Jun E-mini S&Ps (ESM17 -0.19%) this morning are down -0.14% and European stocks are down -0.29% as the FOMC begins its 2-day policy meeting today where the markets are expecting a 25 bp rate hike in the federal funds rate. European stocks fell and GBP/USD slid -0.74% to a 1-3/4 month low after the UK Parliament voted to allow the government the go-head to invoke Article 50 of the Lisbon Treaty, which will allow Prime Minster May to announce the formal start of Brexit. European stocks and EUR/USD were also undercut by weaker-than-expected economic data on Eurozone Jan industrial production. Losses were contained ahead of Wednesday’s elections in the Netherlands where the pro-EU Liberal party has moved ahead in the polls against the anti-EU Freedom Party. Asian stocks settled mixed: Japan -0.12%, Hong Kong -0.01%, China +0.07%, Taiwan +0.48%, Australia +0.03%, Singapore -0.12%, South Korea +0.90%, India +1.71%. China’s Shanghai Composite climbed to a 1-week high on signs of strength in China’s economy after China Feb industrial production rose at the fastest pace in 1-1/2 years.

The dollar index (DXY00 +0.28%) is up +0.27%. EUR/USD (^EURUSD) is down -0.19%. USD/JPY (^USDJPY) is up +0.16%.

Jun 10-year T-note prices (ZNM17 -0.04%) are down -3 ticks on negative carry-over from a slide in 10-year German bund prices to a 13-3/4 month low.

The German Mar ZEW survey expectations of economic growth rose +2.4 to 12.8, weaker than expectations of +2.6 to 13.0.

Eurozone Jan industrial production rose +0.9% m/m and +0.6% y/y, weaker than expectations of +1.3% m/m and +0.9% y/y.

China Feb industrial production rose +6.3% year-to-date y/y, stronger than expectations of +6.2% year-to-date y/y and the fastest pace in 1-1/2 years.

Key U.S. news today includes: (1) Feb PPI final demand (expected +0.1% m/m and +1.9% y/y, Jan +0.6% m/m and +1.6% y/y) and Feb PPI ex food & energy (expected +0.2% m/m and +1.5% y/y, Jan +0.4% m/m and +1.2% y/y), (2) FOMC begins 2-day policy meeting.

Notable Russell 1000 earnings reports today include: HD Supply (consensus $ 0.42).

U.S. IPO’s scheduled to price today: Ardagh Finance Holdings (ARD).

Equity conferences: JP Morgan Aviation, Transportation & Industrials Conference on Mon-Wed, Bank of America Merrill Lynch Consumer and Retail Tech Conference on Tue-Wed, Barclays Emerging Payments Forum on Tue-Wed, Barclays Global Health Care Conference on Tue-Thu, Gabelli & Co. Waste & Environmental Services Symposium on Thu, American College of Cardiology Meeting on Fri.

Corning (GLW +0.54%) was downgraded to ‘Neutral’ from ‘Buy’ at Goldman Sachs.

Disney (DIS +0.54%) was upgraded to ‘Buy’ from ‘Neutral’ at Guggenheim Securities with a 12-month target price of $ 128.

GEO Group (GEO +2.84%) rose 1% in after-hours trading after it was announced that it will replace Synopsys in the S&P MidCap 400 before the market opens Thursday, March 16.

Synopsys (SNPS +0.36%) gained 1% in after-hours trading after it was announced that it will replace Harman International in the S&P 500 before the market opens Thursday, March 16.

Black Knight Financial Services (BKFS -1.04%) was rated new ‘Outperform’ at Wedbush with a 12-month target price of $ 44.

FedEx (FDX +0.50%) and CSX Corp (CSX +0.59%) were both was rated new ‘Outperform’ at Wells Fargo Securities.

Resolute Energy ({=REN climbed 8% in after-hours trading after it reported Q4 adjusted Ebitda of $ 49.0 million, better than consensus of $ 45.5 million.

