Benzinga | Dec 31, 2012 11:42PM ET
U.S. equity futures were higher but the Futures-Fair Value was lower, indicating a lower open for Wall Street Monday. Late Friday, futures crashed as investors feared that politicians were heading into the weekend neither with a deal nor a framework for such an agreement. As of writing, there are about 18 hours until the Fiscal Cliff.
Top News
In other news around the markets:
Asian shares were mixed overnight with strength in China and Japan offset by weakness in Australia and Hong Kong. The Japanese Nikkei Index rose 0.7 percent in Tokyo trading while the Shanghai Composite Index rose 1.61 percent on positive manufacturing data while Hong Kong shares slipped 0.04 percent. In addition, the Korean Kospi rose 0.49 percent as weak inflation data signaled more room for monetary easing and Australian shares dropped 0.48 percent.
European Markets
European shares were mostly lower on Fiscal Cliff fears in early Monday trade. The Spanish Ibex Index fell 0.43 percent and the Italian MIB Index fell 0.43 percent, leading peripheral shares lower. Meanwhile, the German DAX fell 0.57 percent while the French CAC rose 0.37 percent and U.K. shares fell 0.41 percent.
Commodities
Commodities were mixed overnight as weakness in the energy complex was offset by strength in metals. WTI Crude futures fell 0.09 percent to $90.72 per barrel and Brent Crude futures fell 0.37 percent to $110.21 per barrel. Copper futures rose on the positive HSBC China Manufacturing PMI, which rose to 51.5 in December from 50.5 in November; copper futures rose 0.68 percent to $361.40 per pound. Gold was higher and silver futures rose 0.53 percent to $30.14 per ounce.
Currencies
Currency markets showed broad euro weakness overnight as Fiscal Cliff fears sent investors to the safety of the dollar. The EUR/USD was lower at 1.3189 and the dollar rose against the yen to 86.11. Overall, the Dollar Index rose 0.13 percent on strength against the euro, the yen, and the Swiss franc. The notable mover is the EUR/GBP cross, falling 0.35 percent to 0.8152 as the pair is stalling out at strong neckline resistance on the 1-year chart.
Pre-Market Movers
Stocks moving in the pre-market included:
No notable companies are expected to report earnings Monday.
Economics
On the economics calendar Monday, the Dallas Fed Manufacturing Survey is due out at 10:30 am. Overnight, the official Chinese Manufacturing PMI for December is due out and early Wednesday, European manufacturing PMI's from the major countries as well as the pan-European manufacturing PMI are expected.
By Matthew Kanterman
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.