June E-mini S&Ps this morning are down -0.4% on a -2.0% sell-off in European stocks and a -3.6% sell-off in the Nikkei index on a weak Tankan report. Japan’s Tankan Q1 large manufacturer index fell by -6 points to 6, which was weaker than market expectations of -4 to 8.
World stock markets failed to get much of a boost from the much stronger-than-expected Chinese PMI reports and the Shanghai index today closed only +0.2% higher. The PMIs from the National Bureau of Statistics both showed solid increases, with the March manufacturing PMI rising +1.2 points to 50.2 and the March non-manufacturing PMI rising by +1.1 points to 53.8. The March Caixin manufacturing PMI showed similar strength and rose by +1.7 points to 49.7.
The dollar index this morning is little changed while June T-notes are down -1.5 ticks.
May crude oil prices this morning are sharply lower by -2.1% after Saudi Arabia’s deputy crown prince said that Saudi Arabia will only agree to freeze production at the upcoming meeting on April 17 if all other major producers including Iran freeze production as well. Iran has already repeatedly said that it will not freeze production until its production reaches pre-sanction levels.
The final-March Markit/BME German manufacturing PMI was revised higher by +0.3 points to 50.7 versus market expectations for no revision at 50.4. The final-March Markit Eurozone manufacturing PMI was revised higher by +0.2 points to 51.6, which was stronger than market expectations for no revision at 51.4.
The March Markit UK manufacturing PMI index rose +0.2 points to 51.0, which was weaker than market expectations of +0.4 to 51.2.
| Morning Markets | Last | Chg | %chg |
| E-mini S&P 500 (M6) | 2044.00 | -7.50 | -0.37% |
| Europe Euro Stoxx 50 | 2943.61 | -61.32 | -2.04% |
| Japan Nikkei Index | 16164 | -595 | -3.55% |
| China Shanghai Comp. | 3010 | 6 | 0.19% |
| 10yr T-notes (CBT)(M6) | 130.110 | -0.015 | -0.04% |
| U.S. Dollar Index | 94.535 | -0.051 | -0.05% |
| Euro FX (EUR/USD) | 1.1411 | 0.0031 | 0.27% |
| Dollar-yen (USD/JPY) | 112.18 | -0.39 | -0.35% |
| Sterling (GBP/USD) | 1.4295 | -0.0065 | -0.45% |
| WTI Crude Oil (K6) | 37.53 | -0.81 | -2.11% |
| Brent Crude Oil (K6) | 39.60 | 0.00 | 0.00% |
| Gasoline (Nymex) (K6) | 1.4271 | -0.0196 | -1.35% |
| Gold (Comex) (J6) | 1232.5 | -1.7 | -0.14% |
| Silver (Comex) (K6) | 15.410 | -0.054 | -0.35% |
| Copper (Comex) (K6) | 2.186 | 0.003 | 0.11% |