OVERNIGHT MARKETS AND NEWS,Thursday, June 13th, 2013

June E-mini S&Ps (ESM13 -0.31%) this morning are down -0.25% and European stocks are down -0.98%. Asian stocks closed lower: Japan -6.35%, Hong Kong -2.19%, China -3.39%, Taiwan -2.03%, Australia -0.61%, Singapore -0.72%, South Korea -1.61%, India -1.12%. Global stocks tumbled amid concern for slower growth after the World Bank cut its global GDP forecast for this year. Growth concerns also sent China's Shanghai Composite Stock Index down to a 6-month low today after trading resumed from a three-day holiday. Commodity prices are mostly lower. July WTI crude oil (CLN13 -0.56%) is down -0.27%, July gasoline (RBN13 +0.06%) is up +0.11%, July natural gas (NGN13 -0.95%) is down -1.06%, Aug gold (GCQ13 -0.47%) is down -0.39% and July copper (HGN13 -0.85%) is down -0.93%. Agriculture prices are mixed. The dollar index (DXY00 -0.19%) is down -0.23% at a 3-1/2 month low. EUR/USD (^EURUSD) is down -0.05%. USD/JPY (^USDJPY) is down -1.83% at a 2-1/4 month low as slumping stocks boosted the safe-haven demand for the yen. September 10-year T-note futures prices (ZNU13 +0.27%) this morning are up +12 ticks as the swoon in global equities fueled safe-haven demand for Treasuries.

The World Bank in its bi-annual report late yesterday cut its global GDP forecast for this year to 2.2%, less than a Jan forecast for 2.4% growth and slower than last year's 2.3%. It reduced its 2013 GDP forecast for China to 7.7% from a Jan estimate of 8.4% and cut its Eurozone growth forecast to a -0.6% contraction from a Jan estimate of -0.1%. In contrast, the World Bank raised its GDP estimate for Japan to expand at a 1.4% pace this year from a Jan estimate of 0.8% and hiked its estimate for U.S. GDP this year to 2.0% from a 1.9% estimate in Jan.

The monthly bulletin editorial from the ECB for June said that "The accommodative stance of monetary policy, together with the significant improvement in financial markets since mid-2012, should contribute to support prospects for an economic recovery later in the year," and that "the monetary stance will remain accommodative for as long as necessary." The bulletin mirrors ECB President Draghi's comments from his June 6 press conference.

The German May wholesale price index fell -0.4% m/m and -0.1% y/y, the third consecutive monthly decline.