Benzinga | May 09, 2013 07:22AM ET
U.S. equity futures traded lower in early pre-market trade after the S&P 500 made new record highs again Wednesday. However, strength in bonds and the yen could have been precursors to a pull-back, which many analysts would see as healthy at these levels.
Top News
In other news around the markets:
Asian shares were mostly lower overnight following mixed Chinese inflation data. The Japanese Nikkei Index fell 0.66 percent and the Shanghai Composite Index declined 0.59 percent while the Hang Seng Index lost 0.14 percent. Also, the Korean Kospi rose 1.18 percent as the Bank of Korea cuts its key lending rate by 25 basis points and Australian shares fell 0.03 percent.
European Markets
European shares were lower in early trade following the downgraded forecasts from the European Central Bank and ahead of the Bank of England's interest rate decision. The Spanish Ibex Index fell 0.67 percent while the Italian FTSE MIB Index declined 1.2 percent. Meanwhile, the German DAX fell 0.18 percent and the French CAC 40 declined 0.99 percent while U.K. shares lost 0.08 percent.
Commodities
Commodities were mostly lower overnight following the slightly softer than expected wholesale inflation data from China. WTI Crude futures fell 0.56 percent to $96.08 per barrel and Brent Crude futures declined 0.48 percent to $103.84 per barrel. Copper futures fell 1.23 percent to $332.90 per pound. Gold was lower and silver futures gained 0.14 percent to $23.96 per ounce.
Currencies
Currency markets were relatively quiet overnight as the Australian dollar and the yen led gainers while the euro slumped. The EUR/USD was lower at 1.3140 and the dollar fell against the yen to 98.68. Overall, the Dollar Index rose 0.06 percent on strength against the euro, the Swiss franc, and the Canadian dollar. Notably, the Australian dollar was strong across the board following the employment data and the cable rose ahead of the Bank of England's interest rate decision.
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, initial jobless claims are due out followed by wholesale trade data. Also, Fed members Jeffrey Lacker and Charles Plosser are expected to speak. In addition, the Treasury is set to auction 30-year bonds. Across the pond, the Bank of England interest rate decision is due out at 7 am. Overnight, Russia's interest rate decision and an Italian bill auction are expected.
BY Matthew Kanterman
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