Benzinga | May 16, 2013 07:55AM ET
U.S. equity futures traded just near unchanged in early pre-market trade following a stronger than expected GDP report from Japan. Japan reported first quarter GDP rose 3.5 percent on an annualized basis, better than the 2.7 percent expected growth rate. Notably, the GDP deflator, a measure of inflation, fell to -1.2 percent from -0.9 percent expected, showing continued deflation in Japan.
Top News
In other news around the markets:
Asian shares were mixed overnight as Japanese shares sold off following the news that deflation persisted into the first quarter The Japanese Nikkei Index fell 0.39 percent while the Shanghai Composite Index gained 1.22 percent and the Hang Seng Index rose 0.17 percent. Also, the Korean Kospi gained 0.79 percent and Australian shares fell 0.5 percent.
European Markets
European shares were also mixed overnight on economic data. The Spanish Ibex Index fell 0.15 percent and the Italian FTSE MIB Index rose 0.39 percent. Meanwhile, the German DAX fell 0.2 percent and the French CAC 40 declined 0.31 percent while U.K. shares rose 0.06 percent.
Commodities
Commodities were lower overnight on continued dollar strength. WTI Crude futures slipped 0.77 percent to $93.57 per barrel and Brent Crude futures declined 0.46 percent to $103.20 per barrel. Copper futures fell 0.55 percent to $324.70 per pound. Gold was lower and silver futures declined 2.04 percent to $22.20 per ounce.
Currencies
Currency markets continued to show dollar strength overnight as the Swiss franc notably approached parity against the dollar. The EUR/USD was lower at 1.2875 and the dollar rose against the yen to 102.61. Overall, the Dollar Index gained 0.03 percent on gains against the Canadian dollar, the Swiss franc, the yen, the euro, and the pound. Notably, the Swiss franc continued to weaken against the dollar as the USD/CHF rose to 0.9671 and the Australian dollar continued to fall against the greenback to 0.9814.
Earnings Reported Yesterday
Key companies that reported earnings Wednesday include:
Stocks moving in the pre-market included:
Notable companies expected to report earnings Thursday include:
On the economics calendar Thursday, the CPI, housing starts, and initial jobless claims are due out followed by the Philly Fed Survey. In addition, Fed Presidents Eric Rosengren, Richard Fisher, and John Williams are set to speak as well as Governor Sarah Bloom Raskin.
BY Matthew Kanterman
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