European Indices Near Session Lows
04-Feb-13 08:30 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -10.00. Nasdaq futures vs fair value: -18.50. U.S. equity futures have slipped to fresh pre-market lows with the S&P 500 futures down 0.5%. Downbeat pre-market trade continues as European indices trade near their lows. Peripheral indices are contributing to the notable underperformance as the Italian MIB and Spanish IBEX trade with respective losses of 2.5% and 2.0%.
In Italy, financials are under considerable pressure as the country's regulators investigate five banks for improprieties. Today, a handful of shares on the Italian exchange were halted on their way down. Financial Unicredit and defense contractor Finmeccanica were among those affected by trading halts.
Elsewhere, Spain's IBEX is extending its recent weakness after Spain's largest daily newspaper, El Pais, alleged Prime Minister Mariano Rajoy has been involved in his party's kickback scheme dating back to 1997. Opposition leaders have called on Mr. Rajoy to resign. However, the prime minister claims no wrongdoing has taken place.