Benzinga | May 29, 2013 07:47AM ET
U.S. equity futures gave back some of Tuesday's gains in pre-market trade Wednesday. A driver of the sell-off could have been the IMF cutting its China growth forecast to 7.75 percent from 8 percent previously just one day after China's Premier said the country was targeting 7 percent growth over the next decade.
Top News
In other news around the markets:
Asian shares were mixed overnight as Hong Kong shares showed outsized weakness. The Japanese Nikkei Index rose 0.1 percent and the Shanghai Composite Index gained 0.12 percent while the Hang Seng Index lost 1.61 percent. Also, the Korean Kospi rose 0.42 percent and Australian shares added 0.08 percent.
European Markets
European shares were also mixed overnight following mixed economic data. The Spanish Ibex Index rose 1.77 percent and the Italian FTSE MIB Index fell 0.43 percent. Meanwhile, the German DAX rose 1.16 percent and the French CAC 40 gained 1.39 percent while U.K. shares declined 1.22 percent.
Commodities
Commodities were lower overnight following the IMF cutting China's growth forecast overnight. WTI Crude futures declined 0.44 percent to $94.59 per barrel and Brent Crude futures fell 0.15 percent to $104.07 per barrel. Copper futures fell 0.8 percent to $328.85 per pound both on the China news and also following a report from PIMCO that was very negative on Australia's economy, specifically the mining sector. Gold was higher and silver futures fell 0.08 percent to $22.18 per ounce.
Currencies
Currency markets were on the move overnight reversing some of Tuesday's moves as the yen strengthened. The EUR/USD was higher at 1.2891 and the dollar fell against the yen to 101.67. Overall, the Dollar Index fell 0.12 percent on weakness against the yen, the Swiss franc, the euro, and the pound.
Earnings Reported Yesterday
Key companies that reported earnings Tuesday include:
Stocks moving in the pre-market included:
Notable companies expected to report earnings Wednesday include:
On the economics calendar Wednesday, MBA Purchase Applications are due out as well as the Redbook in the U.S. Abroad, German CPI, Brazilian GDP, and the Canadian Interest Rate Decision are all expected. In addition, the Treasury is set to auction 4- and 52-week bills and Boston Fed President Eric Rosengren is set to speak. Overnight, Spanish GDP, Eurozone Consumer Confidence, and an Italian bond auction could move markets.
BY Matthew Kanterman
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