Overnight News: #Metals, #Energy, Financials

Jun E-mini stock futures are up +7.00 points (+0.34%) and European stocks are up +0.37%.  A +0.50% rally in crude oil to a 2-1/2 week high and a +0.11% gain in gold to a 3-week high has lifted energy producers and mining stocks.  Stock gains were limited as Alcoa fell over 4% in pre-market trading after it reported Q1 revenue that was below consensus.  Asian stocks settled mixed as China’s Shanghai Composite closed down -0.34% and Japan’s Nikkei Stock Index closed up +1.13%.  A rally in Japanese bank stocks lifted the Nikkei Stock Index after the BOJ reduced the portion of bank funds subject to negative interest rates.  The dollar index is down for a third session as it falls -0.10% to a 7-1/2 month low.  EUR/USD is up +0.06% at a 5-3/4 month high after German Mar wholesale price posted their largest monthly increase in 10 months.  GBP/USD is up +0.58% at a 1-week high after UK Mar core CPI climbed at the fastest pace in 17 months.  Jun T-notes are down -9 ticks. 

The German Mar wholesale price index rose +0.3% m/m, the largest monthly increase in 10 months.  Year-on-year, Mar wholesale prices fell -2.6% y/y and matched the Jan 2015 decline as the largest year-on-year decline in 6-1/3 years.

UK Mar CPI rose +0.4% m/m and +0.5% y/y, stronger than expectations of +0.3% m/m and +0.4% y/y.  Mar core CPI rose +1.5% y/y, stronger than expectations of +1.3% y/y and the fastest pace of increase in 17 months.

UK Mar RPI rose +0.4% m/m and +1.6% y/y, stronger than expectations of +0.3% m/m and +1.4% y/y.  Mar RPI ex-mortgage interest payments climbed +1.6% y/y, stronger than expectations of +1.5% y/y and the fastest pace of increase in 15 months.

Japan Mar machine tool orders fell -21.2% y/y, the eighth straight month that orders have declined.