Stock index futures were mixed ahead of the open Tuesday as investors kept a wary eye on events still developing in Japan and Libya.
Smoke and steam rose from two of the most threatening reactors at Japan's quake-crippled nuclear plant, suggesting the battle to avert a disastrous meltdown and stop the spread of radiation was far from won. Another 6.3 magnitude earthquake shook Miyagi and Fukushima prefectures in northeast Japan Tuesday morning.
The president of the Tokyo stock exchange told CNBC said the bourse was not considering shortening trading hours to deal with the electricity shortage Japan faces following the devastating earthquake. Shares in Japan rose 4 percent on Tuesday.
Oil pricesare once again on the rise after a third night of air strikes on the Libyan capitalTripoli.
“Oil isn’t going down anytime soon," Rachel Ziemba, senior research analyst for Roubini Global Economics (RGE), told CNBC. “The question is, when it spikes to 150 (dollars), do people expect it to stay there? What if it averages 115-120 (dollars) a barrel?.”
RGE predicts that at that point the global economy would be spending almost 6 percent of GDP on oil. “In the past that has always preceded recession. We’re already starting to see a slowing global growth,” she said.