[BRIEFING.COM] S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +4.20.
U.S. equity futures are modestly higher amid mixed overseas trade. The S&P 500 futures are currently adding 0.3%.
Looking at overseas developments:
- Major Asian bourses were closed as China began welcoming the New Year while Japan celebrated its National Foundation Day. Elsewhere, Australia's ASE shed 0.2% and India's Sensex slipped 0.1%.
- In regional economic data:
- Australia's home loans declined 1.5% while a downtick of 0.1% was generally expected.
- In news:
- Chinese financial press reported the People's Bank of China is limiting bank lending with some of the largest state owned banks targeted with the new measures.
- European markets are mixed. Germany's DAX is adding 0.1%, the United Kingdom's FTSE is higher by 0.4%, and France's CAC is rising 0.7%. On the periphery, Italy's MIB is shedding 0.1% and Spain's IBEX is down 0.4%.
- Looking at notable economic data:
- French industrial production slipped 0.1% month-over-month. The reading was slightly better than the generally expected decline of 0.2%.
- Germany auctioned off 6-month Bubills at a yield of 0.020%. This was the first 6-month auction with a positive yield since June of last year.
- In notable news:
- Eurogroup head Jeroen Dijsselbloem said it is the region's responsibility to assist Cyprus with a comprehensive package.
- Silvio Berlusconi, whose party is just points behind the front running Democratic Party, pledged to lower spending and implement tax cuts.
- In Spain, Prime Minister Mariano Rajoy has made public 10 years of his income and tax payment records in order to counter allegations of having received kickbacks from his party's secret slush fund dating back to 1997.
In U.S. corporate news:
- AOL (AOL 34.70, +0.98) is higher by 2.9% after Jefferies raised its target for the stock to $50 from $44.
- Celgene (CELG 102.50, +2.37) is adding 2.4% after the company's experimental treatment for refractory multiple myeloma has been granted full approval for use in China.
There is no economic data scheduled to be released today.