Benzinga | Mar 20, 2013 08:14AM ET
U.S. equity futures rose in early pre-market trade despite the turmoil in Cyprus as lawmakers failed to pass the bailout agreement in parliament. Blackrock (BLK) CEO Larry Fink said that Cyprus was a non-event and said that he sees 20 percent upside for stocks once the Cyprus non-event blows over.
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In other news around the markets:
Asian shares were mixed overnight in thin trade as Japanese markets were closed for a domestic holiday. The Shanghai Composite Index rose 2.66 percent while the CSI 30 Index, the index of the 30 largest Chinese companies, rose 3.37 percent, and the Hang Seng Index gained 0.97 percent. Also, the Korean Kospi fell 0.97 percent and Australian shares declined 0.4 percent.
European Markets
European shares were higher for the first day this week on relaxed fears over Cyprus as it appears that Russia will in the end extend the nation a larger loan to prevent the bank levy tax from being implemented. The Spanish Ibex Index rose 0.6 percent and the Italian FTSE MIB Index rose 0.5 percent. Meanwhile, the German DAX rose 0.6 percent and the French CAC gained 0.74 percent while U.K. shares added 0.36 percent.
Commodities
Commodities were mixed overnight as energy futures reversed Tuesday's losses. WTI Crude futures rose 0.38 percent to $92.50 per barrel and Brent Crude futures gained 0.38 percent to $107.82 per barrel. Copper futures gained 0.9 percent on Chinese strength. Gold was lower and silver futures rose 0.21 percent to $28.91 per ounce.
Currencies
Currency markets were in clear risk-on mode as the euro and the pound gained and the yen weakened. The EUR/USD was higher at 1.2916 and the dollar rose against the yen to 95.31. Overall, the Dollar Index fell 0.2 percent on weakness against the euro, the pound, and the Canadian dollar.
Pre-Market Movers
Stocks moving in the pre-market included:
Notable companies expected to report earnings Wednesday include:
On the economics calendar Wednesday, MBA Mortgage Applications and Consumer Confidence are due out, but all eyes will be on the FOMC rate decision and Chairman Ben Bernanke's press conference following the press release. Overnight, New Zealand is expected to report its fourth quarter GDP data and the China HSBC Manufacturing PMI is expected to be released ahead of the Eurozone Manufacturing PMI.
BY Matthew Kanterman
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