Stock futures signal gains ahead of Alcoa
Tuesday, 13 April 2010
LONDON, Apr 12 (Reuters): Stock index futures pointed to a higher open on Wall Street Monday, helped in part by easing worries over sovereign debt after euro zone finance ministers approved a massive aid plan for debt-stricken Greece.
By 3:25 am ET, futures for the S&P 500 were up 0.18 per cent, Dow Jones futures were up 0.31 per cent and Nasdaq 100 futures were up 0.21 per cent.
All eyes will be on aluminum major and Dow component Alcoa, due to kick off the first-quarter reporting season Monday.
Euro zone finance ministers approved a 30 billion euro ($40 billion) emergency aid plan for Greece Sunday, but stressed Athens had not requested the plan be activated yet.
UBS said its first-quarter pre-tax profit would be at least 2.5 billion Swiss francs ($2.33 billion) and said client withdrawals had slowed at all its business divisions.
Mining shares will be in the spotlight after copper reached a 20-month high as the dollar lost ground, and as hopes of a bidding war for Australian miner Macarthur Coal boosted the company's shares by 10 per cent, with talk that Xstrata may jump in the brawl.
Also on the M&A front, Mirant Corp agreed to take over rival RRI Energy, creating one of the largest US independent power producers and cutting costs as they deal with weak electricity prices that have challenged the entire industry.
The dollar fell Monday against the euro, which leapt to its highest in nearly a month Monday, surging 1 per cent on the dollar and yen as investors who had sold it scrambled to buy it back after euro zone finance ministers agreed a rescue package for Greece.
Oil prices rose above $85 a barrel Monday, buoyed by a drop in the US dollar and bullish data that showed Chinese crude imports jumping to their second-highest monthly level in March.
European stocks were up 0.2 per cent in morning trade, led by banks such as BNP Paribas and Banco Santander, as fears over Greece's debt problems eased following the EU rescue package, while Japan's Nikkei average gained 0.4 per cent, with ad agency Dentsu surging on improved earnings guidance.
By 3:25 am ET, futures for the S&P 500 were up 0.18 per cent, Dow Jones futures were up 0.31 per cent and Nasdaq 100 futures were up 0.21 per cent.
All eyes will be on aluminum major and Dow component Alcoa, due to kick off the first-quarter reporting season Monday.
Euro zone finance ministers approved a 30 billion euro ($40 billion) emergency aid plan for Greece Sunday, but stressed Athens had not requested the plan be activated yet.
UBS said its first-quarter pre-tax profit would be at least 2.5 billion Swiss francs ($2.33 billion) and said client withdrawals had slowed at all its business divisions.
Mining shares will be in the spotlight after copper reached a 20-month high as the dollar lost ground, and as hopes of a bidding war for Australian miner Macarthur Coal boosted the company's shares by 10 per cent, with talk that Xstrata may jump in the brawl.
Also on the M&A front, Mirant Corp agreed to take over rival RRI Energy, creating one of the largest US independent power producers and cutting costs as they deal with weak electricity prices that have challenged the entire industry.
The dollar fell Monday against the euro, which leapt to its highest in nearly a month Monday, surging 1 per cent on the dollar and yen as investors who had sold it scrambled to buy it back after euro zone finance ministers agreed a rescue package for Greece.
Oil prices rose above $85 a barrel Monday, buoyed by a drop in the US dollar and bullish data that showed Chinese crude imports jumping to their second-highest monthly level in March.
European stocks were up 0.2 per cent in morning trade, led by banks such as BNP Paribas and Banco Santander, as fears over Greece's debt problems eased following the EU rescue package, while Japan's Nikkei average gained 0.4 per cent, with ad agency Dentsu surging on improved earnings guidance.