Futures slightly higher despite euro fears
Eurogroup Finance Minister Dijsselbloem creates uncertainty as he switches back and forth between important components of the Cyprus bailout terms.
U.S. equity futures were slightly higher in early premarket trade despite fears emanating from the eurozone over a new bailout template laid out by Cyprus.
Comments from Eurogroup Finance Minister Jeroen Dijsselbloem sent markets lower Monday after he insisted that uninsured deposits will now be part of all bailouts. However, he later backtracked on some of the comments, creating even more uncertainty.
In other news, Cyprus central bank President Michael Sarris said he expected the nation's banks to open on Thursday with capital controls to remain in place "for weeks."
Greek bank Piraeus said it expects to complete the purchase of Greek branches of Cypriot banks by this morning, a key part of Cyprus's bank restructuring process.
Dallas Federal Reserve President Richard Fisher spoke this morning in Dubai, saying that he still expects 2%-3% growth this year and reiterated the stance of Chairman Bernanke in saying that the real problem in the U.S. is not monetary policy but fiscal policy.
S&P 500 futures rose 3.2 points to 1,549.50.
The EUR/USD was higher at 1.2868.
Spanish 10-year government bond yields fell to 4.91% from 4.96%.
Italian 10-year government bond yields fell to 4.53% from 4.6%.
Gold fell 0.45% to $1,599.50.
Asian shares were mostly lower overnight following similar moves from Europe and the Americas Monday. The Japanese Nikkei Index fell 0.6% and the Shanghai Composite Index fell 1.25% while the Hang Seng Index rose 0.27%. Also, the Korean Kospi rose 0.3% while Australian shares declined 0.8%.
European shares were mostly higher overnight, reversing the strong weakness from Monday. The Spanish Ibex Index was the exception, declining 0.79% and the Italian FTSE MIB Index rose 0.15%. Meanwhile, the German DAX rose 0.18% and the French CAC rose 0.61% while U.K. shares were flat.
Commodities were mixed overnight on growth fears emanating from Europe. WTI crude futures rose 0.4% to $95.19 per barrel and Brent crude futures declined 0.11% to $108.05 per barrel. Copper futures rose 0.33% to $345.65 per pound despite hedge funds placing record bearish bets on the metal as inventories globally swell. Gold was lower and silver futures declined 0.23% to $28.75 per ounce.
Currency markets were rather quiet overnight as major pairs moved in tight ranges. The EUR/USD was higher at 1.2868 and the dollar rose against the yen to 94.18. Overall, the Dollar Index declined 0.06% on weakness against the pound, the Canadian dollar, and the Swedish krone.
Stocks moving in the premarket included:
Corning (GLW) shares rose 3.84% premarket as the company filed a patent for a new, more efficient glass production process which will cut costs.
Bank of America (BAC) shares rose 0.4% premarket following reports CEO Brian Moynihan will be forced to hold stock compensation longer than previously.
Sonic (SONC) shares rose 4.01% premarket after the company reported earnings in line with analyst estimates.
Calumet Specialty Product Partners (CLMT) shares fell 3.76% premarket after the company announced a secondary offering of 5.2 million shares, or about 10% of the float.
Notable companies expected to report earnings Tuesday include:
Mattress Firm Holding (MFRM) is expected to report fourth quarter earnings per share of $0.32 vs. $0.63 a year ago.
The Children's Place (PLCE) is expected to report fourth quarter earnings per share of $1.04 vs. $0.87 a year ago.
SAIC (SAI) is expected to report fourth quarter earnings per share of $0.52 vs. a loss of $0.49 per share a year ago.
On the economics calendar Tuesday, durable goods orders and the Redbook are due out followed by the highly anticipated Case-Shiller home price index. Also, housing starts and new home sales data is expected followed by the Richmond Fed manufacturing index and consumer confidence data. In addition, the Treasury is set to auction four-week bills and two-year notes. Overnight, French and British GDP data is due out and should move markets.
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