Market Overview

US Stock Futures Up Ahead Of Consumer Credit Data

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Pre-open movers

US stock futures rose in early pre-market trade, ahead of consumer credit data. Data on consumer credit for July will be released at 3:00 p.m. ET. Futures for the Dow Jones Industrial Average surged 36 points to 14,945.00, while the Standard & Poor's 500 index futures rose 4.50 points to 1,658.00. Futures for the Nasdaq 100 index gained 15.50 points to 3,145.00.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 0.51%, London's FTSE 100 index falling 0.13% and STOXX Europe 600 Index dropping 0.25%. German DAX 30 index fell 0.05% and French CAC 40 Index declined 0.58%.

Asian markets ended higher today. China's Shanghai Composite rose 3.39%, while Japan's Nikkei Stock Average surged 2.48%. Australia's ASX/S&P500 gained 0.69% and Hong Kong's Hang Seng Index gained 0.57%. China's consumer price index increased 0.5% in August, while the producer price index declined 1.6% from August 2012. China's trade surplus widened to $28.6 billion in August, versus $17.8 billion in July. Japan's economy grew 3.8% on an annualized basis in the second quarter, versus a preliminary reading of a 2.6% growth.

Broker Recommendation

Analysts at Paradigm Capital upgraded Open Text (NASDAQ: OTEX) from “hold” to “buy.” The target price for Open Text has been raised from $75 to $84.

Open Text's shares closed at $70.66 on Friday.

Breaking news

  • Biogen Idec (NASDAQ: BIIB) and Isis Pharmaceuticals (NASDAQ: ISIS) today announced that the companies have entered into a broad, multi-year collaboration to leverage antisense technology to advance the treatment of neurological diseases. To read the full news, click here.
  • Global alternative asset manager The Carlyle Group (NASDAQ: CG), today announced it has agreed to acquire the Red Oak power generation facility in Sayreville, New Jersey, and has separately closed on the purchase of five power plants in California. To read the full news, click here.
  • Pattern Energy Group, today announced the launch of its initial public offering of 16,000,000 shares of its Class A common stock. The initial public offering price is currently expected to be between US$ 19.00 and US$ 21.00 per share of Class A common stock. To read the full news, click here.
  • Oncolytics Biotech (NASDAQ: ONCY) today announced final tumour response data from its U.S. Phase 2 single arm clinical trial in patients with squamous cell carcinoma of the lung (SCCLC) using intravenous administration of REOLYSIN in combination with carboplatin and paclitaxel (REO 021). To read the full news, click here.

Posted-In: Paradigm Capital US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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