OVERNIGHT

Little changed best describes the Nikkei in overnight trading as investors await U.S. data about he health of the economy and what might be the course of future U.S. interest rates. The Fed has been considering two more possible rate hikes in 2015, so investors seem a bit jumpy until they can garner a clearer picture.

The Nikkei was up 1%, trading slightly above 17,000 ahead of Japan's inflation report. A weaker yen is what officials want, but so far that's not been the case after they cut rates. Meanwhile, the U.S. is set to jobless claims, data that always attracts much attention. Also on tap are durable goods orders. If favorable it would support the case for the Fed raising rates sooner than later.

Higher interest rates would support a stronger dollar.The dollar last traded at 112.65 ff its recent six-day high of 112.905, Reuters reported.

Meanwhile, the WSJ reported that China's falling interest rates are impacting Chinese insurers.

Behind the dismal performance of China’s largest insurer is a punishing reality: life in a low-rate world.

China Life Insurance Co.’s net profit for 2015 fell short of expectations, rising a measly 7.7% compared with consensus targets of 16.5% growth, according to FactSet. Meanwhile, profit at its health-insurance business fell 82.9% year over year. The company attributed most of the fall to changes in actuarial assumption for discount rates on its insurance contracts.
The state-run life insurer’s relatively old-school business model and its focus on traditional policies make it more sensitive to China’s falling interest rates. That means when it looks to determine the amount to set aside today as reserves to pay out to customers in the future, the number is a lot larger.

So low rates don't just strangle retirees and those living on fixed incomes. But don't tell that to any central bankers.