Overnight News: #Metals, #Energy, Financials

Jun E-mini stock futures are down -15.75 points (-0.75%) and European stocks are down -1.63%, both at 1-weeks lows, as global stocks slid on disappointment that the BOJ did not expand its easing measures.  BOJ Governor Kuroda said the central bank needed more time to gauge the effects of its negative interest rate policy following today’s policy meeting.  China’s Shanghai Composite closed down -0.27% and Japan’s Nikkei Stock Index settled down -3.61%, both at 1-week lows.  The dollar index is down -0.58% at a 2-week low and USD/JPY plunged -3.01% to a 1-week low.  Jun T-bonds were the recipient of flight-to-safety on the fall in stocks and are up +5.5 ticks at a 1-week high.    

Eurozone Apr economic confidence rose +0.9 to 103.9, stronger than expectations of +0.4 to 103.4.  The Apr business climate indicator rose +0.01 to 0.13, weaker than expectations of +0.03 to 0.14.

The German Apr unemployment change fell -16,000 to 2.706 million, stronger than expectations of no change.  The Apr unemployment rate remained unchanged at 6.2% as expected and the lowest since German reunification.

UK Apr nationwide house prices rose +0.2% m/m and +4.9% y/y, weaker than expectations of +0.4% m/m and +5.0% y/y.

Japan Mar industrial production rose +3.6% m/m, stronger than expectations of +2.8% m/m and the largest increase in 4-3/4 years.

Japan Mar retail sales of +1.4% m/m and -1.1% y/y was stronger than expectations of +0.5% m/m and -1.4% y/y with the +1.4% m/m gain the largest monthly increase in 1-1/2 years.

The Japan Mar jobless rate unexpectedly fell -0.1 to 3.2%, better than expectations of no change at 3.3% and matched its lowest level in 20-1/2 years.  The Mar job-to-applicant ratio rose +0.02 to 1.30, stronger than expectations of no change ay 1.28 and the highest in 24-1/4 years.

The Japan Mar national CPI fell -0.1% y/y, weaker than expectations of 0.0% and the lowest in 2-3/4 years.  Mar national CPI ex food & energy rose +0.7% y/y, weaker than expectations of +0.8% y/y.

Japan Mar overall household spending fell -5.3% y/y, weaker than expectations of -4.1% y/y and the biggest decline in a year.

Japan Mar housing starts unexpectedly rose +8.4% y/y to 993,000 annualized, stronger than expectations of -0.6% to 905,000 and the most in 9 months.