Pre-Market Outlook: Global Equities Mixed, U.S. Futures Slightly Higher

Global equities are mixed in trade Wednesday as markets digest geopolitical turmoil in the North Africa/ Middle East region and Japan continues to emerge from its recent earthquake.Japanese stocks retreated today amid new estimates of the total cost of the natural disaster. The government projected damage from the earthquake and tsunami would range between 16-26 trillion Yen ($185-$308 billion).Companies like Sony (NYSE: SNE) and Toyota Motor (NYSE: TM) have had to adjust supply chains in order to accommodate global customers, and further disruptions are expected at other companies.European markets are generally higher Wednesday, despite concerns that Portugal's parliament would reject much-needed government austerity measures. Prime Minister Jose Socrates threatened to resign if the opposition rejected the proposals.Ongoing disputes in Libya and Yemen continue to be priced into the market, and traders are likely to pay close attention to developing news in the region. Derivatives contracts are indicating a slightly higher opening this morning, with S&P 500, Dow Jones Industrial Average, and Nasdaq futures all up more than 0.15%. U.S. stocks closed Tuesday lower, after rallying for three straight sessions.