Benzinga | Jul 04, 2013 01:14AM ET
U.S. equity futures declined in early pre-market trade ahead of the shortened trading day on weaker than expected services PMIs around the globe. Weak data from China to the eurozone weighed on sentiment overnight.
Top News
In other news around the markets:
Asian shares were mostly lower on the global geopolitical news and on the weak PMI data. The Japanese Nikkei 225 Index declined 0.31 percent and the Topix Index rose 0.17 percent. In Hong Kong, the hang Seng Index fell 2.48 percent while in China, the Shanghai Composite Index declined 0.61 percent. Also, the Korean Kospi fell 1.64 percent and Australian shares dropped 1.86 percent.
European Markets
European shares were also sharply lower overnight on similar fears. The Spanish Ibex Index declined 2.48 percent and the Italian FTSE MIB Index fell 1.6 percent. Meanwhile, the German DAX dropped 1.38 percent and the French CAC 40 Index fell 1.31 percent while U.K. shares declined 1.38 percent.
Commodities
Commodities were higher overnight as WTI Crude futures rose through $100 per barrel. WTI Crude futures rose 1.39 percent to $100.98 per barrel and Brent Crude futures gained 0.58 percent to $104.60 per barrel. Copper futures gained 0.48 percent to $315.80 per pound. Gold was higher and silver futures gained 1.04 percent to $19.51 per ounce.
Currencies
Currency markets were on the move overnight as the yen reversed most of Tuesday's losses in a clear risk-off environment. The EUR/USD was lower at 1.2952 and the dollar dropped 0.82 percent against the yen to 99.80. Overall, the Dollar Index declined 0.06 percent on weakness against the yen, the pound, the Canadian dollar, and the Swiss franc.
Earnings Reported Yesterday
Key companies that reported earnings Tuesday include:
Constellation Brands (STZ) reported first quarter EPS of $0.38 vs. $0.40 expected on revenue of $673.0 million vs. $674.25 million expected.Acuity Brands (AYI) reported third quarter EPS of $0.97 vs. $0.88 expected on revenue of $541.5 million vs. $518.76 million expected.Pre-Market Movers
Stocks moving in the pre-market included:
Notable companies expected to report earnings Wednesday include:
On the economics calendar Wednesday, MBA Purchase Applications are due out followed by the Challenger Job Cut Report and the ADP Employment Report. Also, international trade data, jobless claims, the ISM Non-Manufacturing Index, and the EIA Petroleum and Nat Gas Reports are due out. Overnight, watch for the Bank of England and European Central Bank rate decisions.
BY Matthew Kanterman
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