U.S. futures edge higher, gains limited; Dow Jones up 0.12%
Investing.com
Published Feb 23, 2012 06:15AM ET
Ahead of the open, the Dow Jones Industrial Average futures pointed to a rise of 0.12%, S&P 500 futures signaled a 0.05% gain, while the Nasdaq 100 futures indicated a 0.21% increase.
German research institute Ifo said its Business Climate Index rose to a seasonally adjusted 109.6 in February from a reading of 108.3 the previous month, surpassing expectations for an increase to 108.8.
The data fuelled hopes that the euro zone’s largest economy was weathering the impact of the debt crisis in the region and may avoid slipping into a recession.
Meanwhile, uncertainty over Greece’s ability to implement austerity measures needed to qualify for a EUR130 billion bailout package and avoid defaulting on its debt continued to weigh on risk appetite.
Shares in the tech sector were slated to be active as Hewlett-Packard said after the bell on Wednesday that earnings fell nearly 44%.
The world's No. 1 computer maker forecast a second-quarter profit below estimates as it struggles with weak sales of PCs and printers. Shares of the company tumbled 1.21% in after hour trade.
Also in earnings news, Jack in the Box reported better-than-expected quarterly results, helped by higher sales at its restaurants opened for at least a year.
Elsewhere, Potash Corp, the world's largest fertilizer producer, saw shares edge up 0.06% in after hour trade after saying on Wednesday that it extended temporary shutdowns at two of its largest potash mines as it battles to reduce inventories that are rising due to weak demand for the crop nutrient.
Financial stocks were also expected to be in focus as U.S. banks continued to push regulators to widen proposed restrictions on trading and hedge-fund ownership by foreign firms.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 fell 0.36%, France’s CAC 40 inched down 0.09%, Germany's DAX declined 0.34%, while Britain's FTSE 100 added 0.20%.
During the Asian trading session, Hong Kong's Hang Seng Index slumped 0.75%, while Japan’s Nikkei 225 Index rose 0.45%.
Later in the day, the U.S. was to release government data on unemployment claims.
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Written By: Investing.com
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