[BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +9.50.
U.S. equity futures trade near their pre-market highs with the S&P 500 futures up 0.4%.
Looking at overnight developments:
- Asian markets ended on a mixed note. China's Shanghai Composite rose 0.2% while Hong Kong's Hang Seng shed 0.3% and Japan's Nikkei lost 1.2%.
- Reviewing regional economic data:
- Japan reported a trade deficit of JPY0.92 trillion, in-line with expectations.
- China's house prices rose 3.6% month-over-month to follow the prior month's increase of 2.1%. Meanwhile, foreign direct investment increased 1.44% to follow a decline of 1.35% reported in the prior period.
- Hong Kong's unemployment rate ticked up to 3.5% while the consensus had expected the rate to remain at 3.4%.
- In news:
- Nikkei News suggested the Bank of Japan may hike its inflation expectations at its upcoming policy meeting.
- Major European indices are hovering near their highs. The United Kingdom's FTSE is higher by 0.4%, Germany's DAX is rising 0.5%, and France's CAC is firmer by 0.9%. Elsewhere, Italy's MIB and Spain's IBEX are both up 1.4%.
- Market participants received just one economic data point from the United Kingdom:
- The UK's retail sales slipped 0.7% month-over-month (-0.8% expected) while the year-over-year reading declined 0.5% (-0.6% forecast).
- Looking at news:
- The Italian parliament has failed to elect a president on the first ballot.
- In Germany, Chancellor Angela Merkel fell short of a coalition majority vote regarding the Cypriot bailout.
In U.S. corporate news:
- Morgan Stanley (MS 21.25, -0.22) is down 0.8% after reporting mixed earnings. The financial beat on earnings while its revenue came up short of estimates.
- eBay (EBAY 54.37, -1.73) is down 3.1% despite beating on earnings. However, the online auction site guided second quarter earnings and revenue below consensus.
Weekly initial and continuing claims will be reported at 8:30 ET while March leading indicators and the April Philadelphia Fed Survey are both set to cross the wires at 10:00 ET.