Benzinga | Mar 27, 2013 07:51AM ET
U.S. equity futures edged slightly lower in early pre-market trade following gains from Asia as energy futures retreated from range highs touched Tuesday. Also, weak economic data from Europe as well as post-Cyprus fears weighed on sentiment.
Top News
In other news around the markets:
Asian shares were higher overnight following gains in the U.S. The Japanese Nikkei Index rose 0.18 percent and the Shanghai Composite Index gained 0.16 percent while the Hang Seng Index rose 0.69 percent. Also, the Korean Kospi gained 0.49 percent and Australian shares added 0.9 percent.
European Markets
European shares were mostly lower in early trade on some weak economic data. The Spanish Ibex Index fell 1.28 percent, confirming a recent technical breakdown in Spanish stocks, and the Italian FTSE MIB Index declined 0.66 percent. Meanwhile, the German DAX declined 0.24 percent and the French CAC slid 0.57 percent while U.K. shares gained slightly by 0.06 percent.
Commodities
Commodities were slightly weaker overnight as weak European economic data sent futures lower from recent highs, especially in oil. WTI Crude futures declined 0.36 percent to $95.99 per barrel and Brent Crude futures fell 0.09 percent to $109.26 per barrel. Copper futures rose 0.07 percent to $344.50 per pound despite global inventories hitting a three-year high and hedge funds becoming the most bearish ever on copper. Gold was lower and silver futures fell 1.32 percent to $28.30 per ounce.
Currencies
Currency markets saw significant euro weakness overnight following growth fears as well as continued fears following the Cyprus bailout. The EUR/USD was lower at 1.2805 and the dollar rose against the yen to 94.52. Overall, the Dollar Index rose 0.22 percent on strength against the euro, the pound, the Swiss franc, the yen, and the Canadian dollar.
Pre-Market Movers
Stocks moving in the pre-market included:
Notable companies expected to report earnings Wednesday include:
On the economics calendar Wednesday, MBA Mortgage Applications and Canadian CPI are due out as well as Pending Home Sales. Also, Chicago Fed President Charles Evans is set to speak and the Treasury is set to auction 5-year notes. Overnight, German retail sales and employment data as well as Eurozone retail data should move markets.
BY Matthew Kanterman
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