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Futures point to lower open on Wall Street

Tue Nov 10, 2009 3:22pm IST
 
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* Stock index futures pointed to a lower open for U.S. shares on Tuesday, after they rose to a 13-month high in the previous session, on the G20's indications that economic stimulus would continue.

* At 0934 GMT, futures for the Dow Jones DJc1, S&P 500 SPc1 and Nasdaq NDc1 were down between 0.2 and 0.3 percent. * The FTSEurofirst 300 index of leading European shares was up 0.1 percent at 1,102.91 points with HSBC (HSBA.L: Quote, Profile, Research) higher but both Barclays (BARC.L: Quote, Profile, Research) and Vodafone (VOD.L: Quote, Profile, Research) lower after all three companies updated the market.

* HSBC said losses on U.S. consumer loans had shown their first fall in three years. [ID:LA616591]

* Senate Banking Committee Chairman Christopher Dodd will probably release a long-awaited draft bill on financial regulation reform. The bill is expected to propose consolidating bank supervision into one agency, to back the Obama administration's proposed financial consumer watchdog and to call for a wide range of other proposals. One lobbyist said Dodd will hold a press conference at noon to unveil the bill.

* Bank of America (BAC.N: Quote, Profile, Research) chief executive Ken Lewis is scheduled to present at the Bank of America Merrill Lynch Financial Services Conference in New York. Lewis, who is set to retire at the end of the year, has no successor in place and audience questions are likely to centre on the search for a new CEO and ongoing legal issues surrounding the company.

* In a relatively thin corporate diary, diversified manufacturer Tyco International (TYC.N: Quote, Profile, Research) reports third-quarter results. Wall Street expects another drop in profit as the soft economy saps demand for industrial products.

* Wall Street hit 13-month highs on Monday after the Group of 20 pledged to keep aid flowing to the world economy, strengthening investors' desire for risk. The agreement by G20 finance ministers and central bankers over the weekend to keep stimuli in place boosted global stocks on the expectation of prolonged low interest rates. [ID:nLQ516726] and [ID:nL9362990]

* The Dow Jones industrial average .DJI jumped 2 percent; the Standard & Poor's 500 Index .SPX rose 2.2 percent; the Nasdaq Composite Index .IXIC gained 2 percent.

* Shares of Electronic Arts Inc (ERTS.O: Quote, Profile, Research) and Priceline (PCLN.O: Quote, Profile, Research) rose in after hours trading on Monday -- while those of NuStarEnergy (NS.N: Quote, Profile, Research) and MBIA (MBI.N: Quote, Profile, Research) fell -- after the companies released quarterly results. (Reporting by Brian Gorman; Editing by Hans Peters)

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