Benzinga Market Primer, Wednesday June 13

US equity futures are signalling a slightly lower opening on Wednesday. On Tuesday, the market exerperienced a modest rally, with the Dow Jones closing up 162 points on the day.

S&P 500 futures are marginally lower by 2 points to 1324.18 and the tech heavy NASDAQ futures are down just 4.75 points to 2546.20. Overnight, Asian shares rallied following the risk-on sentiment of the New York session, with the Shanghai Composite closing up 1.27%. European shares are mixed, with Sweden being the laggard. Overnight, the following news stories broke:

Commodities are seeing a reversal of yesterday's moves, with WTI crude trading slightly lower to $83.24 per barrel and Brent crude trading 0.47% higher at $97.60 per barrel. Copper is trading higher by 0.55% to $335.40 per pound on the back of the Chinese strength. Gold is lower by one dollar and silver is slightly lower also. Spanish 10-year yields continue to move higher this morning and sit at 6.72% currently. Italian 10-years have tightened however, and now trade at 6.13%. The yield on the benchmark 10-year US treasury bond is also slightly higher at 1.68%. The euro is stronger against the dollar this morning, with the EUR/USD trading at 1.2526, up about 25 pips from the close yesterday. The greenback is stronger against the yen this morning, as well as the British pound and the Canadian dollar. On the economic front, today's releases include PPI inflation, retail sales, business inventories, crude oil and gasoline inventories, and a 10-year note auction. The retail sales number will be the most closely watched, with retail sales expected to fall 0.2% month-over-month compared to the previous 0.1% increase. Advance retail sales ca,e in at (-.2)% vs (0.2)% estimate. Also, inflation numbers will help traders judge how close the Federal Reserve may be to another round of easing, so the Core PPI release at 8:30 am will be watched. The market is looking for a +2.8% year-over-year change in core CPI, up from last month's 2.7% gain. The PPI came in MoM at (1.0)% vs (0.6)% estimate. If inflation stays high, the fed cannot act. Good luck and good trading.