Benzinga | Apr 29, 2013 07:11AM ET
U.S. equity futures rose in early pre-market trade following gains in Europe on hopes of a rate cut from the European Central Bank this Thursday as markets shrugged off the weak GDP report from last Friday. The ECB is expected to cut the benchmark rate by 25 basis points to 0.5 percent and some economists also expect the ECB to cut the Marginal Lending Rate by 0.5 percent.
Top News
In other news around the markets:
Asian shares were quiet overnight as Chinese and Japanese markets were closed for holidays. The Hang Seng Index rose 0.15 percent and the Korean Kospi fell 0.2 percent while Australian shares rose 0.56 percent.
European Markets
European shares were mostly higher on stimulus hopes, sentiment from Italy over the formation of the new government, and news out of Greece that parliament passed a set of legislation enabling the country to receive the next bailout payment. The Spanish Ibex Index rose 1.29 percent and the Italian FTSE MIB Index rose 1.55 percent. Meanwhile, the German DAX rose 0.39 percent and the French CAC 40 rose 0.72 percent while U.K. shares gained 0.02 percent.
Commodities
Commodities were mixed overnight as metals futures rallied on central bank stimulus hopes. WTI Crude futures rose 0.41 percent to $93.38 per barrel and Brent Crude futures declined 0.03 percent to $103.13 per barrel. Copper futures rose 1.05 percent to $321.95 per pound. Gold was higher and silver futures gained 1.98 percent to $24.26 per ounce.
Currencies
Currency markets were in flux overnight as broad dollar weakness was a key theme. The EUR/USD was higher at 1.3080 and the dollar fell against the yen to 97.76, while the dollar was also weaker by 0.4 percent against the pound at 1.5535. Overall, the Dollar Index fell 0.4 percent on weakness against the pound, the euro, the Swiss franc, the yen, 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 Monday, personal income and outlays data follows last week's GDP report as well as Pending Home Sales and the Dallas Fed Manufacturing Index. Also, the Treasury will hold its weekly 3- and 6-month bill auction. Overnight, German retail sales, Spanish GDP, and German unemployment data are expected to be released.
BY Matthew Kanterman
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