Benzinga | May 28, 2013 07:38AM ET
U.S. equity futures rose sharply in early pre-market trade on relaxed fears of Federal Reserve tapering of easing, fears which drove markets lower last week. Eyes will be on key retail earnings and economic data in Tuesday's session for further direction as well as comments from the Europe-Next Steps conference in Paris.
Top News
In other news around the markets:
Asian shares were stronger overnight on relaxed fears over Japan's massive easing efforts as well as reduced fears over China's economy following weaker than expected data last week. The Japanese Nikkei Index rose 1.2 percent and the Shanghai Composite Index rose 1.24 percent while the Hang Seng Index gained 1.05 percent. Also, the Korean Kospi gained 0.32 percent and Australian shares added 0.22 percent.
European Markets
European shares were higher for the second consecutive day as U.K. markets reopened Tuesday following a bank holiday on Monday. The Spanish Ibex Index rose 1.32 percent and the Italian FTSE MIB Index gained 1.56 percent. Meanwhile, the German DAX rose 1.1 percent and the French CAC 40 gained 1.26 percent while U.K. shares rallied 1.66 percent.
Commodities
Commodities were mixed overnight as energy futures rallied while metal futures were mostly lower as the Dollar continued its trend of strengthening. WTI Crude futures rose 0.5 percent to $94.62 per barrel and Brent Crude futures gained 0.89 percent to $103.53 per barrel. Copper futures added 0.44 percent to $331.00 per pound. Gold was lower and silver futures declined 1.07 percent to $22.26.
Currencies
Currency markets continued to show dollar strength overnight as the greenback rose against most major trading partners while the yen resumed its decline. The EUR/USD was lower at 1.2920 and the dollar gained against the yen to 101.99, a gain of 1.02 percent. Overall, the Dollar Index gained 0.2 percent on strength against the yen, the euro, the Swiss franc, and the Canadian dollar. Notably, the Australian dollar was higher across the board despite Goldman Sachs making negative comments on the currency.
Earnings Reported Yesterday
Key companies that reported earnings Friday include:
Stocks moving in the pre-market included:
Notable companies expected to report earnings Tuesday include:
On the economics calendar Tuesday, the S&P Case-Shiller Index kicks off the calendar followed by Consumer Confidence data, the Richmond Fed Manufacturing Index, and the Dallas Fed Manufacturing Index. Also, the Treasury is set to auction 3- and 6-month bills and 2-year notes. Overnight, Bank of Japan Governor Kuroda is expected to speak, German unemployment data, German CPI, and Brazilian GDP are expected.
BY Matthew Kanterman
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