#PreMarket Primer for December 16: Japan's Tankan Survey Shows Broad Improvement
The Bank of Japan's latest Tankan survey results showed that business confidence in the nation rose to its highest level in six years from October to December.
Even more encouraging was that sentiment for smaller firms, which are normally last to receive the benefits of an economic recovery, also brightened. The index for big manufacturers' sentiment rose 4 points from the last quarter to plus 16.
The positive reading supported the BOJ's claims that the Japanese economy will be able to withstand the nation's planned sales tax hike. The central bank is set to hold a policy meeting on December 19-20, where most expect the bank to maintain its current policies.
Asian markets were mostly lower, the Japanese NIKKEI lost 1.28 percent and China's Shanghai composite was down 1.32 percent. The Shenzhen composite was down 1.61 percent and the Hang Seng index lost 0.51 percent.
European markets were also lower, the UK's FTSE lost 0.08 percent and the eurozone's STOXX 600 lost 0.21 percent. The German DAX fell 0.12 percent and France's CAC 40 was down 0.23 percent.
Energy futures were mixed, Brent futures were up 0.37 percent and WTI futures fell 0.27 percent. Gold fell 0.06 percent and sliver lost 0.28 percent. Industrial metals were up across the board with tin posting the largest gains, up 1.11 percent.
The euro remained above $1.37 and the pound gained 0.04 percent against the American currency. The dollar lost 0.43 percent to the yen and gained 0.10 percent against the Australian dollar.
Stocks moving in the Premarket included:Exxon Mobil Corp (NYSE: XOM ) gained 0.49 percent in premarket trade after falling 0.36 percent over the past five days International Game Technology (NYSE: IGT ) lost 6.72 percent in premarket trade after falling 2.52 percent over the past week Regions Financial Corp (NYSE: RF ) lost 2.52 percent in premarket trade after falling 1.85 percent over the past week Pfizer Inc (NYSE: PFE ) lost 0.33 percent in premarket trade after slipping 4.09 percent over the past week.
No notable earnings releases expected on Monday.
Notable economic releases on Monday will include US industrial production, British manufacturing production, the eurozone trade balance, and the eurozone's services and manufacturing PMI data.
For a recap of Friday's market action, click .
Tune into Benzinga's pre-market info show with Dennis Dick and Joel Elconin here .
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