Benzinga | Aug 14, 2013 04:45AM ET
U.S. equity futures dropped in early Wednesday trade despite a new report from Europe showing that the eurozone has finally escaped the longest recession in the currency bloc's history. Also, a strong employment report in the U.K. boosted confidence that the global economy is starting to find its footing.
Top News
In other news around the markets:
Asian shares rallied on thin volume as trading in Hong Kong was closed due to a typhoon. The Japanese Nikkei 225 Index rose 1.32 percent and the Topix Index gained 1.23 percent. In China, the Shanghai Composite Index fell 0.29 percent while the Korean Kospi gained 0.57 percent and Australian shares edged lower by 0.01 percent.
European Markets
European shares were mixed following the multitude of economic data. The Spanish Ibex Index fell 0.28 percent and the Italian FTSE MIB Index declined 0.3 percent. Meanwhile, the German DAX rose 0.15 percent and the French CAC 40 Index gained 0.26 percent while U.K. shares dropped 0.24 percent.
Commodities
Commodities were mixed overnight as oil sold off and silver rallied. WTI Crude futures declined 0.3 percent to $106.51 per barrel and Brent Crude futures fell 0.31 percent to $109.48 per barrel. Copper futures rose 0.17 percent to $332.25 per pound. Gold was higher and silver futures gained 0.57 percent to $21.47 per ounce.
Currencies
Currency markets were rather quiet overnight as the dollar eked out a slight gain. The EUR/USD was lower at 1.3249 and the dollar was flat against the yen. Overall, the Dollar index gained 0.04 percent on strength against the Swiss franc, the euro, and the Canadian dollar despite weakness against the pound.
Earnings Reported Yesterday
Key companies that reported earnings Tuesday include:
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 two speeches by St. Louis Fed President Bullard. Overnight, the British retail sales report is due out.
BY Matthew Kanterman
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