side was the unexpected -1.0% m/m drop in Eurozone Dec industrial production, the biggest decline in 16 months. Asian stocks settled mostly lower: Japan -4.84%, Hong Kong -1.22%, Australia -1.16%, Singapore +0.07%, South Korea -0.76%, India +0.15%. China and Taiwan were closed or holiday. Japan’s Nikkei Stock Index dropped to a 1-1/4 year low as the market reopened from Thursday’s holiday as the plunge in USD/JPY to a 1-1/4 year low led export stocks lower. Stock trading in China has been closed for the week for the Lunar New Year holiday and will reopen on Monday.

The dollar index (DXY00 +0.24%) is up +0.20%. EUR/USD (^EURUSD) is down -0.38%. USD/JPY (^USDJPY) is up +0.16%.

Mar T-note prices (ZNH16 -0.24%) are down -12 ticks.

Eurozone Dec industrial production unexpectedly fell -1.0% m/m, weaker than expectations of +0.3% m/m and the largest decline in 16 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jan retail sales (expected +0.1% m/m and unch m/m ex autos, Dec -0.1% and -0.1% ex autos), (2) Jan import price index (expected -1.5% m/m and -6.8% y/y, Dec -1.2% m/m and -8.2% y/y), (3) New York Fed President William Dudley’s press briefing on trends in household borrowing and indebtedness and appearance on a panel of New York Fed economists to answer questions after the presentation, (4) Dec business inventories (expected +0.1%, Nov -0.2%), and (5) the University of Michigan’s prelim-Feb U.S. consumer sentiment index (expected +0.3 to 92.3, Jan -0.6 to 92.0).

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