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OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM16-0.21%)are down -0.15% as investors focus on the outcome of the Fed's 2-day policy meeting that begins tomorrow. Also, a-1.92% decline in crude oil prices has undercut energy producing stocks. European stocks are up +0.92% as a weak euro boosts automakers and as strength in copper prices lifts mining stocks with Glencore Plc and Anglo American Plc both up at least 4.5%. European stocks also found support on signs of strength in manufacturing activity after Eurozone Jan industrial production rose at the fastest pace in over 6 years. Asian stocks settled higher: Japan +1.74%, Hong Kong +1.17%, China +1.75%, Taiwan +0.48%, Australia +0.37%, Singapore +0.64%, South Korea +0.07%, India +0.35%. The Nikkei Stock Index climbed to a 1-1/4 month high after Japan Jan machine orders jumped +15.0% m/m, the largest increase in 12 years.
The dollar index (DXY00 +0.30%) is up +0.34%. EUR/USD (^EURUSD) is down -0.36%. USD/JPY (^USDJPY) is down -0.16%.
Jun T-note prices (ZNM16-0.05%) are up +0.5 of a tick.
Japan Jan machine orders jumped +15.0% m/m, stronger than expectations of +1.9% m/m and the largest monthly increase in 12 years.
China Feb industrial production rose +5.4% y/y, weaker than expectations of +5.6% y/y and the slowest pace of increase in nearly 7 years.
China Feb retail sales rose +10.2% y/y, weaker than expectations of +11.0% y/y and the slowest pace of increase in 12 years.
Eurozone Jan industrial production rose +2.1% m/m, stronger than expectations of +1.7% m/m and the biggest increase in 6-1/3 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: none.
There is 1 of the Russell 1000 companies that reports earnings today: 3D Systems (consensus $0.03).
U.S. IPO's scheduled to price today: BioLight Life Sciences (BOLT).
Equity conferences this week include: Citi Global Property CEO Conference on Mon-Wed, Bank of America Merrill Lynch Consumer & Retail Tech Conference on Tue-Wed, Barclays Emerging Payments Forum on Tue-Wed, Barclays Capital Global Health Care Conference on Tue-Thu, 3rd Annual Pharma Customer Experience Summit 2016 on Wed, Goldman Sachs Innovation Symposium on Wed, Bank of America Merrill Lynch Global Industrials & EU Autos Conference on Wed-Thu, Evercore ISI Retail Summit on Wed-Thu, ACI European Food & Beverage Plastic Packaging Conference on Thu, and Citigroup Retail Madness Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
Equinix (EQIX +3.68%) was downgraded to "market Perform' from 'Outperform' at Oppenheimer.
Noble Corp. Plc (NE +1.18%) was downgraded to 'Accumulate' from 'Buy' at Seaport Global Securities.
Starwood Hotels & Resorts (HOT +1.54%) received an unsolicited purchase proposal of $76 a share, a 7.9% premium to Friday's closing price.
Tesla Motors (TSLA +1.13%) is up 1.5% in pre-market trading after it was upgraded to 'Outperform' from 'Neutral' at Robert Baird Ltd with a 12-month price target of $300.
Cirrus Logic (CRUS +3.40%) was rated a new 'Buy" at Needham & Cp. with a 12-month price target of $50.
Rowan Cos. (RDC +4.11%) was upgraded to 'Buy' from 'Neutral' at Seaport Global Securities.
Epizyme (EPZM +3.93%) was upgraded to 'Buy' from 'Neutral' at HC Wainwright & Co, LLC with a 12-month price target of $25.
Quanex Building Products (NX +4.49%) was upgraded to 'Outperform' from 'Neutral' at Wedbush with a 12-month price target of $23.
Chemours (CC +2.84%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Comerica (CMA +3.27%) was upgraded to 'Outperform' from 'Sell' at CLSA.
CyberArk Software Ltd. (CYBR +2.91%) was upgraded to a 'Buy' at Summit Research.
HCA Holdings (HCA +3.81%) was upgraded to 'Overweight" from 'Neutral' at JPMorgan Chase with a price target of $85.
Constellation Brands (STZ +1.11%) was upgraded to 'Buy' at SunTrust with a price target of $170.
Autoliv (ALV +2.39%) was downgraded to 'Sell' from 'Neutral' at Evercore.
Jun E-mini S&Ps (ESM16-0.21%) this morning are down -3.00 points (-0.15%). Friday's closes: S&P 500 +1.64%, Dow Jones +1.28%, Nasdaq +1.75%. The S&P 500 on Friday rallied to a 2-1/4 month high and closed higher on optimism that Thursday's ECB rate cut and QE expansion will boost European growth to the benefit of the global economy. Stocks also received a boost from energy producers, which rallied as crude oil climbed to a 3-month high. There was also carryover support for U.S. stocks from a rally in Asian markets after the yuan rose to a 2-1/2 month high against the dollar when the PBOC strengthened its daily reference rate for the yuan by 0.34%.
Jun 10-year T-notes (ZNM16-0.05%) this morning are up +0.5 of a tick. Friday's closes: TYM6 -9.50, FVM6 -6.50. Jun T-notes on Friday fell to a 1-1/2 month low and closed lower on reduced safe-haven demand for T-notes after the S&P 500 rallied to a 2-month high and on the rally in crude oil to a 3-month high, which boosted inflation expectations.
The dollar index (DXY00 +0.30%) this morning is up +0.33 (+0.34%). EUR/USD (^EURUSD) is down -0.0040 (-0.36%). USD/JPY (^USDJPY) is down-0.18 (-0.16%). Friday's closes: Dollar Index +0.106 (+0.11%), EUR/USD -0.0021 (-0.19%), USD/JPY +0.67 (+0.59%). The dollar index on Friday closed higher on weakness in EUR/USD on negative carryover from Thursday's action by the ECB to cut interest rates and expand QE. USD/JPY also gained srength as a rally in stocks reduced safe-haven demand for the yen.
Apr WTI crude (CLJ16-2.29%) this morning is down -74 cents (-1.92%) and Apr gasoline (RBJ16-1.04%) is down -0.0107 (-0.74%). Friday's closes: CLJ6 +0.66 (+1.74%), RBJ6 +0.0053 (+0.37%). Apr crude and gasoline on Friday closed higher with Apr crude at a 3-month high on the IEA's cut in its 2016 non-OPEC crude production estimate to 750,000 bpd, down -150,000 from 900,000 bpd estimated last month. In addition, Baker Hughes reported late Friday that U.S. active oil rigs declined for a 12th straight week by -6 rigs to a 6-1/4 year low of 386 rigs.
GLOBAL EVENT CALENDAR03/14/2016
USDA weekly grain export inspections.
Eurozone Jan industrial production expected +1.7% m/m and +1.5% y/y, Dec -1.0% m/m and -1.3% y/y.
BOJ begins 2-day policy meeting.
U.S. STOCK CALENDAR03/14/2016
3D Systems Corp
Q4 2015 Earnings Release
3D Systems Corp
Q4 2015 Earnings Call
SS&C Technologies Holdings Inc
Acquisition of Citi's Alternative Investor Services Business by SS&C Technologi