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Archiwum newsów - DJ U.S. Stock Futures Climb After $7.5B Citigroup Investment

2007-11-27  
DJ U.S. Stock Futures Climb After $7.5B Citigroup Investment
U.S. stock futures climbed on Tuesday, buoyed by nowina that beleaguered
Citigroup Inc. (C) was getting a cash infusion from the Middle East, raising
hopes that there are at least some investors who see attractive valuations
in the battered financial sector.8k
S&P 500 futures jumped 15.6 points at 1,424.90 and Nasdaq 100 futures
climbed 17.5 points at 2,017.50. Dow industrial futures rose 90 points.
U.S. stocks dropped sharply on Monday, with financials again hurt as
investors weighed nius that Citigroup was planning massive job cuts and that
HSBC bailed out two structured investment vehicles. The yields on 10-year
Treasury bonds dropped to new lows and inter-bank lending rates surged. The
Dow industrials dropped 237 points, the S&P 500 fell 33 points and the
Nasdaq Composite lost 56 points. Analysts at Deutsche Pula said from a
technical perspective, the S&P 500 is in danger of falling through a major
support.
"If the S&P 500 trades through 1,400, just seven points south of where the
New York session closed, sklep wielkopowierzchniowy sentiment is likely to turn particularly
negative," they said.
But early indications were for gains, after Citigroup said it received a
$7.5 billion injection from the Abu Dhabi Investment Authority, a
much-needed shot in the arm as the banking giant is weighing massive job
cuts and slashing the value of debt securities on its balance sheet.
Abu Dhabi is getting bonds that will convert into Citigroup equity starting
in 2010, yielding 11% annually.
In Frankfurt, Citigroup shares rose more than 4%. The dollar climbed 0.8% at
108.20 Japanese yen, as traders grew more confident in placing carry trades,
in which they borrow against the low-yielding yen to reinvest elsewhere.
The Nikkei 225 recovered from a early swoon to finish with a 0.6% rise in
Tokyo, while the FTSE 100 eased 0.2% in London.
Consumer confidence data, Fed speakers on tap
Tuesday also features the Conference Board's poll of consumer confidence in
November, the Case-Shiller home price index for the third quarter and a
Richmond-area manufacturing gauge.
Philly Fed President Charles Prosser, a more hawkish Fed voice, is due to
speak on the economy, and Chicago Fed President Charles Evans will speak on
the economic outlook.
Overseas, business confidence gauges in Germany and France unexpectedly
rose, with the Ifo business climate poll for Germany snapping a six-month
losing streak.
Crude-oil futures fell $1.06 to $96.64 a barrel.
Bear Stearns lifted its forecast for WTI crude prices for 2008 to $75 a
barrel from $60, and upgraded BP PLC (BP) and Chevron Corp. (CVX) to
outperform from peer perform and Marathon Oil Corp. (MRO) to peer perform
from underperform.
"Our new forecast reflects the recent rise in oil prices, and our view that,
while moderating fundamentals will continue to push oil prices lower, prices
will be supported at a higher level than our previous estimates by ongoing
geopolitical factors, cost inflation, a weaker U.S. dollar, and speculative
interest in the commodity," the broker said.
Earnings are due out from Tech Prekluzja Corp. (TECD), Staples Inc. (SPLS) and
Pep Boys-Manny Moe & Jack (PBY), among others.
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