Metals, Energy, Financials

Jun E-mini stock futures are up +5.75 points (+0.28%) after data released last Friday when the markets were closed showed the U.S. economy expanded more than forecast in Q1.  European markets are closed today for the Easter Monday holiday.  U.S. stock index futures also received a boost after San Francisco Fed President Williams said the U.S. economy is doing “quite well” and that global developments were “the real issue” for policy makers as they decide on the pace of rate hikes.  Asian market settled mixed.  A rally in USD/JPY to a 1-week high boosted the earnings prospects of Japanese exporters which moved higher and pushed the Nikkei Stock Index up +0.77% to a 1-week high.  China’s Shanghai Composited closed down -0.73% at a 1-week low after the China Q1 Beige Book said that China’s economy was still “emanating weakness.”  The dollar index is up +0.01% at a 1-week high and USD/JPY is up +0.42% at a 1-week high.  Jun T-notes are down -6 ticks.

U.S. Q4 GDP was revised upward to 1.4% (q/q annualized) from 1.0% (q/q annualized), stronger than expectations of no change at 1.0%.  Q4 personal consumption was revised upward to 2.4% from the previously reported 2.0%.

The Q1 China Beige Book stated that China’s economy is still “emanating weakness” as “the data show that firms first stopped borrowing, then cut spending, and our now becoming allergic to hiring.”  

The Japan Jan leading index CI was revised upward to 101.8 from the previously reported 101.4.  The Jan coincident index was revised downward to 113.5 from the previously reported 113.8.