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U.S. equity index futures red: S&P 500 down ~1.9%
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U.S. Feb PPI MM, YY < ests; ex-food/energy MM, YY < ests
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U.S. Feb retail sales MM < est; ex-autos MM in-line with
est
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U.S. Mar NY Fed manufacturing < est
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Euro STOXX 600 index slides >2%
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Dollar, gold, bitcoin gain; crude down >2%
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U.S. 10-Year Treasury yield tumbles to ~3.47%
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U.S. STOCK FUTURES RED ON EUROPEAN BANK STRESS; U.S. DATA BELOW ESTIMATES (0900 EDT/1300 GMT) U.S. equity index futures are sharply lower in the wake of the release of the latest data on producer prices, retail sales, and a shift in concerns to European banks. The February PPI on a month-over-month and year-over-year basis came in below estimates. Ex-food/energy month-over-month was below the estimate, while the year-over-year reading was in-line with the estimate. March NY Fed manufacturing came in much weaker than expected:
According to the CME's FedWatch Tool, the probability of a 25 basis point rate hike at the March 21-22 FOMC meeting is now 56% from around 50% just before the numbers were released. There is now around a 44% chance that the FOMC will leave rates unchanged from around 50% prior to the data coming out. CME e-mini S&P 500 futures are down around 1.9%. The futures were sliding around 1.7% just before the data release.
All S&P 500 sector SPDR ETFs are lower in premarket trade. Financials are showing the biggest loss, off around 3.3%. This as the focus of the concern over banks has now shifted to Europe. The STOXX 600 Banks index is down around 7%. U.S. listed shares of Credit Suisse are slated to open down more than 25%. A check of premarket action in U.S. banking ETFs shows the SPDR S&P Bank ETF is losing more than 4%, while the SPDR S&P Regional Banking ETF is off about 5%. Of note, NYMEX crude futures are trading below $70.00, hitting their lowest level since December 21, 2021. Here is a premarket snapshot just shortly before 0900 EDT:
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
