Overnight Developments

Mar E-mini S&Ps this morning are up +0.20% and European stocks are up +0.17% on reduced concerns over a global trade war after White House trade adviser Navarro said some countries may be exempt from tariffs provided they reach an updated Nafta deal with the U.S. Trading activity has been subdued ahead of the results of the ECB meeting and press conference from ECB President Draghi later this morning. M&A activity is also positive for stocks prices as Express Scripts surged 17% in pre-market trading after being acquired by Cigna for $54 billion in cash and stock. Asian stocks settled higher: Japan +0.54%, Hong Kong +1.52%, China +0.51%, Taiwan +0.73%, Australia +0.69%, Singapore +0.86%, South Korea +1.17%, India +0.96%. Chinese stocks moved higher after trade data showed China's Feb exports surged +44.5% y/y, the largest increase in 3-years. Japanese stocks gained on signs of stronger economic growth after Japan Q4 GDP was revised higher than expected.

The dollar index is up +0.18%. EUR/USD is down -0.23%. USD/JPY is up +0.06%.

Jun 10-year T-note prices are up +1.5 ticks.

German Jan factory orders fell -3.9% m/m, weaker than expectations of -1.8% m/m and the biggest decline in a year.

The China Feb trade balance was in surplus by +$33.74 billion, wider than expectations of -$5.70 billion. Feb exports surged +44.5% y/y, stronger than expectations of +11.0% y/y and the biggest increase in 3 years. Feb imports rose +6.3% y/y, weaker than expectations of +8.0% y/y.

Japan Q4 GDP was revised upward to +1.6% (q/q annualized) from the previously reported +0.5% (q/q annualized), stronger than expectations of +1.0% (q/q annualized).