OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.20%) are up +0.22% and European stocks are up +0.98% as a recovery in commodity prices boosts energy and raw-material producing stocks. Jun WTI crude oil (CLM16 -0.23%) is up +0.17%, just below Tuesday’s 7-1/4 month high, and Jul copper (HGN16 +0.78%) is up +0.75% after weekly Shanghai copper inventories fell -28,876 MT to 257,334 MT, a 3-1/2 month low. G-7 finance ministers and central bank governors meeting in Sendai, Japan warned that a vote by the UK to leave the EU could roil international markets. USD/JPY climbed to a 3-week high on short-covering as G-7 leaders may also discuss the recent strength in the yen after USD/JPY plunged to a 1-1/2 year low earlier this month. Asian stocks settled mostly higher: Japan +0.54%, Hong Kong +0.80%, China +0.66%, Taiwan +0.44%, Australia +0.53%, Singapore +0.87%, South Korea-0.13%, India -0.39%.

The dollar index (DXY00 +0.03%) is up +0.02%. EUR/USD (^EURUSD) is up +0.11% after ECB Governing Council member Makuch said that further ECB easing measures are not needed right now. USD/JPY (^USDJPY) is up +0.39% at a 3-week high.

Jun T-note prices (ZNM16 -0.08%) are down -4.5 ticks.

ECB Governing Council member Makuch said it “is not necessary to consider further accommodation” right now since recently introduced non-standard measures have not had time to impact the economy

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Apr existing home sales (expected +1.3% to 5.40 million, Mar +5.1% to 5.33 million), (2) USDA Apr Cattle on Feed.

There are 3 of the S&P 500 companies that report earnings today: Deere (consensus $1.48), Foot Locker (1.39), Campbell Soup (0.64).

U.S. IPO’s scheduled to price today: none.

Equity conferences today: Business Analytics Innovation Summit on Thu-Fri, Medical Affairs Summit on Fri.

OVERNIGHT U.S. STOCK MOVERS

Intercontinental Exchange (ICE -0.32%) was rated a new ‘Buy’ at Sterne Agee CRT with a 12-month price target of $300.

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