Futures flat ahead of G20
Investors also eye earnings from several key US companies.
U.S. equity futures were relatively unchanged overnight ahead of the much anticipated G20 summit.
Dell (DELL) investors look set to try to block the proposed management buyout of the company as they look for a better deal.
Comcast (CMCSA) has announced that it will to purchase the remainder of the NBCUniversal joint venture from General Electric (GE) for $16.7 billion.
Eurozone industrial production rose 0.7% in December from November, well better than economist forecasts of a 0.2% rise and much better than November's reading of -0.7%.
In other news around the markets:
- S&P 500 futures were flat at 1,516.20.
- The EUR/USD was higher at 1.3469.
- Spanish 10-year government bond yields fell to 5.27%.
- Italian 10-year government bond yields fell to 4.46%.
- Gold fell 0.15% to $1,646.90 per ounce.
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Asian shares were mixed overnight with Japanese shares falling following the G7 statement confusion while other regional equities rallied. The Japanese Nikkei Index fell 1.04%. Also, the Korean kospi rose 1.56% and Australian shares rose 0.9%.
European shares were mixed overnight with moves remaining tepid in both directions. The Spanish Ibex Index rose 0.12% and the Italian FTSE MIB Index fell 0.16%. Meanwhile, the German DAX rose rose 0.05% and the French CAC fell 0.27% while U.K. shares fell 0.41%.
Commodities were were mixed overnight as energy futures rose and gold and silver fell. WTI crude futures rose 0.14% to $97.64 per barrel and Brent crude futures were flat at $118.66 per barrel. Copper futures rose 0.27% to $375.40 per pound. Gold was lower and silver futures declined 0.13% to $30.98 per ounce.
Currency markets showed euro strength and sterling weakness overnight as Bank of England Governor Mervyn King's press conference following the release of the BoE Inflation Report started. The EUR/USD was was higher at 1.3469 and the dollar fell against the yen to 93.38 while the sterling fell 0.42% to 1.5597. Overall, the Dollar Index fell 0.2% on weakness against the euro, the yen, and the Swedish krone. Notably, the Australian dollar was stronger and the EUR/GBP cross rose 0.63%.
Stocks moving in the premarket included:
- Comcast (CMCSA) shares rose 7.13% premarket following its deal with GE.
- Cliffs Natural Resources (CLF) shares fell 10.13% premarket after the company reported weaker than expected earnings and a secondary share offering.
- Yum Brands (YUM) shares rose 0.53% premarket ahead of major Taco Bell announcement Wednesday.
- WellPoint (WLP) shares fell 1.15% premarket as the company appointed a new CEO.
Notable companies expected to report earnings Wednesday include:
- Cisco (CSCO) is expected to report second quarter earnings per share of $0.48 vs. $0.47 a year ago.
- Comcast (CMCSA) is expected to report fourth quarter earnings per share of $0.53 vs. $0.47 a year ago.
- Deere (DE) is expected to report first quarter earnings per share of $1.40 vs. $1.30 a year ago.
- Metlife (MET) is expected to report fourth quarter earnings per share of $1.18 vs. $1.31 a year ago.
- NetApp (NTAP) is expected to report third quarter earnings per share of $0.56 vs. $0.58 a year ago.
- Zillow (Z) is expected to report fourth quarter earnings per share of $0.00 vs. $0.03 a year ago.
On the economics calendar Wednesday, MBA purchase applications and retail sales data are expected as well as import and export prices and business inventories. In addition, the Federal Reserve's James Bullard is set to speak and the Treasury will issue 10-year notes. Overnight, the Bank of Japan interest rate decision is expected followed by a press conference. Eurozone GDP data are expected alongside the ECB monthly report.
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