Benzinga | May 21, 2013 08:01AM ET
Although far from anything resembling a correction, the markets ended Monday’s trading session barely in the red on the back of a weak dollar and gold that started the day sharply lower but rebounded.
Tuesday, traders will watch for signs of follow-thru of yesterday’s pullback. Here’s what happened overnight:
Morning News
The Nikkei began the trading session sharply lower but rose to another high, up 20.21 points or 0.20 percent to 15381.02—catching its breath after a strong Monday.
Other markets were mostly down. The Kopsi is flat, the Shanghai composite was up 0.22 percent, and the ASX 200, the Australian index, was down 0.56 percent.
European Markets
European shares were mostly lower overnight as investors prepare for key Federal Reserve comments on Wednesday. The Spanish Ibex Index was down 0.92 percent and the Italian FTSE MIB Index lost 0.80 percent. Meanwhile, the German DAX was down 0.52 percent and the French CAC 40 shed 0.40 percent while U.K. shares were flat.
Commodities
Commodities were mostly mixed overnight with WTI Crude futures falling 0.20 percent to $95.52 per barrel while Brent Crude futures down 0.12 percent to $103.80 per barrel. Copper futures fell 0.12 percent to $335.60 and silver futures continued the selloff down 0.26 percent to $22.64 per ounce.
Currencies
The Japanese Yen showed continued weakness against the dollar, falling to 102.66—a loss of 0.40 percent. Reports surfaced that Japanese officials said that the currency may have now weakened enough. The GBP/USD was down fractionally at 1.5179, and the EUR/USD was mostly unchanged 1.2881.
Earnings Reported Monday
API Weekly crude and gasoline inventories will be reported today and FOMC members Bullard and Dudley will speak.
BY Tim Parker
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