Amphastar Pharmaceuticals (AMPH +0.82%) declined over 7% in after-hours trading after it reported a Q4 loss of -$ 2.7 million after reporting a profit the same period last year.

Valeant Pharmaceuticals (VRX -1.06%) sold-off 9% in after-hours trading after CNBC reported that Pershing Square Capital Management sold its entire stake of 27.2 million shares in Valeant.

Lantheus Holdings (LNTH +6.04%) dropped 10% in after-hours trading after it announced a public secondary offering of 3 million shares of common stock.

ON Semiconductor Corp. (ON +0.59%) lost 1% in after-hours trading after it said it will offer $ 500 million in convertible senior notes due 2023 in a private offering.

Physicians Realty Trust (DOC unch) slid 3% in after-hours trading after announced a public offering of 15 million shares of common stock.

Tilly’s (TLYS -2.14%) tumbled over 10% in after-hours trading after it said it sees a Q1 loss per share of -7 cents to -15 cents, wider than consensus of a loss of -4 cents a share.

Aurinia Pharmaceuticals (AUPH +24.00%) slumped over 15% in after-hours trading after it announced a public offering of common stock, although no size was given.

Jun E-mini S&Ps (ESM17 -0.19%) this morning are down -3.25 points (-0.14%). Monday’s closes: S&P 500 +0.04%, Dow Jones -0.10%, Nasdaq +0.16%. The S&P 500 on Monday closed higher on positive carry-over from a rally in Chinese stocks on signs of reduced U.S.-China trade tensions after Steve Schwarzman, one of the Trump administration’s top economic advisors, said in a CNN interview that President Trump will likely moderate his criticisms of China, including his campaign claim that the country manipulates its currency. Stocks were also boosted by M&A activity after Intel acquired Mobileye for $ 15 billion. Gains were limited by weakness in energy producing stocks after Apr WTI crude fell 0.19% to a 3-1/2 month low.

Jun 10-year T-notes (ZNM17 -0.04%) this morning are down -3 ticks. Monday’s closes: TYM7 -7.00, FVM7 -3.25. Jun 10-year T-notes on Monday closed lower on hedge selling by bond dealers underwriting corporate bonds for Verizon and Humana and on expectations that the FOMC will raise interest rates after Wednesday’s 2-day policy meeting.

The dollar index (DXY00 +0.28%) this morning is up +0.27 (+0.27%). EUR/USD (^EURUSD) is down -0.0020 (-0.19%). USD/JPY (^USDJPY) is up +0.18 (+0.16%). Monday’s closes: Dollar index +0.06 (+0.06%), EUR/USD -0.0020 (-0.19%), USD/JPY +0.09 (+0.08%). The dollar index on Monday recovered from a 1-1/2 week low and closed higher on weakness in EUR/USD on European political risks ahead of Wednesday’s Dutch election where anti-EU and anti-Islam Freedom Party leader Wilders is running neck-to-neck with current Prime Minister Rutte’s Liberal party.

Apr WTI crude oil prices (CLJ17 +0.56%) this morning are up +34 cents (+0.70%) and Apr gasoline (RBJ17 +0.68%) is +0.0103 (+0.65%). Monday’s closes: Apr crude -0.09 (-0.19%), Apr gasoline -0.0194 (-1.21%). Apr crude oil and gasoline on Monday closed lower with Apr crude at 3-1/2 month low. Crude oil prices were undercut by negative carry-over from Friday’s news from Baker Hughes that U.S. active oil rigs in the week ended Mar 10 rose 8 to a 17-1/2 month high of 617 rigs. Crude oil prices were also undercut by comments from Russia’s biggest crude producer, Rosneft, that rising U.S. oil output is the “main threat” to any global output deal to curb crude production. Crude prices recovered from their worst levels on comments from Kuwait’s Oil Minister who said his country supports extending OPEC’s production cut agreement after June.