Wake Up Call - Good News Scarce Today

Major U.S. equity index futures are indicating a lower open today on a set of bad news drivers. Import prices came in well ahead of expectations for March, while jobless claims were reported ahead of expectations. At the same time, Fed commentary last evening sent a hawkish scare into equities, along with yesterday's FOMC meeting minutes release. Oil threatens higher as well, with the IEA accusing OPEC of overly tightening production. Not an ounce of good news, outside of relatively strong March retail sales reports, but even that is being qualified by retailer commentary about a not so hot start to April.

Asia:
Hang Seng Index -0.34%; Shanghai/Shenzhen 300 +1.77%; NIKKEI 225 -0.73%; S&P/ASX 200 +0.11%; Taiwan TAIEX -0.11%; BSE SENSEX 30 -0.53%; KRX 100 +0.58%; Ho Chi Minh -0.69%

U.K., Europe & Middle East:
DJ STOXX 50 Index -0.48%; FTSE 100 -0.26%; CAC 40 -0.55%; DAX -0.41%; Russian RTS Index -0.63%; Tel Aviv 25 -0.34%; Tadawul All Share NA; DFM General -0.11%


Key Headlines:

• *** This morning's sun brought along a report of higher than expected import prices for the month of March. Import prices were reported up 1.7%, versus expectations for an increase of 0.7%, due largely to higher energy prices. Excluding energy, prices rose 0.3%. Export prices also increased, and after yesterday's FOMC meeting minutes release and the discussion of several regional Fed presidents, it's clear the Fed is very concerned about inflation.
• *** Weekly initial jobless claims rose 19,000 over last week, and exceeded expectations for claims of 320,000 as the figure reached 342,000. This was the first bit of contradictory data after last week's jobs report, but the increase is being attributed to seasonal patterns (Easter & teacher layoffs) and is not large enough to note just yet.
• *** March retail sales are coming in strong for the most part, as we foretold in "The Greek's Week Ahead." Sales likely benefited from seasonal bonus spending, favorable weather and the Easter holiday. That said, many retailers are warning that April is not trending so well.
• *** Earnings season is underway, so don't miss the earnings report schedule, provided here by Yahoo!.
• *** The International Energy Agency warned today that OPEC has overly tightened production. We are reconsidering our view on oil, from bearish to neutral/slightly bullish. It's clear that refinery capacity usage is intensifying to meet demand for gasoline and to improve the stockpile situation. On that underpinning, we anticipate that crude may continue to show poor weekly builds or even a draw in the near future as refiners rush to meet the summer driving season demand for gasoline.
  
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