Benzinga | Mar 13, 2013 07:37AM ET
U.S. equity futures were slightly lower in early pre-market trade after a mixed day on Wall Street Tuesday. The Dow Jones Industrial Average was able to close at a new record high but the S&P 500 slipped slightly on Tuesday away from its record close.
Top News
In other news around the markets:
Asian shares were lower overnight on little news on fear of a new slowdown in China weighing on the global economy. The japanese Nikkei Index fell 0.61 percent and the Shanghai Composite Index fell 0.99 percent and the Hang Seng Index declined 1.46 percent. Also, the Korean Kospi rose 0.32 percent on reports of a new fiscal stimulus and Australian shares fell 0.5 percent.
European Markets
European shares were lower in early trade ahead of the industrial production release for the eurozone on some weak earnings from companies such as Inditex and rumors of a secondary offering to fill a capital shortfall at Commerzbank (OTC: CRZBY). The Spanish Ibex Index fell 0.31 percent and the Italian FTSE MIB Index fell 0.43 percent as leaders could not form a coalition in the Senate. Meanwhile, the German DAX fell 0.08 percent and the French CAC fell 0.31 percent while U.K. shares declined 0.63 percent.
Commodities
Commodities were mixed overnight as energy futures led after Goldman Sachs (GS) analysts released a note saying that the commodity sell off was overdone. WTI Crude futures rose 0.43 percent to $92.94 per barrel and Brent Crude futures rose 0.16 percent to $109.87 per barrel. Copper futures fell 0.11 percent to $355.05 on global growth fears. Gold was lower and silver futures declined 0.43 percent to $29.05 per ounce.
Currencies
Currency markets were in a strong reversal mode as the pound gained and the yen gained as well on fears that further easing in both economies is not as near as originally thought. The EUR/USD was lower at 1.3022 and the dollar fell against the yen to 95.78. Overall, the Dollar Index fell 0.04 percent on weakness against the pound, the yen, the Swiss franc and the Swedish krone. The GBP/USD rose 0.4 percent, reversing Tuesday's losses, to 1.4962 and the EUR/GBP fell 0.48 percent to 0.8703 making the pound the biggest mover overnight alongside the yen.
Pre-Market Movers
Stocks moving in the pre-market included:
Notable companies expected to report earnings Wednesday include:
On the economics calendar Wednesday, MBA Purchase Applications, Retail Sales, Import and Export Prices, and Business Inventories are due out. Also, the Treasury is set to auction 10-year notes. Overnight, the Australian employment report, Swiss National Bank rate decision, and ECB Monthly Report could move markets.
BY Matthew Kanterman
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