Benzinga | Feb 25, 2013 06:43AM ET
U.S. equity futures rose slightly in pre-market trading, despite the downgrade of the U.K.'s sovereign credit rating to Aa1 from AAA by Moody's. Also, the China HSBC Flash Manufacturing PMI for February was released at 50.4, weaker than expectations of 52.2 and below the previous reading of 52.3.
Top News
In other news around the markets:
Asian shares were mostly higher overnight, led by Japanese shares following the Bank of Japan nominations. The Japanese Nikkei Index rose 2.43 percent and the Shanghai Composite Index rose 0.5 percent while the Hang Seng Index rose 0.17 percent. The Korean Kospi fell 0.46 percent, and Australian shares rose 0.75 percent.
European Markets
European shares were higher overnight ahead of the Italian election results. The Spanish Ibex Index rose 0.68 percent and the Italian FTSE MIB Index rose 0.85 percent. Meanwhile, the German DAX rose 1.29 percent, and the French CAC rose 0.66 percent while U.K. shares rose 0.46 percent.
Commodities
Commodities were stronger overnight, after last week's massive weakness despite the weaker than expected China data. WTI Crude futures rose 0.75 percent to $93.83 per barrel and Brent Crude futures rose 0.91 percent to $115.14 per barrel. Copper futures rose 0.37 percent to $356.35 as mining stocks rallied. Gold was higher and silver futures rose 2.03 percent to $29.10 per ounce.
Currencies
Currency markets were in flux overnight as the euro strengthened, the pound weakened and the yen continued its slide. The EUR/USD was higher at 1.3258 and the dollar rose against the yen to 93.87 and the cable fell to 1.5146. Overall, the Dollar Index fell 0.23 percent on weakness against the euro and the swiss franc. Also, the AUD/USD was weaker following the Chinese manufacturing data and the EUR/GBP rose 0.62 percent following the U.K. downgrade while the EUR/JPY rose 0.99 percent.
Pre-Market Movers
Stocks moving in the pre-market included:
Notable companies expected to report earnings Monday include:
On the economics calendar Monday, the Chicago Fed National Activity Index and the Dallas Fed Manufacturing Survey are due. The Treasury is also set to auction 3- and 6-month bills as well as 2-year notes. Lastly, the Fed's Dennis Lockhart is expected to speak. In Europe, look for Italian exit polls to leak out approximately one hour after polls close at 9 am eastern. Overnight, look for clearer Italian election results as well as an Italian 6-month bill auction.
BY Matthew Kanterman
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