Market overview: Chicago PMI misses forecasts

1416: S&P takes BHP BIlliton´s long-term credit ratings off CreditWatch, reaffirms at A/A-1, albeit with a negative outlook. S&P highlights the change to the company´s policy on payouts, linking them more closely to market conditions but notes the potential for reputational risk stemming from the bursting of a damn owned by its JV in Brazil, Samarco.

1400: US outfits NRG Energy and Consol Energy have become the latest to cut their dividends.

1238: Commenting on Genel, Investec´s Brian Gallagher wrote: "Today’s Taq Taq reserves update showed a much larger than anticipated reserves reduction (down to 172mmbo), a fall of c.330mmbo versus our estimate of -192mmbo. Given the scale of the downgrade, we think this could undermine confidence in future company guidance. It may also impair Taq Taq’s asset status (is it big enough anymore to attract M&A interest?). Despite this, the valuation and cash flow impact is not proportionate to the downgrade; value is still ultimately linked to recurring Kurdistan payments."

1237: Shares in Genel are cratering after the company cut its reserve estimate for Taq Taq by almost half.

1236: OPEC ´s output of crude oil declined by 270,000 barrels per day in February to reach 32.265m barrels per day, according to a report citing Bloomberg and estimates from JBC Energy.

1225: Three month copper futures are declining by 0.3% to $4,692.50 per metric tonne on the LME.

1053: Bernstein has reportedly cut its target prices on HSBC and StanChart.

1001: China´s central bank cut banks´ reserve requirement ratio by 50 basis points.

1000: The Eurozone consumer price index slipped by 0.2% year-on-year (consensus: 0.0%), according to Eurostat, after advancing by 0.3% in January.

0930: Mortgage approvals jumped in January to 74,581, ONS says. That was better than economists forecast for an increase of 73,700.

0913: Stocks have started the morning lower, with financials pacing losses on the Footsie. Market commentary is unanimously referencing the lack of any new stimulus measures after the past weekend´s G-20 finance ministers meetings as the chief factor contributing to the weakness. Brent crude oil futures are only marginally lower by 0.6% to $34.90 per barrel on the ICE. Dollar/yen is coming off sharply, down by almost a full percentage point. Shanghai Stock Exchange´s Composite Index closed almost 3% lower, with analysts citing the lack of any new stimulus announcements as weighiing on markets. FTSE 100 down by 51.12 points to 6,04.89.