U.S. futures lower amid Greek debt uncertainty; Dow Jones down 0.42%
Investing.com
Published Feb 06, 2012 06:55AM ET
Ahead of the open, the Dow Jones Industrial Average futures pointed to a decline of 0.42%, S&P 500 futures signaled a 0.49% loss, while the Nasdaq 100 futures indicated a 0.43% fall.
Market sentiment came under pressure as Greek political leaders were to decide whether they accept the conditions laid out by the country’s international creditors by Monday, in order to secure a EUR130 billion aid package.
Over the weekend Greek Prime Minister Lucas Papademos said coalition members had agreed on some conditions, but others still needed to be addressed.
Financial stocks were slated to track their European counterparts lower amid Greek debt worries. Bank of America declined 0.77% while Citigroup saw shares tumble 1.91% in pre-market trade.
The China unit of Citigroup said earlier Monday that it has received regulatory approval to issue credit cards in China, the first non-Asian bank to receive permission.
Meanwhile, the auto sector was expected to be active as General Motors said it aims to raise its profit margin to 10% over the next few years, up from a current margin of about 6%, according to the Wall Street Journal. The news sent General Motors shares up 0.46% in pre-market trade.
Energy companies were also set to be in focus after the Financial Times reported that Glencore will pay an 8% premium to seal its merger with Xstrata, more than initially expected.
Elsewhere, chemical producer Rockwood Holdings was slated to be active as it announced a major expansion to double its lithium production capacity.
Other stocks in focus included Hasbro, Humana, Pioneer Natural Resources and Anadarko, all due to report earnings later in the day.
Across the Atlantic, European stock markets were lower. The EURO STOXX 50 declined 1.04%, France’s CAC 40 retreated 1.27%, Germany's DAX fell 0.69%, while Britain's FTSE 100 slipped 0.52%.
During the Asian trading session, Hong Kong's Hang Seng Index edged up 0.02%, while Japan’s Nikkei 225 Index added 1.10%.
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