OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 -0.19%) are up +0.06% and European stocks are down -0.43% as a sell-off in crude oil (CLF16 -2.44%) to a new 6-3/4 year low drags energy producers lower. U.S. and European stocks had moved higher in overnight trade after stronger-than-expected Chinese economic data reduced global growth concerns. European stocks also received a boost after Eurozone Oct industrial production rose more than expected and after ECB President Draghi pledged to boost stimulus if needed. Asian stocks settled mostly lower: Japan -1.80%, Hong Kong -0.72%, China +2.51%, Taiwan -0.93%, Australia -2.01%, Singapore -0.69%, South Korea -0.91%, India +0.42%. China's Shanghai Composite closed higher on stronger-than-expected economic data on retail sales and industrial production, and on strength in mining stocks on the prospects of production cuts. Japan's Nikkei Stock Index dropped to a 1-1/2 month low on the heels of the rout in U.S. stocks on Friday.

The dollar index (DXY00 +0.17%) is up +0.17%. EUR/USD (^EURUSD) is down -0.06%. USD/JPY (^USDJPY) is down -0.17%.

Mar T-note prices (ZNH16 -0.06%) are down -1.5 ticks.

ECB President Draghi said he expects inflation to return to target "without delay" and that the ECB would intensify stimulus if it has to.

Eurozone Oct industrial production rose +0.6% m/m and +1.9% y/y, stronger than expectations of +0.3% m/m and +1.4% y/y.

China Nov industrial production rose +6.2% y/y, stronger than expectations of +5.7% y/y and the fastest pace of increase in 5 months.

China Nov retail sales rose +11.2% y/y, stronger than expectations of +11.1% y/y and the fastest pace of increase in 11 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: none.

There is 1 of the Russell 1000 companies that report earnings today: VeriFone Systems (consensus $0.48).

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

Equity conferences: Capital Link Invest in Greece Forum on Mon, European Society for Medical Oncology Asia Congress on Fri.

OVERNIGHT U.S. STOCK MOVERS

Prologis (PLD -1.38%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.

Hormel Foods (HRL +0.53%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.

Newell Rubbermaid (NWL -4.11%) said it will acquire Jarden Corp. ({=JAH for about $13 billion.

National Oilwell Varco (NOV -1.51%) was rated a new 'Buy' at KLR Group with a price target of $52, and Schlumberger Ltd. (SLB -2.32%) was also rated a new 'Buy' at KLR Group with a price target of $105.

Tyco International (TYC -1.52%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.

DuPont (DD -5.51%) was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo Securities.

Mattel (MAT +2.66%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital Markets..

Bloomberg reports that Shire is getting close to a deal to acquire Baxalta (BXLT -1.70%) after Baxalta rejected a previous $30 billion all-stock offer from Shire.

Blackstone reported a 13.86% stake in NCR Corp. (NCR -1.55%) .

Atmel (ATML -2.76%) jumped over 8% in after-hours trading after its board said it received an unsolicited proposal of $9 a share for the company.

The WSJ reports that Congress is likely to lift the crude oil export ban that has been in place for 40 years.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 -0.19%) this morning are up +1.25 points (+0.06%). Friday's closes: S&P 500 -1.94%, Dow Jones -1.76%, Nasdaq -2.27%. The S&P 500 on Friday fell sharply on long liquidation pressure ahead of the Dec 15/16 FOMC meeting, concern about the rout in the junk bond market, Chinese economic concerns after China Nov new yuan loans rose less than expected, and weakness in energy producers after the price of crude oil tumbled to a fresh 6-3/4 year low.

Mar 10-year T-notes (ZNH16 -0.06%) this morning are down -1.5 ticks. Friday's closes: TYH6 +26.50, FVH6 +18.25. Mar T-notes on Friday rallied to a 1-1/2 month high and settled sharply higher on the routs in the stock market and the junk bond market and on the slide in crude oil to a 6-3/4 year low, which caused the 10-year T-note breakeven inflation expectations rate to fall to a 1-1/2 month low.

The dollar index (DXY00 +0.17%) this morning is up +0.169 (+0.17%). EUR/USD (^EURUSD) is down -0.0007 (-0.06%). USD/JPY (^USDJPY) is down-0.21 (-0.17%). Friday's closes: Dollar Index -0.374 (-0.38%), EUR/USD +0.0045 (+0.41%), USD/JPY -0.55 (-0.45%). The dollar index on Friday closed lower on weakness in USD/JPY which fell to a 5-week low as the slide in stocks boosted the safe-haven demand for the yen. In addition, there was strength in EUR/USD after ECB Executive Board member Coeure said the Eurozone deflation risk is now "off the table," which reduced speculation the ECB will need to expand stimulus.

Jan crude oil (CLF16 -2.44%) this morning is down -83 cents (-2.33%) at a fresh 6-3/4 year low and Jan gasoline (RBF16 -3.72%) is down -0.0312(-2.43%). Friday's closes: CLF6 -1.14 (-3.10%), RBF6 -0.0085 (-0.66%). Jan crude oil and gasoline prices on Friday closed lower with Jan crude at a 6-3/4 year low. Crude oil prices were undercut by the IEA's projection that the global oil surplus will last until late next year as demand growth slows and OPEC shows "renewed determination" to maximize output. In addition, the slump in the S&P 500 to a 2-month low reduced confidence in the economic outlook and energy demand. Losses in gasoline were limited on signs of strong demand for gasoline after the crack spread rose to a 3-1/4 month high.