Benzinga | Mar 12, 2013 07:55AM ET
U.S. equity futures slid in early pre-market trade after Asian shares reversed early gains to close lower. The Japanese Nikkei Index broke an eight-day winning streak to close lower after opening higher and raising hopes of a record nine-day winning streak.
Top News
In other news around the markets:
Asian shares were lower overnight on weak economic data despite comments from incoming Bank of Japan Deputy Governor Kikuo Iwata that more easing is to come in the near future. The Japanese Nikkei Index fell 0.28 percent and the Shanghai Composite Index fell 1.04 percent while the Hang Seng Index fell 0.87 percent. Also, the Korean Kospi fell 0.5 percent and Australian shares declined 0.56 percent.
European Markets
European shares were modestly higher in early trade despite some weak economic data from the U.K. as inflation in Germany and other core European nations remained low in February, signaling more room for the ECB to ease policy further. The Spanish Ibex Index rose 0.5 percent and the Italian FTSE MIB Index rose 0.63 percent. Meanwhile, the German DAX rose 0.1 percent and the French CAC rose 0.01 percent while U.K. shares rose 0.03 percent.
Commodities
Commodities were mixed overnight as energy futures fell and precious metals futures rose. WTI Crude futures fell 0.21 percent to $91.87 per barrel and Brent Crude futures fell 0.23 percent to $109.97 per barrel. Copper futures fell 0.2 percent to $351.00 per pound on the Asian weakness and weak U.K. data. Gold was higher and silver futures rose 0.21 percent to $28.92 per ounce.
Currencies
Currency markets were in clear risk off mode as the dollar and the yen reigned and the euro and the pound slid. The EUR/USD was lower at 1.3012 and the dollar fell against the yen to 95.95. Overall, the Dollar Index rose 0.16 percent on strength against the euro, the pound, and the Canadian dollar. The GBP/USD fell 0.5 percent following the weak data to 1.4842, breaking through the 1.49 level, as the pound weakened broadly. Also, the yen was stronger against both the euro and the Aussie dollar.
Pre-Market Movers
Stocks moving in the pre-market included:
Notable companies expected to report earnings Tuesday include:
On the economics calendar Tuesday, the NFIB Small Business Optimism Index is set to be released alongside chain store sales and the Redbook. The Treasury is also set to auction 4-week and 3-year notes and also issue its monthly budget statement. Overnight, French payrolls and eurozone industrial production data should move markets.
BY Matthew Kanterman
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