Overnight Summary — US futures slipping from highs
The global equity markets are mixed, however US futures are slightly lower. S&P Futures are down about 14 points to trade around the 4490 area. The market started off on a high note with buying peaking out at 4514.00. Since then, sellers captured control to see spoos just off the session low of 4487.25
In Asia, China gained 0.3% while Japan returned a robust 3.0%. The Shanghai spent the day in quiet fashion with the index never deviating far from the neutral zone. The modest gain on Wednesday finished just off the high. In Japan, the Nikkei saw export stocks fly higher with the recent weakness in the yen. Heavyweights paced the way with SoftBank surging 7% and Fast Retailing rising 5%.
In Europe, the major bourses are little changed. Inflation in the UK ran hotter than expected in February represented by the Core CPI figure rising 0.8% compared to the forecast of 0.5%. Commodity stocks are among the best performers of the day. Mining names such as Anglo American, Antofagasta and Glencore are up over 1%. Meanwhile, energy plays such as BP and Shell are up around 3%.