Metals, Energy, Financials

Jun E-mini stock futures this morning are trading mildly lower on Tuesday’s -1.78% sell-off in the Shanghai Composite index and on this morning’s -1.55% sell-off in May WTI crude oil futures.  T-notes and the dollar are little changed this morning.  The EuroStoxx 50 index is mildly higher by +0.3% after reopening from Monday’s holiday.  Asian stocks today closed mixed.

San Francisco Fed President Williams spoke earlier today in Singapore but he didn’t have any market-moving comments.  On Fed interest rate hikes, he said the Fed will be “as we’ve said repeatedly, gradual and thoughtful.”

An EgyptAir flight was hijacked today to Cyprus.  North Korea fired another short-range missile along its coast.

Japan’s Feb jobless rate rose to 3.3% from 3.2% in Jan and showed a slightly weaker labor market compared with market expectations for an unchanged rate at 3.2%.  The Feb job-to-applicant ratio was unchanged from Jan at 1.28.

Japan Feb overall household spending rose +1.2% y/y, which was much better than market expectations of -1.9%.

Japan Feb retail sales fell -2.3%, which was weaker than market expectations of -0.9%, although Jan was revised higher to -0.4% from -1.1%.

Japan Feb department and supermarket sales rose +2.2% y/y, which was stronger than market expectations of +1.6% and was an improvement from Jan’s revised report of +0.9% (prelim +1.0%).

Japan March small business confidence rose by +0.9 to 48.8 from 47.9 in Feb, which was slightly weaker than market expectations for a +1.1 point increase to 49.0.

Eurozone Feb M3 was unchanged from Jan at +5.0% y/y, which was in line with market expectations.