Benzinga | Nov 15, 2012 01:13AM ET
U.S. equity futures rose on early Wednesday trading despite renewed fears over the fiscal cliff. Investors may have become hopeful of a deal in Washington when yesterday, the White House announced that President Obama is set to speak today on the subject. The press conference is set for 1:30 pm eastern time.
Top News
In other news around the markets:
Asian shares were modestly higher overnight on hopes that the U.S. will reach a deal on the fiscal cliff. The Japanese Nikkei Index rose 0.04 percent and the Shanghai Composite Index rose 0.37 percent while the Hang Seng Index rose 1.2 percent in Hong Kong trading. Also, the Korean Kospi rose 0.23 percent and Australian shares rose 0.2 percent.
European Markets
European shares were mostly lower in early trading on Greek and Spanish fears. Spain's Ibex Index did rise 0.27 percent but was well off the highs following the bank data and Italy's MIB Index fell 0.16 percent. Meanwhile, the German DAX fell 0.18 percent and the French CAC dropped 0.27 percent and U.K. shares fell 0.55 percent following the BoE's change in forecasts.
Commodities
Commodities were mostly higher in overnight trade led by the energy complex as gold lagged. WTI Crude futures rose 0.43 percent to $85.75 per barrel and Brent Crude futures rose 0.5 percent to $108.80 per barrel. Copper futures rose 0.36 percent to $348.35 on hopes of a fiscal cliff deal, which would avoid a sharp contraction in the economy and maintain end demand. Gold was lower and silver futures rose 0.06 percent to $32.51 per ounce.
Currencies
Currency markets were showing a dollar bearish bias in overnight trade as the greenback fell against a host of other currencies save for the yen. The EUR/USD was higher at 1.2747 and the dollar rose against the yen to 79.93. Overall, the Dollar Index fell to 80.99, down 0.12 percent overnight on weakness against the euro, the Swiss franc, and the Swedish krone. In addition, the Aussie dollar rose against the greenback and the EUR/AUD cross bounced back above 1.22.
Pre-Market Movers
Stocks moving in the pre-market included:
Notable companies expected to report earnings Wednesday include:
On the economics calendar Wednesday, MBA Mortgage Applications, the Producer Price Index, and Retail Sales are due out. Later business, inventories are expected to be released and the Treasury is set to issue 4- and 52-week bills. At 2:00 pm, the FOMC minutes from the October meeting are due out.
By Matthew Kanterman
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