Benzinga | May 13, 2013 07:43AM ET
U.S. equity futures traded lower in early pre-market trade following some weak economic data out of China and also on the heels of an article from the Wall Street Journal's Jon Hilsenrath about the Fed. Hilsenrath wrote that the Fed is now considering the methodology of when to start exiting from its current policies with the real question being when to start tapering asset purchases.
Top News
In other news around the markets:
Asian shares were mixed overnight as Japanese shares led and Chinese shares lagged. The Japanese Nikkei Index rose 1.2 percent while the Shanghai Composite Index fell 0.22 percent and the Hang Seng Index lost 1.42 percent. Also, the Korean Kospi rose 0.2 percent while Australian shares rose 0.08 percent.
European Markets
European shares were lower overnight as bond spreads crept higher while the euro weakened. The Spanish Ibex Index fell 1.39 percent and the Italian FTSE MIB Index fell 1.00 percent. Meanwhile, the German DAX declined 0.59 percent and the French CAC 40 lost 0.29 percent while U.K. shares fell 0.29 percent.
Commodities
Commodities were lower overnight as the dollar continued to strengthen, following moves from late last week. WTI Crude futures fell 0.9 percent to $95.18 per barrel and Brent Crude futures fell 0.71 percent to $103.17 per barrel. Copper futures rose 0.07 percent to $335.55 per pound on hopes that China has bottomed. Gold was lower and silver futures declined 0.18 percent to $23.62 per ounce.
Currencies
Currency markets continued to show dollar strength overnight despite the yen erasing its losses against the greenback. The EUR/USD was lower at 1.2969 and the dollar rose against the yen to 101.64. Overall, the Dollar Index rose 0.09 percent on strength against the Canadian dollar, the euro, the Swiss franc, the pound and the yen. Notably, the Australian dollar continued to weaken overnight against the greenback, falling to 0.9960 through parity.
Earnings Reported Yesterday
Key companies that reported earnings Friday include:
Stocks moving in the pre-market included:
Notable companies expected to report earnings Monday include:
On the economic calendar Monday, monthly retail sales and business inventories are the only key data points to be released. Also, the Treasury is set to auction 3- and 6-month bills. Overnight, German inflation and the German ZEW Economic Sentiment Index are both expected to be released.
BY Matthew Kanterman
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