U.S. stock futures inched higher this morning, driven higher by activity on the mergers-and-acquisition front. Asian markets decline while European markets rise higher today.
Good morning, I’m Vanessa Moore, with the “Week Ahead Market Report” for September 28, 2009.
In overseas equity markets this morning, Japan’s Nikkei 225 index is down 2.5 percent today while China’s Shanghai Shenzen index dropped 2.81 percent. Hong Kong’s Hang Seng fell 2.1 percent.
The German DAX index jumped 1.5 percent. Britain’s Footsie 100 index is also up a positive 0.8 percent.
U.S. equity futures are positive this morning, about 0.3 percent in pre-market action.
Gold futures turned higher early on Monday. Gold futures are around $996 an ounce, up 0.4 percent.
Crude oil futures are flat at $66 a barrel on Monday morning.
The economic calendar will be crowded this week.
On Tuesday, the September Conference Board consumer confidence survey and the July Case-Schiller home price index will be released.
Economists will be carefully watching the second quarter final GDP numbers on Wednesday. Consensus estimates are that GDP growth in Q2 dropped by 1.2 percent. An even lower number could shake the markets midweek.
On Thursday, economists will have an eye on the September ISM manufacturing survey. Analysts are concerned after the most recent durable goods order came in lower than expected, running counter to the positive ISM number in August. Also on Thursday, personal income and spending for August will be released.
Closing out key economic news this week will be the September unemployment and nonfarm payrolls to be released on Friday.
Deal making set the stage for today's positive market action.
Xerox Corp. (NYSE:XRX) announced a deal to buy Affiliated Computer Services (ACS) for $6.4 billion, or $63.11 a share.
Abbott Laboratories (NYSE:ABT) is buying the pharmaceutical business at Solvay for about $7 billion in a deal to expand Abbott’s emerging market presence.
Johnson & Johnson (NYSE:JNJ) said it purchased 18 percent of Crucell shares for $440 million. J&J will pay development milestones and royalty payments if co-developed flu vaccines make it to market.
This week will see a light volume of earnings reports.
On Tuesday, Walgreens (NYSE:WAG) will release earnings. Analysts are expecting the company to report per share profits of 39 cents.
Also reporting on Tuesday is Nike (NYSE:NKE). The consensus estimate for Nike is 97 cents per share.
Join us on Friday for the “Weekly Market Roundup” and have a wonderful week.
For MarketNewsVideo.com, I'm Vanessa Moore.
