U.S. equity futures rose Monday as bond markets remain closed in observance of Veteran's Day.

 

Over the weekend, Greek lawmakers passed the austerity budget, a crucial step before the troika could release the next tranche of bailout payments so that Greece can pay off maturing debt.

 

Also, late Friday night, China reported that its trade balance rose to 32 billion yuan from 27.7 billion yuan the month before, beating expectations of a drop to 26.85 billion yuan.

 

In other news around the markets, Fitch released cautious comments on Spain overnight, warning that the deficit is still a concern and that asking for ESM support would not materially alter ratings.

 

Italy's Prime Minister Monti released a statement indicating that Italy has no intention to ask for a bailout. Consensus thinking among analysts is that Italy will follow Spain into an ESM program just to place a cap on borrowing costs, not because it needs the money.

 

The International Energy Agency predicts the U.S. to overtake Saudi Arabia by 2020 in oil production.

• S&P 500 futures rose 3.6 points to 1,379.85.
• The EUR/USD was flat at 1.2713.
• Spanish 10-year government bond yields rose to 5.87%.
• Italian 10-year government bond yields rose to 5.001%.
• Gold futures rose 0.3% to $1,736.10 per ounce.

 

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Commodities

Commodities were mixed overnight with energy futures weighing on commodities. WTI crude futures fell by 0.2% to $85.90 per barrel and Brent crude futures fell 0.29% to $109.08 per barrel. Copper futures rose 0.04% to $344.70 per pound, boosted by the stronger than expected Chinese trade data. Gold was higher and silver futures rose 0.29% to $32.70 per ounce.

 

Currencies

Currency markets were tepid overnight with moves restricted to tight ranges save for the Aussie dollar, which showed marginal strength. The EUR/USD was flat at 1.2713 and the dollar fell against the yen to 79.40 as U.S. bond yields continue to tighten. Overall, the Dollar Index was flat overnight with strength seen against the Canadian dollar and the Swiss franc and weakness against the Swedish krone and the yen. Also, the AUD/USD rose 44 pips, or 0.42%, to 1.0431 in overnight trade and the Aussie was also stronger against the yen and the euro, with the EUR/AUD pair falling 52 pips or 0.42% to 1.2185, the lowest level since mid-August.

 

Premarket Movers

• Titanium Metals Crop. (TIE) shares rose 41.4% in premarket trading has the company has entered a definitive arrangement to be bought by Precision Castparts (PCP).
• Coca Cola (KO) shares rose 0.72% on positive comments on Seeking Alpha and the Motley Fool.
• Time Warner (TWX) shares rose 0.65% as the latest installment of the Bond series, Skyfall, had the greatest opening of any Bond movie in history.
• Caterpillar (CAT) shares fell 0.68% as investors fear that the fiscal cliff will lead to a drop in orders.
• Apple (AAPL) shares continued to climb in premarket trading, rising 0.54% after a 1.73% gain on Friday.

 

Earnings

• Beazer Homes (BZH) is expected to report a fourth quarter loss of $1.22 per share vs. a loss of $2.90 a year ago.
• Focus Media Holding Ltd. (FMCN) is expected to report third quarter earnings per share of $0.70 vs. $0.59 a year ago. The company has been the subject of criticism following negative comments from Muddy Waters Reasearch over a year ago.
• Weatherford International (WFT) is expected to report third quarter earnings per share of $0.23 vs. $0.26 a year ago.
• Wesco Aircraft Holdings (WAIR) is expected to report fourth quarter earnings per share of $0.24 vs. $0.24 a year ago.

 

Economics

In honor of the Veteran's Day holiday celebrated Sunday, economic data releases will be delayed until Tuesday in the U.S. Overnight Monday into Tuesday, French Non-Farm Payrolls and the German ZEW Economic Survey are due out.

 

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