Benzinga | Jul 01, 2013 07:38AM ET
U.S. equity futures rose in early pre-market trade despite weak manufacturing data out of China. The official manufacturing PMI fell to a four-month low of 50.1 in June from 50.8 in May, in line with expectations. However, the HSBC manufacturing PMI, which surveys smaller companies who are more likely to be hit by the recent liquidity crunch, dropped to a nine-month low of 48.2, below the flash reading and estimate of 48.3 and also below May's 49.2.
Top News
In other news around the markets:
Asian shares were mostly higher overnight save for Australian shares while Hong Kong's market was closed for the day. The Japanese Nikkei 225 Index gained 1.28 percent on strong economic data while the Topix Index gained 1.49 percent. In China, the Shanghai Composite Index rose 0.81 percent and the CSI 300 Index gained 0.58 percent. Also, the Korean Kospi fell 0.41 percent and Australian shares declined 1.92 percent.
European Markets
European shares were mixed following better than expected manufacturing data as markets await the European Central Bank's and the Bank of England's much anticipated interest rate decisions on Thursday. The Spanish Ibex Index fell 0.15 percent and the Italian FTSE MIB Index gained 0.17 percent. Meanwhile, the German DAX fell 0.59 percent and the French CAC 40 Index dropped 0.28 percent while U.K. shares gained 0.06 percent.
Commodities
Commodities were mostly stronger overnight, boosted by a weakening of the dollar. WTI Crude futures rose 0.02 percent to $96.58 per barrel and Brent Crude futures gained 0.13 percent to $102.29 per barrel. Copper futures bounced sharply, rising 1.64 percent to $310.75 per pound. Gold was higher sharply and silver futures gained 0.87 percent to $19.64 per ounce.
Currencies
Currency markets were on the move overnight as the yen and the dollar led declines, showing a slight risk-on tone. The EUR/USD was higher at 1.3051 and the dollar gained against the yen by 0.45 percent to 99.59. Overall, the Dollar Index fell 0.1 percent on weakness against the euro, the pound, and the Canadian dollar.
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 economics calendar, the Markit Manufacturing PMI and the ISM Manufacturing Index are due out as well as construction spending data. Also, New York Fed President William Dudley is expected to speak at 8 am eastern and the Treasury will hold its weekly 3- and 6-month bill auctions. Overnight, the Reserve Bank of Australia's interest rate decision is expected as well as eurozone PPI.
BY Matthew Kanterman
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