OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.06%) are down -0.10% and European stocks are down -0.16% ahead of the minutes of the Apr 26-27 FOMC meeting. The minutes take on extra importance after stocks fell yesterday on hawkish Fed commentary. Atlanta Fed President Lockhart said that “currently my assumption is two, possibly three” Fed rate hikes this year and San Francisco Fed President Williams said that “gradual means two to three rate increases this year.” Another negative for equities is weakness in mining stocks as the price of copper (HGN16 -1.34%) falls -1.60% to a 3-month low. On the positive side, Lowe's is up 3% in pre-market trading after it reported stronger-than-expected Q1 EPS and Tesla is up 3% after Goldman Sachs raised its recommendation on the stock to a ‘Buy.' Asian stocks settled mostly lower: Japan -0.05%, Hong Kong -1.45%, China -1.27%, Taiwan +0.24%, Australia -0.74%, Singapore -0.14%, South Korea -0.50%, India -0.27%. Asian stocks retreated as better-than-expected economic data on China Apr new home prices and Japan Q1 GDP reduces the need for additional central bank stimulus measures.

The dollar index (DXY00 +0.19%) is up +0.20% at a 3-week high. EUR/USD (^EURUSD) is down -0.34% at a 3-week low. USD/JPY (^USDJPY) is up +0.24%.

Jun T-note prices (ZNM16 -0.16%) are down -6.5 ticks at a 2-week low.

China Apr new home prices rose in 65 cities out of 70 tracked by the government, up from 62 in Mar and the most in 2-1/3 years.

ECB Governing Council member Vasiliauskas said he doesn't expect any “big changes” to ECB staff economic projections in June and said there is “no need” to discuss QE expansion for now.

Japan Q1 GDP grew +1.7% (q/q annualized), much stronger than expectations of +0.3% (q/q annualized). The Q1 GDP deflator rose +0.9% y/y, weaker than expectations of +1.0% y/y and the slowest pace of increase in 2 years.