Futures rise after Hurricane Sandy departs
Financial markets slowly begin to recover after a historic 2-day closure.
U.S. equity futures rose in early Wednesday trading as the East Coast began recovering from the effects of Hurricane Sandy.
Although it is great news that stock exchanges will reopen Wednesday, we here at Benzinga wanted to say that what is more important is that everyone hopefully ended up safe. To those still suffering the effects of the storm, the 8.2 million or so buildings without electricity, we wish the best.
In other news, David Einhorn of Greenlight Capital is now short iron ore futures as he believes the global economy and China are both set to slow further.
Italy's unemployment rate rose to 10.8%in September, up from the previous 10.6%and in line with economist expectations.
Greek Finance Minister Stournaras has officially presented a budget to Parliament, who has until November 11 to pass the budget in order to receive the next bailout payment from the Troika.
- S&P 500 futures rose 9.6 points to 1,417.20.
- The EUR/USD was higher at 1.3003.
- Spanish 10-year government bond yields fell to 5.63%.
- Italian 10-year government bond yields fell to 4.95%.
- Gold rose 0.29%to $1,717.10 per ounce
Commodities were higher in overnight trading as markets had a risk-on sentiment. WTI crude futures rose 0.84%to $86.40 per barrel and Brent crude futures rose 0.45%to $109.57 per barrel. Copper futures rose 1.14%to $354.60 as Chinese shares rallied. Gold was higher and silver futures rose 1.00%to $32.135 per ounce.
The dollar was for sale and the euro was bid up in overnight trading as risk-on sentiment dominated risk markets. The EUR/USD was higher at 1.3003 and the dollar rose against the yen to 79.74. Overall, the Dollar Index fell 0.24%to 79.74 on weakness against the euro, the pound, the Canadian dollar, and the Swiss franc. The EUR/GBP was also bouncing as the Bundesbank was seen buying its month-end flows and the Aussie dollar rose against nearly all partners.
- Advanced Micro Devices (AMD) rose 2.42% premarket as the company's price target was reiterated at Barclays.
- Ford (F) shares rose 1.93%as the company reported strong North American earnings in the third quarter despite weakness in Europe.
- Halliburton (HAL) shares fell 1.76%in premarket trading as the company was negatively highlighted in a Seeking Alpha article.
- IBM (IBM) shares rose 1.2% premarket as the board increased the size of its share buyback plan by 75%to $11.7 billion.
- Anheuser-Busch Inbev (BUD) is expected to report third quarter earnings per share of $1.27 vs. $1.09 a year ago.
- Clorox Corporation (CLX) is expected to report first quarter earnings per share of $0.95 vs. $0.98 a year ago.
- General Motors (GM) is expected to report third quarter earnings per share of $0.60 vs. $1.03 a year ago.
- MGM Resorts (MGM) is expected to report a third quarter loss of $0.17 vs. a loss of $0.14 a year ago.
- Visa (V) is expected to report fourth quarter earnings per share of $1.50 vs. $1.27 a year ago.
On the economic calendar Wednesday, MBA Purchase Applications and the Chicago PMI are due out. In addition, the Federal Reserve's Williams is set to speak. Traders should also watch for data out of China late Wednesday night, as the official Chinese Manufacturing PMI is due out as well as the China HSBC Manufacturing PMI Index.
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The idea of US crude being a shelter from turmoil abroad may not be as far fetched as it seems.
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