Futures Slip on Earnings, FOMC
U.S. equity futures slipped in early Tuesday trade following mixed earnings reports Monday and ahead of the FOMC meeting that is set to end Wednesday. It will be interesting to see the policy statement on Wednesday, as the new Fed Presidents take their seats on the FOMC due to the annual rotation and the new FOMC has a slightly more dovish tilt.
Top News
In other news around the markets:
Asian Markets
Asian shares were mixed overnight led higher by Japanese and Chinese shares. The Japanese Nikkei Index rose 0.39 percent and the Shanghai Composite Index rose 0.53 percent while the Hang Seng Index declined 0.07 percent. Also, the Korean Kospi rose 0.84 percent and Australian shares rose 1.11 percent.
European Markets
European shares were mostly lower in early trade, albeit slightly lower, following the weak Spanish retail data. The Spanish Ibex Index fell 0.25 percent and the Italian MIB Index declined 0.22 percent. Meanwhile, the German DAX declined 0.1 percent and the French CAC fell 0.26 percent while U.K. shares rose 0.14 percent.
Commodities
Commodities were mixed overnight with energy futures lagging and metal futures leading. WTI Crude futures were flat at $96.44 per barrel and Brent Crude futures declined 0.27 percent to $113.17 per barrel. Copper futures were flat at $366.15 per pound despite strength in Australian and Chinese shares. Gold was higher and silver futures rose 0.81 percent to $31.03 per ounce.
Currencies
Currency markets were mixed overnight with yen and euro crosses indicating a risk-off feel while the pound recouped some of its heavy losses from Monday and the Australian dollar rallied. The EUR/USD was lower at 1.3442, the GBP/USD was higher at 1.5724 after declining strongly on Monday, and the dollar fell against the yen to 90.50. Overall, the Dollar Index rose 0.02 percent on strength against the euro, the Swiss franc, and the Swedish krone. Also, the AUD/USD was higher at 1.0449, a gain of 0.3 percent.
Pre-Market Movers
Stocks moving in the pre-market included:
Earnings
Notable companies expected to report earnings Tuesday include:
Economics
On the economics calendar Tuesday, the January FOMC meeting begins today and the Redbook is due out. Also, the S&P Case-Shiller Home Price Index is due out and consumer confidence data is expected. In addition, the Treasury is set to auction 4-week bills and 5-year notes. Overnight, Spanish GDP data is due out and Italian and German bond auctions are expected.
Good luck and good trading.
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Tags: Chinese Academy of Social Sciences, Earnings, FOMC, German Bond Auction, Italian Bond Auction, Moody’s, Redbook, S&P Case-Shiller Home Price Index, Spanish GDP, Spanish Retail Sales
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