Overnight News: #Metals, #Energy, Financials

Jun E-mini stock futures are down -10.50 points (-0.51%) and European stocks are down -0.53% on global growth concerns.  Commodity producers are lower after the price of copper dropped -2.08% to a 1-month low.  Fiat Chrysler Automobiles NV is down nearly 3% in pre-market trading and is leading automakers lower after it said it is indefinitely laying off 1,300 employees at a Michigan factory.  Asian stocks settled mixed as China’s Shanghai Composite closed down -1.38% and Japan’s Nikkei Stock Index closed up +0.22%.  Japanese stocks closed higher, despite a -1.37% decline in USD/JPY to a new 17-month low, after Wednesday’s FOMC minutes from the Mar 15-16 meeting showed the Fed is in no hurry to raise interest rates.  EUR/USD fell back from a 5-1/2 month high and is down -0.16% on speculation the ECB may expand stimulus measures after ECB President Draghi said that policy makers won’t “surrender” to excessively low price growth.  Jun T-notes are up

UK Mar Halifax house prices rose +2.6% m/m and +10.1% y/y, stronger than expectations of +0.9% m/m and +9.5% y/y, with the +10.1% y/y increase the largest year-on-year gain in 20 months.

UK Q4 unit labor costs rose +1.3% y/y, weaker than expectations of +1.9% y/y.

Speaking Wednesday evening, Dallas Fed President Kaplan said “we’re approaching that time when we can remove some accommodation,” though it is “wise” for the Fed to be careful, slow and patient when raising rates.

ECB President Draghi said that policy makers won’t “surrender” to excessively low price growth.  “We face uncertainty about the outlook for the global economy, continued disinflationary forces, and we face questions about the direction of Europe and its resilience to new shocks.”