Benzinga | Jun 27, 2013 07:45AM ET
U.S. equity futures rose marginally in early pre-market trade following better than expected confidence data in the eurozone and a strong day Wednesday on the "tapering of the tapering" trade as investors fear tapering is further off given weaker than expected data. However, some negative signs from within the U.K. GDP report echoed fears raised by the U.S. GDP report Wednesday.
Top News
In other news around the markets:
Asian shares were mostly stronger overnight save for Chinese stocks as Japanese markets had a strong day on little news. The Nikkei 225 Index gained 2.96 percent and the Topix Index rose 2.76 percent. In Hong Kong, the Hang Seng Index gained 0.5 percent while the Shanghai Composite Index slipped 0.08 percent in China. Also, the Korean Kospi rose 2.87 percent and Australian shares rose 1.68 percent as the country awaits the new government.
European Markets
European shares were mixed overnight as Spanish stocks plunged. The Spanish Ibex Index declined 1.29 percent dragging Italy's FTSE MIB Index lower by 0.26 percent. Meanwhile, the German DAX fell 0.03 percent and the French CAC 40 slipped 0.17 percent while U.K. shares rose 0.34 percent.
Commodities
Commodities were mostly higher overnight as precious metals recovered some of the large losses. WTI Crude futures rose 0.34 percent to $95.82 per barrel and Brent Crude futures rose 0.52 percent to $102.19 per barrel. Copper futures rose 0.87 percent to $306.70 per pound. Gold was higher and silver futures gained 0.63 percent to $18.73 per ounce.
Currencies
Currency markets were once again rather quiet overnight as currency pairs traded in tight bands. The EUR/USD was higher at 1.3030 and the dollar rose against the yen to 98.06. Overall, the Dollar Index fell 0.11 percent on weakness against the euro and the Canadian dollar despite strength against the yen, the pound, and the Swiss franc.
Earnings Reported Yesterday
Key companies that reported earnings Wednesday include:
Notable companies expected to report earnings Thursday include:
On the economics calendar Thursday, weekly jobless claims and the PCE price index are due out followed by pending home sales and the Kansas City Manufacturing Index. Speeches from Fed members Dudley, Powell, and Lockhart are also expected as well as a 7-year note auction. Overnight, Japanese industrial production, German retail sales, and the Spanish budget statement are due out.
BY Matthew Kanterman
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