OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM17 +0.14%) this morning are up +0.16% and European stocks are up +0.66% after Eurozone Q1 GDP was revised higher +0.6% q/q from +0.5% q/q, the fastest pace of expansion in 2-years. Stock moves were contained, however, ahead of several market-moving events today that include the outcome of the ECB meeting and press conference from ECB President Draghi, the UK general election and the testimony by former FBI Director Comey to a Senate committee. Asian stocks settled mixed: Japan -0.38%, Hong Kong +0.34%, China +0.32%, Taiwan +0.15, Australia +0.17%, Singapore +0.29%, South Korea +0.19%, India -0.19%. Japanese stocks fell after Japan Q1 GDP was unexpectedly revised lower, while Chinese stocks rallied, with the Shanghai Composite climbing to a 1-month high, after China’s May trade data showed both exports and imports rose more than expected.
The dollar index (DXY00 +0.13%) is up +0.15%. EUR/USD (^EURUSD) is down -0.20%. USD/JPY (^USDJPY) is up +0.25%.
Sep 10-year T-note prices (ZNU17 -0.14%) are down -6 ticks.
The China May trade balance was in surplus by +$40.81 billion, narrower than expectations of +$47.8 billion. May exports rose +8.7% y/y, stronger than expectations of +7.2% y/y. May imports rose +14.8% y/y, stronger than expectations of +8.3% y/y.
Eurozone Q1 GDP was revised upward to +0.6% q/q and +1.9% y/y from the originally reported +0.5% q/q and +1.7% y/y with the +0.6% q/q gain the fastest pace of increase in 2-years.
The Japan Q1 GDP was unexpectedly revised downward to +1.0% (q/q annualized) from +2.2% (q/q annualized), weaker than expectations of an upward revision to +2.4% (q/q annualized).
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected -8,000 to 240,000, previous +13,000 to 248,000) and continuing claims (expected +5,000 to 1.920 million, previous -9,000 to 1.915 million), (2) USDA weekly Export Sales.
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