Mar E-mini S&Ps (ESH17 -0.22%) are down -0.19% and European stocks are down -0.35% at a 3-week low on concern over the Trump administration’s trade policies. President Trump’s inauguration speech Friday was construed as negative with very nationalist, protectionist rhetoric that has spurred concerns over global trade. A -1.16% decline in Mar WTI crude oil (CLH17 -1.24%) has also undercut energy producing stocks on signs of increased U.S. crude production after last Friday’s data from Baker Hughes showed active U.S. oil rigs rose to the highest in 13-1/2 months. A weaker dollar and uncertainty over the Trump administration’s fiscal and trade plans has boosted safe-haven demand for gold with Feb COMEX gold (GCG17 +0.78%) up +0.64% at a 2-month high. Asian stocks settled mixed: Japan -1.29%, Hong Kong +0.06%, China +0.44%, Taiwan +0.99%, Australia -0.77%, Singapore +0.48%, South Korea +0.23%, India +0.31%. Japanese stocks retreated as exporter companies sold-off after President Trump’s inauguration speech Friday boosted global trade concerns. China’s Shanghai Composite rose to a 1-1/2 week high on signs of a stronger economy after last Friday’s data showed China Q4 GDP grew more than expected.

The dollar index (DXY00 -0.40%) is down -0.29% at a 1-1/2 month low. EUR/USD (^EURUSD) is up +0.25% at a 1-1/2 month high on an upbeat monthly report from the Bundesbank that said Germany’s economic growth “clearly gained pace” in Q4. USD/JPY (^USDJPY) is down -0.85%.

Mar 10-year T-note prices (ZNH17 +0.10%) are up +1 tick.

In its monthly report published today, the Bundesbank said Germany’s economic growth “clearly gained pace” in Q4 as exports rose “strongly” and as “very strong” factory orders boosted industrial production. The report added that “further positive impulses have come from private consumption” and that inflation could reach “a good 2%” in Jan because of significant increases in prices of oil products.

Key U.S. news today includes: (1) USDA weekly grain export inspections.

S&P 500 earnings reports today include: McDonalds (consensus $ 1.41), Halliburton (0.02), Zions Bancorporation (0.52), Yahoo (0.21).

U.S. IPO’s scheduled to price today: none.

Equity conferences: SPE Hydraulic Fracturing Technology Conference on Tue, Hart Energy DUG Marcellus Utica Midstream Conference on Wed-Thu.

Qualcomm (QCOM -2.42%) was downgraded to ‘Neutral’ from ‘Buy’ at Nomura with a 12-month target price of $ 70.

Verizon (VZ +0.69%) was downgraded to ‘Market Perform’ from ‘Outperform at Wells Fargo Securities.

SunTrust Banks (STI +1.86%) was upgraded to ‘Buy’ from ‘Hold’ at Sandler O’Neill with a 12-month target price of $ 62.

FMC Corp. (FMC +1.63%) was downgraded to ‘Neutral’ from ‘Accumulate’ at Seaport Global with a price target of $ 60.

Schlumberger Ltd (SLB -0.81%) was downgraded to ‘Equal-Weight’ from ‘Overweight’ at Stephens.

Rockwell Collins (COL +2.45%) was upgraded to ‘Buy’ from ‘Neutral’ at Seaport Global with a price target of $ 100.

Dish Network (DISH -2.50%) was upgraded to ‘Overweight’ from ‘Equal-Weight’ at Morgan Stanley with a price target of $ 75.

MetLife (MET +0.57%) was upgraded to ‘Buy’ from ‘Hold’ at Deutsche Bank.

BB&T (BBT +0.29%) was upgraded to ‘Buy’ from ‘Neutral’ at Hilliard Lyons with a 12-month target price of $ 51.

Merck (MRK +3.65%) will pay $ 625 million to settle patent-infringement litigation against Bristol-Myers Squibb and Ono Pharmaceutical for infringing on both companies’ patents covering use of PD-1 antibodies to treat cancer.

Winnebago Industries (WGO +0.32%) fell over 4% in after-hours trading after it registered 4.56 million shares for holders.

Mar E-mini S&Ps (ESH17 -0.22%) this morning are down -4.25 points (-0.19%). Friday’s closes: S&P 500 +0.34%, Dow Jones +0.48%, Nasdaq +0.24%. The S&P 500 on Friday closed higher on reduced Chinese economic concerns after China Q4 GDP rose 6.8% y/y, slightly stronger than expectations of 6.67 y/y. There was also strength in energy companies as the price of crude oil rose +2.11%. Stocks were undercut by Fed Chair Yellen’s comment that it is “prudent” to gradually raise interest rates over time.

Mar 10-year T-notes (ZNH17 +0.10%) this morning are up +1 tick. Friday’s closes: TYH7 +1.50, FVH7 +4.00. Mar 10-year T-notes on Friday recovered from a 2-week low and closed higher on Fed Chair Yellen’s comment that economic growth is unlikely to “markedly” pick up in the near term given weak overseas demand. T-notes were also supported by the late slide in stocks which fell back from their best levels in afternoon trade, which spurred short-covering in Treasuries.

The dollar index (DXY00 -0.40%) this morning is down -0.29 (-0.29%) at a 1-1/2 month low. EUR/USD (^EURUSD) is up +0.0027 (+0.25%) at a 1-1/2 month high. USD/JPY (^USDJPY) is down -0.98 (-0.85%). Friday’s closes: Dollar index -0.41 (-0.41%), EUR/USD +0.0039 (+0.37%), USD/JPY -0.24 (-0.21%). The dollar index on Friday closed lower on strength in the currencies of the energy-producing countries of Canada and Russia as the price of crude oil rose +2.11%. The dollar was also boosted by Fed Chair Yellen’s comment that a gradual pace to rate hikes is “prudent” as economic growth is unlikely to “markedly” pick up in the near term given weak overseas demand.

Mar WTI crude oil prices (CLH17 -1.24%) this morning are down -62 cents (-1.16%) and Mar gasoline (RBH17 -0.82%) is -0.0117 (-0.73%). Friday’s closes: Mar crude +1.10 (+2.11%), Mar gasoline +0.0300 (+1.92%). Mar crude oil and gasoline on Friday closed higher on a weaker dollar and on comments from Saudi Arabian Energy Minister Khalid Al-Falih who said there is “very strong” compliance among OPEC and non-OPEC members with output cuts and most producers are exceeding commitments. Crude oil was also boosted by strong Chinese demand after China Dec oil processing rose +1.1% m/m to a record 11.3 million bpd.