Live Index – Fri, 20 Feb 2015 Premarket

March E-mini S&Ps (ESH15 -0.01%) this morning are little changed, up +0.02%, while European stocks are down -0.17% after Eurozone manufacturing activity expanded at a slower-than-expected pace and German producer prices fell more than expected. Eurozone finance ministers will hold an emergency meeting today in Brussels with their Greek counterparts in an attempt to find a compromise on the funding of Greece’s debt. Asian stocks closed mixed: Japan +0.37%, Australia -0.38%, India -0.78%. Hong Kong, China, Taiwan, Singapore and South Korea were all closed for holiday. Japanese stocks continued their upside momentum as the Nikkei Stock Index rose to its highest in 14-3/4 years. Japanese exporter stocks led the overall market higher on positive carry-over from Thursday’s data that showed Japan’s exports last month rose at the fastest pace in a year. Commodity prices are mostly lower. Mar crude oil (CLH15 -0.02%) is down -0.49% and Mar gasoline (RBH15 +0.55%) is down -0.18%. Apr gold (GCJ15 +0.30%) is down -0.37%. Mar copper (HGH15 -0.82%) is down -0.53%. Agriculture prices are weaker. The dollar index (DXY00 +0.24%) is up +0.16% at a 1-week high. EUR/USD (^EURUSD) is down -0.41% at a 1-week low. USD/JPY (^USDJPY) is down -0.16%. Mar T-note prices (ZNH15 +0.12%) are up +1 tick.

The Eurozone Feb Markit manufacturing PMI rose +0.1 to 51.1, less than expectations of +0.5 to 51.5. The Feb Markit composite PMI rose +0.9 to 53.5, better than expectations of +0.4 to 53.0 and the fastest pace of expansion in 7 months.

The German Feb Markit/BME manufacturing PMI was unchanged at 50.9, weaker than expectations of +0.6 to 51.5. The Feb Markit services PMI rose +1.5 to 55.5, stronger than expectations of +0.4 to 54.4 and the fastest pace of expansion in 5 months.

The German Jan PPI fell -0.6% m/m and -2.2% y/y, more than expectations of -0.4% m/m and -2.0% y/y with the -2.2% y/y drop the fastest pace of decline in nearly 5 years.

UK Jan public sector net borrowing fell -9.4 billion pounds, more than expectations of -9.3 billion pounds and the largest decline in 7 years.

UK Jan retail sales ex autos fell -0.7% m/m and rose +4.8% y/y, weaker than expectations of -0.3% m/m and +5.9% y/y with the -0.7% monthly drop the biggest decline in a year. Jan retail sales including autos fell -0.3% m/m and rose +5.4% y/y, weaker than expectations of -0.2% m/m and +5.9% y/y.

The Japan Feb Markit/JMMA manufacturing PMI unexpectedly fell -0.7 to 51.5, weaker than expectations of +0.3 to 52.5 and the slowest pace of expansion in 7 months.

Today’s preliminary Feb Markit U.S. manufacturing PMI is expected to show a -0.3 point decline to 53.6.  There are 8 of the S&P 500 companies that report earnings today:  Deere (consensus $ 0.83), Lab Corp of America (1.63), Pinnacle West Capital (0.18), Health Care REIT (1.02), Cabot Oil & Gas (0.22), Iron Mountain (0.55), Public Service Enterprise (0.48).  There are no equity conferences today.

Deere & Co. (DE -1.12%) reported Q1 EPS of $ 1.12, higher than consensus of 83 cents.

Laboratory Corp. of America Holdings (LH +0.12%) reported Q4 EPS of $ 1.44, well below consensus of $ 1.63.

Iron Mountatin (IRM -1.77%) reported Q4 EPS of 52 cents, below consensus of 55 cents.

Consolidated Edison (ED -0.93%) reported Q4 EPS ex-items of 58 cents, higher than consensus of 55 cents.

Superior Energy (SPN -1.17%) reported Q4 EPS of 48 cents, less than consensus of 49 cents.

Community Health (CYH +1.29%) reported Q4 EPS of $ 1.12, weaker than consensus of $ 1.19.

