Mid-Day Summary: 8.9 Magnitude Earthquake In Japan Creates Uncertainty Overnight

After closing near their lows yesterday, U.S. equity index futures continued to decline overnight, further magnified by a massive earthquake in Japan. The DOW futures lost close to 100 points in minutes as the news was released, while the Yen appreciated against all of the majors. After the 6.8 magnitude Great Hanshin earthquake, or Kobe earthquake, in January of 1995, the Yen appreciated against the dollar in the following months. The Nikkei futures traded lower by 2.86%.

U.S. equity markets stabilized going into the cash open. The grain markets have trended lower all week and remain weak overnight going into the pit open. Silver has surged 5.34% from a 7:00 a.m. low, while gold futures are higher but less volatile. The dollar is weaker against the euro, giving back some of yesterday's gains.

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Posted In: NewsFuturesCommoditiesForexGlobalIntraday UpdateGreat Hanshin earthquakeThe NikkeiU.S. equity index
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