Benzinga | Jun 11, 2013 09:13AM ET
U.S. equity futures fell in early pre-market trade after Bank of Japan Governor Kuroda disappointed markets by not announcing a new plan to extend the maturity of cheap, 0.1 percent loans it had been making. The Bank did upgrade its forecast for the economy as expected but simply restated its lending goals, sending markets lower.
Top News
In other news around the markets:
Asian shares were mostly lower overnight following the disappointment from the Bank of Japan. The Japanese Nikkei 225 Index fell 1.45 percent and the Topix Index declined 0.97 percent. The Hang Seng Index fell 1.2 percent in Hong Kong and the Korean Kospi fell 1.2 percent while Australian shares edged higher by 0.41 percent, boosted by an improving business sentiment indicator and the devaluing Australian dollar.
European Markets
European shares were in the red in early trade, following Asian shares lower. The Spanish Ibex Index declined 1.00 percent and the Italian FTSE. MIB Index fell 0.92 percent. Meanwhile, the German DAX declined 0.96 percent and the French CAC 40 fell 0.86 percent while U.K. shares shed 0.82 percent.
Commodities
Commodities were lower overnight, following the broad risk-off theme in markets. WTI Crude futures fell 0.13 percent to $95.65 per barrel and Brent Crude futures fell 0.26 percent to $103.68 per barrel. Copper futures lost 1.08 percent to $320.60 per pound. Gold was lower and silver futures declined 1.46 percent to $21.61 per ounce.
Currencies
Currency markets were on the move in stellar fashion overnight as the yen strengthened rather violently and the Australian dollar continued to tank. The EUR/USD was higher at 1.3281 and the dollar declined against the yen by 1.57 percent to 97.21. Overall, the Dollar Index fell 0.26 percent on weakness against the yen, the Swiss franc, and the euro despite strength against the Canadian dollar and the British pound.
Notably, the yen strengthened across the board with the dollar, the euro, the pound, the Swiss franc, and the Australian dollar all dropping more than 1 percent against the yen. The stand-out pairs were the AUD/JPY, which fell 2.79 percent, and the GBP/JPY, which declined 2.49 percent. The Australian dollar was more broadly weak than against just the yen, dropping 1.37 percent against the U.S. dollar also. To note, Dennis Gartman of the Gartman Letter went long the AUD/JPY Monday morning.
Earnings Reported Yesterday
Key companies that reported earnings Monday include:
Stocks moving in the pre-market included:
Notable companies expected to report earnings Tuesday include:
On the economics calendar Tuesday, the NFIB Small Business Optimism Index is due out as well as the Redbook, weekly chain store sales, and wholesale trade data. The Treasury is also set to auction 4-week and 3-year note bills. Overnight, French Non-Farm Payrolls, German inflation, and the British claimant count change are expected.
BY Matthew Kanterman
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