Market Overview

US Stock Futures Edge Higher Ahead Of Jobs Data

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Pre-open movers

US stock futures rose in early pre-market trade, ahead of economic data. Data on nonfarm payroll employment for October, and personal income and outlays for September will be released at 8:30 a.m. ET. The Reuter's/University of Michigan's consumer sentiment index for September will be released at 9:55 a.m. ET. Fed Chairman Ben Bernanke is expected to speak at 3:30 p.m. ET. Futures for the Dow Jones Industrial Average gained 6 points to 15,573.00, while the Standard & Poor's 500 index futures rose 2.60 points to 1,747.80. Futures for the Nasdaq 100 index surged 9.50 points to 3,329.00.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.76%, London's FTSE 100 index dropping 0.47% and STOXX Europe 600 Index declining 0.80%. German DAX 30 index fell 0.70% and French CAC 40 Index declined 1.05%. Germany's trade surplus rose to 18.8 billion euros ($25.2 billion) in September, versus a revised EUR15.8 billion in August.

Asian markets ended lower today. Japan's Nikkei Stock Average tumbled 1%, China's Shanghai Composite dropped 1.09%, Hong Kong's Hang Seng Index declined 0.60% and India's BSE Sensex tumbled 0.75%. China's exports climbed 5.6% y/y in October, versus a 0.3% fall in September.

Broker Recommendation

Analysts at Goldman Sachs downgraded Whole Foods Market (NASDAQ: WFM) from “buy” to “neutral.” The target price for Whole Foods Market has been lowered from $66 to $57.

Whole Foods Market's shares closed at $57.26 yesterday.

Breaking news

  • Talisman Energy INYSE: TLM) announced that it has reached an agreement to sell part of its Montney acreage in northeast British Columbia to Progress Energy Canada Ltd. for a total cash consideration of CDN$1.5 billion. To read the full news, click here.
  • CAE (NYSE: CAE) today announced that it has signed contracts for six full-flight simulators (FFSs), flight training devices and simulator update services. To read the full news, click here.
  • Enerplus (NYSE: ERF) has entered into agreements to add to our U.S. gas position in the Marcellus and to also sell our Montney interests in northeastern British Columbia. To read the full news, click here.
  • Costa (NASDAQ: ATX) today announced an agreement whereby Essilor International will acquire all outstanding shares of the company for $21.50 per share. This corresponds to an enterprise value of approximately $270 million. To read the full news, click here.

Posted-In: Goldman Sachs US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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