Crude oil finished March heading south again on fears that more supply could come into the market and make the oversupply problem and market share war even worse, potentially driving the price even lower. Iranian nuclear talks appear set to continue past the deadline, a sign of progress that could eventually lead to an easing of sanctions against one of the biggest oil producing countries. Meanwhile, reports out of Libya suggest that two of the country’s biggest oil ports may be about to reopen with conflict subsiding for now. Reports of higher supply grown also hammered grains today. The USDA reported that at March 1st, US corn stocks were up 11% over year, soybeans were up 34%, and wheat was up 6%. In response to this news, corn fell 4.5% and wheat fell 3.3%. Stock markets also finished the month off in retreat. Richmond Fed President Lacker indicated the Fed remains on course for a potential June interest rate lilftoff, putting a headwind in front of stocks. Chicago PMI missed badly while consumer confidence beat strongly sending mixed signals and creating confusion about which way the US economy is heading didn’t help matters either. Interestingly, one of the few major world indices to finish in the green was Canada’s S&P/TSX 60.This is particularly surprising considering it has an higher weighting in energy and materials stocks and today was a rough one for commodities. A stronger than expected January Canada GDP report came as a big surprise particularly as it arrived a day after Bank of Canada Governor Poloz called recent Canadian economic performance “atrocious”. On the other hand, a positive GDP report out of the UK sent the FTSE sharply lower as it indicated the Bank of England may need to start raising interest rates sometime down the road (but definitely not before the upcoming election). Global markets have the potential to be particularly active over the next 24 hours. Manufacturing PMI reports from around the world are out and could spark some activity. Japanese markets may also be active on the quarterly Tankan results. The main event Wednesday may be the US ADP payrolls report. With nonfarm payrolls coming out on Friday when stock exchanges in North America are closed, the ADP report may attract even more attention than usual from traders. Corporate News There have been no major developments following the US close today. Economic News Significant announcements released overnight include: US Chicago PMI 46.3 vs street 51.8 US consumer confidence 101.3 vs street 96.4 Canada January GDP 2.4% as expected vs previous 2.8% UK Q4 GDP update 3.0% street 2.7% Germany retail sales 3.6% vs street 3.4% Germany unemployment change (15K) vs street (12K) Germany unemployment rate 6.4% vs street 6.5% Eurozone unemployment rate 11.3% vs street 11.2% Eurozone consumer prices (0.1%) as expected Eurozone core CPI 0.6% vs street 0.7% France consumer spending 3.0% vs street 2.6% Spain retail sales 2.6% vs street 4.1% Italy unemployment rate 12.7% vs street 12.6% Greece retail sales (2.6%) vs street (1.3%) Upcoming significant announcements include: 10:00 am AEDT New Zealand QV house prices previous 6.4% 10:50 am AEDT Japan Tankan Q1 Large Mfg index street 14 vs previous 12 10:50 am AEDT Japan Tankan Q1 Large Mfg outlook street 16 vs previous 9 11:30 am AEDT Australia building approvals street 10.7% 4:30 pm AEDT Australia commodity Index previous (20.6%) 8:15 am EDT US ADP payrolls street 225K vs previous 212K 10:00 am EDT US construction spending street (0.1%) 10:30 am EDT US crude oil inventories street 4.2 mmbbls Manufacturing PMI reports: 9:30 am AEDT Australia previous 45.4 12:00 pm AEDT China official street 49.7 12:00 pm AEDT China non-manufacturing previous 53.9 12:35 pm AEDT Japan previous 50.4 12:45 pm AEDT China HSBC street 49.3 7:30 am BST Sweden street 54.2 8:00 am BST Norway street 51.3 8:15 am BST Spain street 54.8 8:45 am BST Italy street 52.1 8:50 am BST France street 48.2 8:55 am BST Germany street 52.4 9:00 am BST Greece previous 48.4 9:00 am BST Eurozone street 51.9 9:30 am BST UK street 54.4 9:00 am EDT Brazil previous 49.6 9:30 am EDT Canada previous 48.7 9:45 am EDT US Markit street 55.3 10:00 am EDT US ISM street 52.5