Stock futures signal higher open on EU deal

Fri Jun 29, 2012 4:59am EDT
 
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LONDON (Reuters) - Stock futures pointed to a stronger open on Wall Street on Friday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 rising 1.0-1.4 percent, supported by a deal to address the euro zone's debt problems.

Euro zone leaders agreed overnight to take action to bring down Italy's and Spain's spiraling borrowing costs and to create a single supervisory body for euro zone banks by the end of this year, a first step towards a European banking union.

The U.S. Commerce Department releases May personal income and consumption data at 1230 GMT. Economists expect a 0.2 percent rise in income and an unchanged reading in spending. In April, income rose 0.2 percent and spending was up 0.3 percent.

The Institute of Supply Management Chicago releases its June index of manufacturing activity at 1345 GMT. Economists forecast a reading of 52.5, compared with 52.7 in May.

U.S. securities regulators may force Nasdaq OMX Group Inc (NDAQ.O: Quote) to upgrade its trading systems following last month's glitch-ridden IPO of Facebook Inc (FB.O: Quote), the Wall Street Journal reported.

The Indian unit of General Motors (GM.N: Quote) expects to stop production at its plants for one day a week until the festive season, due to slow demand, its head said on Thursday.

Ford Motor Co (F.N: Quote) said second-quarter losses from its operations outside North America could be triple the $190 million it posted in the first quarter, hurt by continued weakness, mainly in Europe.

The final reading of the Thomson Reuters/University of Michigan Consumer Sentiment Survey for June is due at 1355 GMT. Economists predict a reading of 74.1, unchanged from the preliminary figure.

At 1430 GMT, the Economic Cycle Research Institute releases its weekly index of economic activity for June 22. In the prior week the index read 121.3.   Continued...

 
Traders work on the floor of the New York Stock Exchange, June 25, 2012. REUTERS/Brendan McDermid