Benzinga | Mar 19, 2013 08:19AM ET
U.S. equity futures were flat in early pre-market trade as markets awaited a vote in the Cypriot parliament to decide if the recently discussed bailout passes. The President of Cyprus Monday cancelled a vote as the bailout legislation did not have enough political support to pass.
Top News
In other news around the markets:
Asian shares were mixed overnight as Japanese shares led on hopes of renewed stimulus from the BoJ. The Japanese Nikkei Index rose 2.03 percent and the Shanghai Composite Index rose 0.78 percent while the Hang Seng Index fell 0.19 percent. Also, the Korean Kospi rose 0.53 percent and Australian shares declined 0.56 percent.
European Markets
European shares were lower for the second consecutive day as leaders struggle to reach an agreement on the Cyprus bailout. The Spanish Ibex Index fell 0.63 percent and the Italian FTSE MIB Index declined 0.35 percent. Meanwhile, the German DAX slipped 0.62 percent and the French CAC declined 0.62 percent as well as U.K. shares fell 0.33 percent.
Commodities
Commodities were weaker overnight as markets sold off on global growth fears sparked by the Cyprus bailout negotiations and continued fears of a new monetary tightening cycle in China. WTI Crude futures fell fell 0.06 percent to $93.73 per barrel and Brent Crude futures fell 0.66 percent to $108.84 per barrel. Copper futures declined 0.67 percent on Chinese tightening fears. Gold was lower and silver futures declined 0.27 percent to $28.81 per ounce.
Currencies
Currency markets were rather quiet overnight with aslight risk-off bias as the euro and the yen weakened. The EUR/USD was lower at 1.2923 and the dollar gained against the yen to 95.42. Overall, the Dollar Index rose 0.14 percent on strength against the euro, the yen, and the Swiss franc.
Pre-Market Movers
Stocks moving in the pre-market included:
Notable companies expected to report earnings Tuesday include:
On the economics calendar Tuesday, building permits and housing starts are expected as well as the Redbook. Also, the Treasury is set to auction 4-week bills. Overnight, German inflation and British employment data could move markets.
BY Matthew Kanterman
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