Benzinga | Jul 11, 2013 02:19AM ET
U.S. equity futures rose sharply as a speech from Federal Reserve Chairman Ben Bernanke after the close Wednesday was much more dovish than expected. The comments show that the Fed is not looking to end its easy money policies any time soon.
Top News
In other news around the markets:
Asian shares were mostly higher following the dovish comments from Bernanke and the comments from Chinese Premier Li. The Japanese Nikkei 225 Index rose 0.39 percent and the Topix Index fell 0.04 percent. In Hong Kong, the Hang Seng Index rose 2.55 percent and the Shanghai Composite Index rose 3.23 percent in China. Also, the Korean Kospi gained 2.93 percent and Australian shares rose 1.31 percent.
European Markets
European shares were also higher overnight on the back of the bullish sentiment from around the world. The Spanish Ibex Index rose 0.11 percent and the Italian FTSE MIB Index gained 0.58 percent. Meanwhile, the German DAX rose 1.03 percent and the French CAC 40 Index gained 0.72 percent while U.K. shares rose 0.77 percent.
Commodities
Commodities were mostly higher, especially metals, after Bernanke talked down the dollar. WTI Crude futures rose 0.17 percent to $106.70 per barrel and Brent Crude futures gained 0.04 percent to $108.55 per barrel. Copper futures rose 3.12 percent to $318.75 per pound. Gold was higher and silver futures gained 4.41 percent to $20.01 per ounce.
Currencies
Currency markets showed broad dollar weakness overnight however moves in most major dollar pairs were off of extreme levels. The EUR/USD was higher at 1.3041 after touching nearly 1.32 and the dollar fell against the yen to 99.39 after falling as far as 98.60. Overall, the Dollar Index fell 1.13 percent on weakness against the Swiss franc, the Canadian dollar, the pound, the euro, and the yen.
Earnings Reported Yesterday
Key companies that reported earnings Tuesday include:
Stocks moving in the pre-market included:
Notable companies expected to report earnings Thursday include:
On the economics calendar Thursday, initial jobless claims and import and export prices are due out followed by the Bloomberg Consumer Comfort Index. Also, Fed Governor Daniel Tarullo is expected to speak and the Treasury is set to auction 30-year bonds and give its budget statement. Overnight, the Spanish CPI report and Eurozone Industrial Production data are due out.
BY Matthew Kanterman
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.