Morning Call For Tuesday, Feb. 14

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.02%) are little changed, down -0.05%, and European stocks are up +0.07% ahead of this morning's testimony from Fed Chair Yellen to the Senate Banking Committee on clues as to the direction of U.S. monetary policy. European stocks found support on strength in automakers on possible increased M&A activity after Peugeot SA said it was exploring an acquisition of General Motor's European business. Gains in equities were held down after Eurozone Q4 GDP was revised downward and after the Eurozone Dec industrial production posted its biggest decline in 10 months. Asian stocks settled mostly lower: Japan -1.13%, Hong Kong -0.03%, China +0.03%, Taiwan +0.09%, Australia -0.09%, Singapore -1.26%, South Korea -0.34%, India -0.04%. Chinese stocks relinquished most of their gains on the prospects that increased inflation risks may prompt the government to tighten monetary policy after China Jan CPI rose at the fastest pace in 2-1/2 years and Jan PPI rose at the fastest pace in 5-1/3 years.

The dollar index (DXY00 -0.18%) is down -0.20%. EUR/USD (^EURUSD) is up +0.26%. USD/JPY (^USDJPY) is down -0.30%.

Mar 10-year T-note prices (ZNH17 -0.10%) are down -3.5 ticks.

Eurozone Q4 GDP was revised downward to +0.4% q/q and +1.7% y/y, weaker than expectations of +0.5% q/q and +1.8% y/y.

Eurozone Dec industrial production fell -1.6% m/m, weaker than expectations of -1.5% m/m and the biggest decline in 10 months.

The German Feb ZEW survey expectations of economic growth fell -6.2 to 10.4, weaker than expectations of -1.6 to 15.0 and a 4-month low.

China Jan CPI rose +2.5% y/y, stronger than expectations of +2.4% y/y and the fastest pace of increase in 2-1/2 years. Jan PPI rose +6.9% y/y, stronger than expectations of +6.5% y/y and the fastest pace of increase in 5-1/3 years.

U.S. STOCK PREVIEW

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