Marvell Technology (MRVL +1.05%) fell nearly 4% in after-hours trading after it reported Q4 EPS of 25 cents, higher than consensus of 24 cents, although Q4 revenue of $ 857 million was below consensus of $ 889.88 million.

Keysight Technologies (KEYS +2.22%) reported Q1 adjusted EPS of 56 cents, above consensus of 49 cents.

MRC Global (MRC +0.82%) reported Q4 adjusted EPS of 33 cents, well below consensus of 46 cents.

Newmont Mining (NEM -1.13%) reported Q4 adjusted EPS 17 cents, better than consensus of 10 cents.

Nordstrom (JWN -1.17%) fell 3% in after-hours trading after it reported Q4 EPS of $ 1.32, less than consensus of $ 1.35, and then lowered guidance on fiscal 2015 EPS to $ 3.65-$ 3.80, well below consensus of $ 4.11.

Mohawk (MHK +0.58%) gained over 2% in after-hours trading after it reported Q4 EPS ex-charges of $ 2.27, better than consensus of $ 2.21.

Brocade (BRCD -0.08%) reported Q1 EPS of 27 cents, higher than consensus of 24 cents.

Intuit (INTU +1.50%) rose nearly 4% in after-hours trading after it reported a Q2 EPS loss of -6 cents, a smaller loss than consensus of -13 cents.

Mar E-mini S&Ps (ESH15 -0.01%) this morning are up +0.50 of a point (+0.02%). The S&P 500 index on Thursday closed lower: S&P 500 -0.03%, Dow Jones -0.10%, Nasdaq +0.13%. Bearish factors included (1) the unexpected -1.1 point decline in the Feb Philadelphia Fed business outlook survey to 5.2, weaker than expectations of +2.7 to 9.0 and the slowest pace of expansion in a year, and (2) weakness in energy producers and oil service providers after crude oil sold off. A bullish factor was the -21,000 decline in U.S. weekly jobless claims to 283,000, a bigger decline than expectations of -14,000 to 290,000.

Mar 10-year T-notes (ZNH15 +0.12%) this morning are up +1 tick. Mar 10-year T-note futures prices on Thursday closed lower. Closes: TYH5 -13.50, FVH5 -8.25. Bearish factors included (1) the larger-than-expected decline in U.S. weekly initial unemployment claims, and (2) speculation that Fed will raise interest rates this year.

The dollar index (DXY00 +0.24%) this morning is up +0.151 (+0.16%) at a 1-week high. EUR/USD (^EURUSD) is down -0.0047 (-0.41%) at a 1-week low. USD/JPY (^USDJPY) is down -0.19 (-0.16%). The dollar index on Thursday closed higher: Dollar index +0.206 (+0.22%), EUR/USD -0.00291 (-0.26%), USD/JPY +0.156 (+0.13%). Bullish factors included (1) the larger-than-expected decline in U.S. weekly jobless claims, which signals labor market strength that may prompt the Fed to raise interest rates, and (2) Germany’s rejection of Greece’s proposal for an extension to its rescue loans, which increased Greek default risks and pressured EUR/USD.

Mar WTI crude oil (CLH15 -0.02%) this morning is down -25 cents (-0.49%) and Mar gasoline (RBH15 +0.55%) is down -0.0029 (-0.18%). Mar crude and Mar gasoline prices on Thursday settle mixed: CLH5 -0.98 (-1.88%), RBH5 +0.0421 (+2.68%). Bearish factors included (1) the surge of +7.72 million bbl in crude oil inventories to a record high 425.6 million bbl, more than expectations of +3.0 million bbl, (2) the +3.7 million bbl increase in crude supplies at Cushing, OK, the delivery point for WTI futures, to a 1-1/2 year high of 46.26 million bbl, and (3) the +0.6% increase in U.S. crude production in the week ended Feb 13 to 9.28 million bpd, the most in over 40 years. Gasoline prices recovered early losses on concern about tight supplies on the U.S. West Coast after an explosion at the 149,500 bpd Exxon Mobil refinery in Torrance, CA, shut down two gasoline producing units at the refinery.