Market Overview

US Stock Futures Gain Ahead Of Consumer Data

US Stock Futures Gain Ahead Of Consumer Data
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The9 Announces Sale of 30% Stake in Red5 For $76.5M Stock of Acquiring Company
The9 Limited Announces Potential Share Exchange Transaction Valued @~$76.5M

Pre-open movers

US stock futures traded higher in early pre-market trade, ahead of economic data. Data on consumer spending for July will be released at 8:30 a.m. ET, while the Chicago PMI for July will be released at 9:45 a.m. ET. The Reuter's/University of Michigan's consumer sentiment index for August will be released at 9:55 a.m. ET. Futures for the Dow Jones Industrial Average surged 40 points to 17,117.00, while the Standard & Poor's 500 index futures rose 5.40 points to 2,002.10. Futures for the Nasdaq 100 index gained 11.25 points to 4,081.00.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.07%, STOXX Europe 600 Index gaining 0.16%. German DAX 30 index climbed 0.23%, French CAC 40 Index rose 0.22% and London's FTSE 100 Index gained 0.16%. Inflation in the euro zone dropped to 0.3% in August, versus 0.4% in July.

In Asian markets, Japan's Nikkei Stock Average fell 0.23%, Hong Kong's Hang Seng Index rose 1.06 points and China's Shanghai Composite Index jumped 0.97%. Japan's industrial output gained 0.2% in July, while retail sales rose 0.5% y/y in the month. The country's the jobless rate also increased to 3.8% in July.

Broker Recommendation
Analysts at JP Morgan upgraded AGCO (NYSE: AGCO) from Underperform to Neutral. The target price for AGCO has been raised from $50 to $51.

AGCO's shares closed at $48.23 yesterday.

Breaking news

  • The9 Limited (NASDAQ: NCTY) Red 5 Singapore Pte., a subsidiary of The9, has entered into a license agreement with System Link Limited for publishing and operating Firefall® for a five-year term in mainland China. To read the full news, click here.
  • Albemarle (NYSE: ALB) and ICL announced today that the two companies have entered into an agreement to establish a manufacturing joint venture for the production of ICL's FR-122P polymeric flame retardant and Albemarle's GreenCrestâ„¢ polymeric flame retardant. To read the full news, click here.
  • Big Lots (NYSE: BIG) reported better-than-expected fiscal second-quarter earnings and raised its FY14 earnings forecast. To read the full news, click here.
  • BioCryst Pharmaceuticals (NASDAQ: BCRX) today announced that the National Institute of Allergy and Infectious Diseases (NIAID) has awarded a contract modification for an additional $2.4 million to BioCryst to conduct a dose ranging efficacy study of an intramuscular formulation of BCX4430 in non-human primates as a treatment for Ebola virus disease. To read the full news, click here.

Posted-In: JP Morgan US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets


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