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- Asian markets were mixed in overnight trading with the Nikkei rising 1.34 percent to a 4.5-year high, on the FOMC statement and expectations of more easing from the Bank of Japan. Europe is selling off and U.S. futures are modestly lower.
- The European Central Bank has said it will provide Cyprus with Emergency Liquidity Assistance (ELA) only until March 25. If Cyprus does not have a deal by then, the ECB will pull the plug on the ELA. This comes after the Cypriot parliament rejected a deal that involved a tax on deposits. Europe is a complete disaster and its luck may have just run out >
- Meanwhile, Cypriot officials are now considering nationalizing the pension funds of semi-state owned companies among other options. Finance Minister Michael Sarris said Cyprus and Russia are still in talks over "cooperation in the banking and energy sectors in addition to a loan", according to Reuters.
- Euro-area composite PMI which measures services and manufacturing output fell to 46.5 in March, from 47.9 in February, according to Markit Economics. A reading below 50 indicates contraction. German Flash manufacturing PMI fell to 48.9, and French Flash manufacturing PMI held steady at 43.9.
- China HSBC Flash PMI climbed to 51.7 in March, from 50.4 in February. This beat expectations for 50.8. Proof that China is serious about financial reform >
- Initial jobless claims climbed to 336,000 but were below expectations for 340,000. Meanwhile U.S. Flash PMI climbed to 54.9 in March, above expectations for 54.8.
- Oracle missed expectations when it reported Q3 earnings of $0.65 per share ex-items, on revenue of $8.97 billion. Analysts were looking for earnings of $0.66 per share, on revenue of $9.37 billion. The stock is down over 8 percent in pre-market trading. JPMorgan: 15 stocks that will save you from a market sell-off >
- Japanese exports fell 2.9 percent year-over-year (YoY) in February, missing expectations for a 0.9 percent rise. Imports were up 11.9 percent on the year.
- The FHFA house price index for January was up 0.6 percent, just below expectations for a 0.7 percent rise. Existing home sales for February and the Philadelphia Fed Survey for March are out at 10 a.m. ET. Consensus is for existing home sales to rise to an annual rate of 5.01 million. Meanwhile, the business conditions index is expected to rise to -1.5, from -12.5. Follow the release at Business Insider >
- UK retail sales were up 2.1 percent month-over-month in February, beating expectations of a 0.4 percent increase.
- Bonus - Speaking of the Dior campaign ads featuring her, Jennifer Lawrence told Now Daily, "I love Photoshop more than anything in the world. Of course it's Photoshop - people don't look like that."
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