Benzinga | Jun 03, 2013 08:36AM ET
U.S. equity futures traded slightly higher in early pre-market trade despite weakness elsewhere around the world. Better than expected manufacturing PMIs across the eurozone are helping to prop assets despite sustained weakness in emerging markets ahead of what Soc Gen this weekend called an impending "rout of emerging market currencies."
Top News
In other news around the markets:
Asian shares traded mostly lower overnight as the Japanese Nikkei Index recorded its fourth loss in eight trading days and has lost some 17 percent over the span. The Nikkei declined 3.72 percent while the Shanghai Composite Index eked out a gain of 0.02 percent as the Hang Seng Index declined 0.49 percent. Also, the Korean Kospi fell 0.57 percent and Australian shares lost 0.78 percent.
European Markets
European shares traded lower in early trading but have bounced off of the lows of the day following the stronger than expected PMI reports across the continent. The Spanish Ibex Index declined 0.54 percent and the Italian FTSE MIB Index fell 0.76 percent. Meanwhile, the German DAX lost 0.66 percent and the French CAC 40 declined 0.75 percent while U.K. shares lost 0.54 percent.
Commodities
Commodities were mostly higher overnight on the back of the stronger than expected Manufacturing PMI's and also as the dollar weakened. WTI Crude futures were flat at $91.97 per barrel and Brent Crude futures rose 0.16 percent to $100.15 per barrel. Copper futures gained 1.35 percent to $333.70 per pound. Gold was higher and silver futures rose 0.66 percent to $22.39 per ounce.
Currencies
Currency markets saw some interesting moves overnight as the dollar weakened and the yens strengthened. The EUR/USD was higher at 1.3024 and the dollar fell against the yen to 100.34. Overall, the Dollar Index fell 0.34 percent on weakness against the pound, the euro, and the yen. Notably, the pound gained 0.44 percent against the dollar to 1.5265 and the Aussie dollar saw particular strength as it rose against the yen by 0.66 percent to 96.7610 and against the greenback by 0.75 percent to 0.9643.
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, the Markit Manufacturing PMI is due out as well as the ISM Manufacturing Index and Construction Spending data. In addition, San Francisco Fed President John Williams is set to speak and the Treasury is set to hold its weekly 3- and 6-month bill auctions. Overnight, the Reserve Bank of Australia (RBA)'s rate decision is due out and the British Construction PMI is expected.
BY Matthew Kanterman
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