- 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.
- 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.
- Initial jobless claims is out at 8:30 a.m. ET, followed by Flash PMI for March at 8:58 a.m. ET. Consensus is for initial claims to rise to 340,000 and for the PMI index to ease to 55.
- 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.
- 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 is out at 9 a.m. ET, followed by existing home sales for February and the Philadelphia Fed Survey for March at 10 a.m. ET. Consensus is for home prices to rise 0.7 percent month-over-month (MoM) and 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.
- UK retail sales were up 2.1 percent month-over-month in February, beating expectations of a 0.4 percent increase.
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