Stock in­dex fu­tures sig­nal lower start

The Pak Banker - - Front Page -


Stock in­dex fu­tures pointed to a lower open on Wall Street on Tues­day, with fu­tures for the S&P 500 and Nas­daq 100 down 0.2 per­cent, and Dow Jones con­tracts down 0.1 per­cent at 0905 GMT.

Ja­pan's Nikkei (.N225) ended a four-day win­ning run on Tues­day as in­vestors took prof­its in ex­porters, which had ral­lied on hopes Ja­pan's main op­po­si­tion party would win next month's elec­tion and pres­sure the cen­tral bank for more stim­u­lus steps.

Euro­pean shares edged lower early on, with the French CAC 40 (.FCHI) a core euro zone lag­gard af­ter rat­ings agency Moody's is­sued a lon­gawaited down­grade of France's credit rat­ing.

The U.S. Com­merce Depart­ment re­leases hous­ing starts and per­mits data for Oc­to­ber at 1330 GMT, expected to show a pull-back af­ter hefty gains in re­cent months. But a se­vere storm in late Oc­to­ber could ex­ag­ger­ate the mag­ni­tude of the de­cline.

The Fed­eral Re­serve's Chair­man Ben Ber­nanke speaks be­fore the Eco­nomic Club of New York at 1715 GMT, a speech that may of­fer a fresh chance to gauge the Fed's ap­petite for more mone­tary stim­u­lus. Mar­ket par­tic­i­pants cur­rently ex­pect the Fed to step up as­set pur­chases in 2013 af­ter Op­er­a­tion Twist ex­pires.

JPMor­gan Chase & Co (JPM.N) named lit­tle-known ex­ec­u­tive Mar­i­anne Lake as its chief fi­nan­cial of­fi­cer on Mon­day, mak­ing her one of the most pow­er­ful women on Wall Street and the top am­bas­sador to in­vestors for the largest U.S. bank.

The U.S. In­ter­na­tional Trade Com­mis­sion will re­view a judge's de­ci­sion which found did not vi­o­late patents owned by Sam­sung Elec­tron­ics <005930.KS> in mak­ing the iPod touch, iPhone and iPad.

Tiger Global Man­age­ment, a tech­nol­ogy fo­cused hedge fund run by Chase Cole­man and Feroz De­wan, dis­closed a big stake in Groupon Inc (GRPN.O) on Mon­day, a vote of con­fi­dence for the strug­gling daily deal web­site.

Best Buy re­ports quar­terly re­sults, expected to show a fall in earn­ings per shares to $0.12 from $0.47, as the world's largest con­sumer elec­tron­ics chain strug­gles to fend off on­line and dis­count ri­vals. In­vestors are await­ing word on whether founder and top share­holder Richard Schulze comes through with a for­mal bid to take the com­pany pri­vate.

Hewlett Packard, H.J. Heinz Com­pany and sales­ are also among com­pa­nies due to re­port re­sults on Tues­day.

Arch­stone Inc, the apart­ment build­ing owner and de­vel­oper owned by Lehman Broth­ers Hold­ings Inc, said on Mon­day it plans to raise up to $3.45 bil­lion in its ini­tial pub­lic of­fer­ing, mak­ing it the big­gest U.S. com­mer­cial real es­tate IPO ever. Stocks rose for a sec­ond con­sec­u­tive ses­sion on Mon­day as in­vestors were en­cour­aged by the early at­mos­phere sur­round­ing talks to tackle the na­tion's fis­cal crunch.

Pres­i­dent Barack Obama and the U.S. Congress hope to start se­ri­ous ne­go­ti­a­tions af­ter this week's Thanks­giv­ing hol­i­day on Thurs­day on how to avoid the "fis­cal cliff," which has politi­cians and economists wor­ried about the di­rec­tion of the world's largest econ­omy.

The Dow Jones in­dus­trial av­er­age (^DJI) rose 207.65 points, or 1.65 per­cent, on Mon­day to 12,795.96 points. The Stan­dard & Poor's 500 In­dex (^GSPC) was up 27.01 points, or 1.99 per­cent, at 1,386.89. The Nas­daq Composite In­dex (^IXIC) was up 62.94 points, or 2.21 per­cent, at 2,916.07.

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