Futures down on Chinese data, sequester
Market to open lower as budget cuts are set to commence Friday.
U.S. equity futures were down in the premarket after Chinese PMI came in at 50.10 Thursday night, worse than the 50.2 that was expected. The fiscal sequestration is also set to go into effect today.
In other news, Italian PMI came in below expectations at 45.8; expectations were for 47.60.
French PMI was reported better than expected at 43.9; expectations were for 43.6.
German PMI beat expectations at 50.3, more than the 50.1 that economists were anticipating.
- S&P 500 futures down about 8.50 points at 1504.75.
- The EUR/USD was lower at 1.3002.
- Click here for more of Benzinga's Top News stories!
Asian shares were generally lower following the disappointing Chinese PMI report. The Hong Kong Hang Seng slipped 0.61%, while the Shanghai Composite was down 0.17%. The exception was Japan's Nikkei 225, which rallied 0.41%.
European shares were broadly lower. The FTSE shed about 0.73%, while the DAX fell 1.07%.
Commodities largely down. Gold fell 0.59% to trade at $1568.80, while silver shed a more dramatic 1.25% to trade at $28.03. Crude oil dropped 1.68% to $90.50 and natural gas slumped 0.40% to trade at $3.4720. Copper and palladium were most severely hit. Copper fell 2.03% while palladium shed 2.17%.
The U.S. dollar showed relative strength on Friday, with the dollar index rallying 0.44% to 82.36. The GBP/USD and EUR/USD were both big losers, falling 0.82% and 0.44%, respectively. At the same time, the USD/CHF rose 0.56% and EUR/GBP added 0.35%.
Stocks moving in the premarket included:
- Groupon (GRPN) shares were up nearly 5% after CEO Andrew Mason was fired Thursday night.
- Intuitive Surgical (ISRG) shares rallied over 7% in the premarket after falling over 11% Thursday. Analysts at Cantor Fitzgerald upgraded the stock to a "buy" rating.
- Best Buy (BBY) shares rallied over 2% after reporting better than expected earnings.
- Salesforce (CRM) shares were up over 4% after posting earnings Thursday night.
On the economics calendar Friday, investors personal income and personal spending are due out at 8:30 a.m. ET At 9 a.m. ET, the U.S. manufacturing PMI will be released. At 9:55 a.m. ET, the University of Michigan consumer sentiment indicator will be reported. Then, at 10 a.m. ET, ISM manufacturing is set to be released.
More from Benzinga
Click here for your FREE trial of Benzinga Pro!
More deep cuts are needed. Mostly we need deep cuts in all the satanic Repukelicans, Neo-Cons, Loonetarians and Teabagturds JUGULARS, and then we'd see America prosper exponentially. The Party of NO has to GO! The Party of NO has to GO! The Party of NO has to GO!
Cleansing America of these TREASONOUS IMBECILES is in the best interest of all true Americans.
Deep cuts you can believe in! FORWARD!
God bless America!
No need to worry about scumbags and manipulators today....
Probably not going to start out pretty anyway....
We have had some roller coastering....And today is just another day....Except,
It's Freaky Friday, the First of March, and the day of the Sequester..
This will probably be interesting...?
Doubt we shall be bored.....As an Investor.?
Or a Pundit.
I really wonder, How many Americans, know much about the Sequester and how it will effect them ??
There has been a lot of confusing information thrown around...
Copyright © 2014 Microsoft. All rights reserved.
As geopolitical tensions threaten to spin out of control, investors are wondering how best to position their portfolios for the global turmoil.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.