Futures Higher on Economic Data
U.S. equity futures are significantly up in early pre-market
trade based on strong Asian and European PMI data. In addition, the
Bank of England and European Central Bank are expected to reaffirm
a policy of easing Thursday morning.
Eurozone manufacturing is growing for the first time in two years.
PMI came in at 50.3 versus the previous 48.8. China's HSBC
manufacturing PMI is down from 48.2 to 47.7. However, the NBS
manufacturing PMI rose from 50.1 to 50.3, beating expectations.
S&P futures are up 13.3 points to 1693.8 The EUR/USD is down
0.0067 to 1.3235 Crude Oil futures are up $1.22 to $106.25. Gold
futures are up $10.10 this morning to $1323.10.
Asian markets surged overnight on strong economic data. The
Japanese Nikkei 225 Index gained 2.47 percent and the Topix Index
rose 2.80 percent. In Hong Kong, the Hang Seng Index added 0.94
percent while the Shanghai Composite Index rose 1.77 percent in
China. Also, the Korean Kospi added 0.35 percent.
European shares also gained value on strong economic data and
anticipation for central banks to reaffirm easing. The Spanish Ibex
Index rose 0.49 percent and the Italian FTSE MIB Index declined
1.09 percent. Similarily, the German DAX rose 1.08 percent and the
French CAC 40 Index rose 0.38 percent while U.K. shares gained 0.38
Commodities were mostly higher overnight with oil seeing a
sizable increase. WTI Crude futures gained 1.15 percent to $106.24
per barrel and Brent Crude futures added 0.96 percent to $108.73
per barrel. Copper futures rose 1.19 percent to $315.55 per pound.
Gold was higher and silver futures climbed 0.07 percent to $19.70
Currency markets were on the move overnight as the euro and
pound strengthened ahead of announcements from the European Central
bank and Bank of England. The EUR/USD was lower at 1.3241 and the
dollar rose against the yen to 98.8000. The EUR/JPY bundle rose to
Earnings Reported Yesterday
Key companies that reported earnings Wednesday include:
Honda Motor Co (NYSE:
) reported second quarter EPS of $0.69 on revenue of $28.75 billion
vs. $29.49 billion. Comcast (NASDAQ:
) reported second quarter EPS of $0.65 vs. $0.63 expected on
revenue of $16.27 billion vs. $16.01 billion. Anheuser-Busch Inbev
) reported second quarter EPS of $0.93 vs. $1.03 expected on
revenue of $10.60 billion vs. $16.20 billion. Allstate Corporation
) reported second quarter EPS of $1.12 vs. $0.98 expected on
revenue of $8.79 billion vs. $7.00 billion. Mastercard Incorporated
) reported second quarter EPS of $6.96 vs. $6.30 expected on
revenue of $2.10 billion vs. $2.00 billion.
Stocks moving in the pre-market included:
) is up 4.05 percent to $38.77 after the company reported strong
earnings. MasterCard (NYSE:
) is also up on strong earnings to $625. Amgen (NASDAQ:
) is down this morning after sliding 2.62 percent yesterday on bad
earnings. Shares are down 2.83 percent in the pre-market to $108.05
Notable companies expected to report earnings Thursday
) is expected to report second quarter EPS of $1.29 vs. $1.22 a
year ago on revenue of $12.75 billion vs. $13.99 billion a year
ago. DIRECTV (NASDAQ:
) is expected to report second quarter EPS of $1.33 vs. $1.09 a
year ago on revenue of $7.76 billion vs. $7.22 billion a year ago.
) is expected to report second quarter EPS of $0.39 vs. $0.36 a
year ago on revenue of $5.73 billion vs. $5.72 billion a year ago.
Kraft Foods (NASDAQ:
) is expected to report second quarter EPS of $0.66 on revenue of
$4.81 billion. Barrick Gold (NYSE:
) is expected to report second quarter EPS of $0.59 vs. $0.78 a
year ago on revenue of $3.10 billion vs. $3.28 billion a year ago.
) is expected to report second quarter EPS of $0.31 vs. $0.16 a
year ago on revenue of $354.04 million vs. $228.21 million a year
ago. Marathon Petroleum (NYSE:
) is expected to report second quarter EPS of $1.93 vs. $2.53 a
year ago Exxon Mobil (NYSE:
) is expected to report second quarter EPS of $1.90 vs. $1.80 a
Thursday is PMI day. Overnight, the manufacturing PMI will came
out from China, early in the morning the eurozone and many European
countries reported their figures, and at 8:00 am the United States
number will be released. US ISM manufacturing data will also come
out at 10:00 am. At 8:30 this morning, initial and continuing
jobless claims will be published. The natural gas figure at 10:30
am will be interesting to watch because suspicious trade patterns
indicate the figure is regularly leaked. The last big figure of the
day are total vehicle sales after hours.
Good luck and good trading.
Tune into Benzinga's PreMarket Info show with Dennis Dick and
For a recap of Wednesday's market action, read Benzinga's daily
market wrap .
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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