Benzinga | May 30, 2013 08:13AM ET
U.S. equity futures traded slightly lower in early pre-market trade after another sell-off Wednesday despite an upswing in M&A activity. Several deals have been announced this week and the M&A market has remained strong in 2013, a key sign of corporate confidence in the economic recovery.
Top News
In other news around the markets:
Asian shares were in flux overnight as Japanese stocks closed sharply lower as the Nikkei Index officially entered correction territory after making a 5-year high last week. The Japanese Nikkei Index closed 5.15 percent lower as the Shanghai Composite Index rose 0.13 percent and the Hang Seng Index declined 0.31 percent. Also, the Korean Kospi fell 0.05 percent and Australian shares lost 0.89 percent.
European Markets
European shares traded mostly higher overnight save for shares in Spain as the government announced that GDP fell 0.5 percent last month, in line with expectations, but the previous month's figure was reduced to -0.8 percent growth from the initial estimate of -0.5 percent. The Spanish Ibex Index declined 0.07 percent as the Italian FTSE MIB Index rose 2.1 percent. Meanwhile, the German DAX rose 1.16 percent and the French CAC 40 gained 0.12 percent while U.K. shares added 0.08 percent.
Commodities
Commodities were mixed overnight as energy futures lagged and metals gained. WTI Crude futures fell 0.77 percent to $92.41 per barrel and Brent Crude futures declined 0.73 percent to $101.68 per barrel. Copper futures rose 0.29 percent to $330.65 after Wednesday's drop. Gold was higher and silver futures rose 1.03 percent to $22.69 per ounce.
Currencies
Currency markets continued Wednesday's moves as the dollar retreated from recent highs against most other currencies. The EUR/USD was higher at 1.2997 and the dollar fell against the yen to 100.82. Overall, the Dollar Index fell 0.35 percent on weakness against the Swiss franc, the euro, the pound, and the yen.
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, the latest revision to first quarter GDP is due out as well as initial jobless claims, corporate profits, and the Pending Home Sales Index. Also, the Treasury is set to auction 7-year notes. Overnight, Japanese Industrial Production and the Eurozone Unemployment Rate are expected to be released.
BY Matthew Kanterman
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