US stock-index futures fluctuate
Wednesday, 3 June 2009
LONDON, June 2 (Bloomberg): US stock futures fluctuated between gains and losses after the Standard & Poor's 500 Index traded at the highest level relative to earnings since October. European equities were little changed and most shares in Asia declined.
Citigroup Inc., the recipient of $45 billion in taxpayer aid, and Caterpillar Inc., the world's largest maker of bulldozers and excavators, fell more than 1 per cent in Europe.
S&P 500 futures expiring this month added 0.1 per cent to 940.1 at 10:57 a.m. in London after falling as much as 0.5 per cent. Dow Jones Industrial Average futures increased 0.1 per cent to 8,694 and Nasdaq 100 Index futures advanced 0.2 per cent to 1,472.25.
The S&P 500 surged 2.6 per cent yesterday for its highest close since Nov. 5. The gauge reached a value of 15.4 times the earnings of its companies, the highest level since October, after reports on manufacturing, personal income and construction spending beat economists' forecasts.
"We're surprised that the S&P climbed that high, especially when looking at the economy," said Walter Harecker, a fund manager at Constantia Privatbank AG in Vienna, which oversees $9.9 billion. "We're still in a recession. The speed of the decline is a bit less now, but we don't see a turnaround."
Europe's Dow Jones Stoxx 600 Index was little changed after yesterday's rally lifted its valuation to 25.4 times the profits of member companies, the most expensive level since March 2004. Barclays Plc sank 14 per cent after the bank's Abu Dhabi investors said they will sell 4.12 billion pounds ($6.8 billion) of shares in the U.K. lender.
Citigroup lost 4.3 per cent to $3.53 in German trading, while Caterpillar retreated 1 per cent to $37.16.
The number of Americans signing contracts to purchase previously owned homes probably rose in April for the fourth time in five months as lower prices attracted buyers, economists said before a report today.
Citigroup Inc., the recipient of $45 billion in taxpayer aid, and Caterpillar Inc., the world's largest maker of bulldozers and excavators, fell more than 1 per cent in Europe.
S&P 500 futures expiring this month added 0.1 per cent to 940.1 at 10:57 a.m. in London after falling as much as 0.5 per cent. Dow Jones Industrial Average futures increased 0.1 per cent to 8,694 and Nasdaq 100 Index futures advanced 0.2 per cent to 1,472.25.
The S&P 500 surged 2.6 per cent yesterday for its highest close since Nov. 5. The gauge reached a value of 15.4 times the earnings of its companies, the highest level since October, after reports on manufacturing, personal income and construction spending beat economists' forecasts.
"We're surprised that the S&P climbed that high, especially when looking at the economy," said Walter Harecker, a fund manager at Constantia Privatbank AG in Vienna, which oversees $9.9 billion. "We're still in a recession. The speed of the decline is a bit less now, but we don't see a turnaround."
Europe's Dow Jones Stoxx 600 Index was little changed after yesterday's rally lifted its valuation to 25.4 times the profits of member companies, the most expensive level since March 2004. Barclays Plc sank 14 per cent after the bank's Abu Dhabi investors said they will sell 4.12 billion pounds ($6.8 billion) of shares in the U.K. lender.
Citigroup lost 4.3 per cent to $3.53 in German trading, while Caterpillar retreated 1 per cent to $37.16.
The number of Americans signing contracts to purchase previously owned homes probably rose in April for the fourth time in five months as lower prices attracted buyers, economists said before a report today.