Benzinga | Jun 13, 2013 06:55AM ET
U.S. equity futures tumbled in early pre-market trade after the Japanese Nikkei Index fell 6.35 percent into bear market territory. The USD/JPY, meanwhile, plunged below 95 and traded near 94.30.
Top News
In other news around the markets:
Asian shares were mostly lower overnight, pulled down by the Nikkei, as Chinese shares re-opened and played catch-up. The Japanese Nikkei 225 Index declined 6.35 percent and the Topix Index fell 4.78 percent. In China, the Shanghai Composite Index dropped 3.39 percent while in Hong Kong, the Hang Seng Index fell 2.19 percent. Also, the Korean Kospi Index declined 1.42 percent and Australian shares shed 0.61 percent.
European Markets
European shares tumbled as the Asian weakness spilled over. The Spanish Ibex Index fell 1.53 percent and the Italian FTSE MIB Index declined 0.65 percent. Meanwhile, the German DAX fell 1.92 percent and the French CAC 40 Index declined 1.17 percent while U.K. shares dropped 1.28 percent.
Commodities
Commodities were weak overnight as global growth fears remained strong following the cut in growth forecasts by the World Bank. WTI Crude futures fell 0.52 percent to $95.38 per barrel and Brent Crude futures declined 0.49 percent to $102.98 per barrel. Copper futures fell 1.1 percent to $319.00 per pound, just 4.5 percent above the May low. Gold was lower and silver futures declined 0.35 percent to $21.72 per ounce.
Currencies
Currency markets were on the move again as yen strength continued to be a catalyst for dollar weakness. The EUR/USD was slightly lower at 133.28 and the dollar fell 1.78 percent against the yen 94.30. Overall, the Dollar Index fell 0.21 percent on weakness against the yen and the Canadian dollar. Notably, the AUD/JPY fell below the key 90 level and the EUR/JPY looks set to test the 125 level for the first time since the beginning of April.
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, retail sales and the weekly jobless claims report are due out followed by business inventories and a 3-year bond auction. Overnight, the Eurozone employment report is due out.
BY Matthew Kanterman
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