First look: Your 10-sec guide to all the overnight action

Moneycontrol Bureau

The US markets closed higher, helped by an upbeat start to earnings season with Alcoa numbers and the Fed's latest beige book report, giving investors a chance to breathe a sigh of relief following a string of declines.

On economic data front, import prices rose 1.3% March, logging its biggest gain in nearly a year. Meanwhile, weekly mortgage applications slipped last week as refinancing demand declined.

And according to the Fed's "beige book" the US economy expanded at a modest to moderate pace in recent weeks, still, the central bank has raised concerns that higher gasoline prices were beginning to worry producers and consumers across the country.

In key data to watch out for in the US today, weekly jobless claims are expected to come in at 359,000 and producer price index may grow by 0.3% in March. Also, watch out for international trade data.

European markets closed higher reversing much of the previous sessions losses as bargain hunters moved in with Italian banks leading gainers across the region. And European central bank policymaker say that bond-buying was still an option to help indebted Spain, calming investor fears about rising bond yields in Europe.

In the currency space, the euro remains steady against dollar after an ECB board member said the bank's bond-buying programme remains an option as the eurozone continues to struggle to contain its debt crisis.

In commodities, crude prices rose, reversing two days of losses, after US government data showed domestic fuel stocks fell much more than expected last week, which overshadowed an increase in crude inventories.