US Stock Futures Edge Up Despite Expectations Of Weak Auto Data For February (TM, PUK, AIG, AIB)
US stock futures moved up slightly today, with the spotlight fixed on the auto sector. The auto sales figures for February, scheduled to be released today, could be disappointing. While futures on S&P 500 rose seven-tenths of a point to 1115.30, those on Nasdaq 100 added 3.75 points to 1846.50. Meanwhile, Dow Jones Industrial Average futures moved up 8 points.
Economists at Barclays Capital are expecting the worst data since September 2008 as the auto sector has reeled under recall trouble at Toyota Motor Corp (NYSE: TM) and bad weather conditions.
Overseas markets have remained active, as Australia hiked its interest rate to 4%. Meanwhile, the Bank of Canada is expected to retain its rates at 0.25%. With Nikkei 225 climbing 0.5% in Tokyo, the Asian markets in general moved up. Meanwhile, stocks in Europe remained in a tight range. Gains in Allied Irish Banks (NYSE: AIB) shares, after the company posted 2009 results, were mitigated by losses in the stock of Prudential PLC (NYSE: PUK). PUK is getting battered on its planned acquisition of the Asian operations of American International Group Inc (NYSE: AIG).
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