By Matthew Kanterman

U.S. equity futures rose in premarket trading after the Dow Jones Industrial Average ($INDU) posted a new all time closing high, and on the back of stronger than expected services PMIs around the world. Notably, the ISM non-manufacturing index in the U.S. beat expectations with employment and new orders sub-indexes remaining strong.

In other news, the most recent revision confirmed the eurozone GDP for the fourth quarter contracted by 0.6%, in line with estimates and the same as the prior estimate. This is the area's second recession since 2009.

Spanish Treasury Minister Montoro spoke overnight, saying that Spain's budget remains strong and any revision to the deficit forecast for 2013 would be downwards from the 6.7% estimate.

Australian fourth quarter GDP was  grew by 0.6% in the quarter, or 3.1% annualized, in line with expectations though boosted by a 25% jump in government spending. Third quarter GDP growth was revised higher to 0.7% from 0.5%.

• S&P 500 futures rose 5.7 points to 1,542.80.
• The EUR/USD was lower at 1.3031.
• Spanish 10-year government bond yields fell to 5.00%.
• Italian 10-year government bond yields fell to 4.64%.
• Gold fell 0.05% to $1,574.00 per ounce.
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Asian markets
Asian shares were stronger overnight following Tuesday's strong showings of European and American on the back of strong services data. The Japanese Nikkei Index rose 2.13% and the Shanghai Composite Index rose 0.9% while the Hang Seng Index gained 0.96%. Also, the Korean Kospi rose 0.2% and Australian shares gained 0.86%.

European markets
European shares were higher, led by German shares boosted by industrial stocks. The Spanish Ibex Index rose 0.53% and the Italian FTSE MIB Index rose 0.11%. Meanwhile, the German DAX rose 0.98% and the French CAC rose 0.3% while U.K. shares gained 0.23%.

Commodities
Commodities were mostly lower overnight despite news that Venezuelan President Hugo Chavez has died. WTI crude futures fell 0.26% to $90.58 per barrel and Brent crude futures fell 0.31% to $111.30. Copper futures declined 0.28% to $350.45 per pound despite stronger than expected Australian GDP data. Gold was lower and silver futures rose 0.2% to $28.66.

Currencies
Currency markets were relatively quiet overnight save for the Swiss franc. The EUR/USD was lower at 1.3031 and the dollar gained against the yen to 93.90. Overall, the Dollar Index rose 0.11% on strength against the Swiss franc, the pound, the euro and the yen. Notably, the USD/CHF rose 0.4% and the EUR/CHF rose 0.23% showing broad franc weakness.

Premarket movers
Stocks moving in the premarket included:

• American Express (AXP) rose 0.59% premarket after announcing a new partnership with Twitter.
• J.C. Penney (JCP) shares continued to slide premarket, declining 1.00% after falling 10.63% Tuesday on news that Vornado (VNO), a key ally of Bill Ackman's, sold its 10 million share stake. Also, the company is in court with Macy's (M) over the use of the Martha Stewart brand name.
• Vodaphone (VOD) shares rose 1.57% premarket on reports that the company is considering selling its stake in Verizon (VZ).
• Berkshire Hathaway (BRK.A) (BRK.B) shares rose 0.53% premarket as Warren Buffett continues to hint that more large deals are in the pipeline and continues to reject the idea of a dividend.

Earnings
Notable companies expected to report earnings Wednesday include:

• American Eagle Outfitters (AEO) is expected to report fourth quarter earnings per share of $0.56 vs. $0.35 a year ago.
• Coca-Cola Bottling (COKE) is expected to report fourth quarter EPS of $0.60 vs. $0.20 a year ago.
• PetSmart (PETM) is expected to report fourth quarter EPS of $1.21 vs. $0.91 a year ago.
• Staples (SPLS) is expected to report fourth quarter EPS of $0.45 vs. $0.41 a year ago.
• Vail Resorts (MTN) is expected to report second quarter EPS of $1.70 vs. $1.27 a year ago.

Economics
On the economics calendar Wednesday, MBA purchase applications and ADP payrolls are due out as well as factory orders and the Beige Book. Also, Charles Plosser of the Philadelphia Fed is set to speak and Richard Fisher of the Dallas Fed is set to speak twice. In addition, the Treasury is set to auction STRIPS.

Overnight, central banks will be in focus as the Bank of Japan, Bank of England and the European Central Bank all are set to release interest rate decisions.

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