MORE EUROPEAN WORRIES

NEW YORK (CNNMoney) — U.S. stocks pointed to a lower open Monday as investors remained uncertain about the debt crisis in Europe.

The Dow Jones industrial average (INDU), SP 500 (SPX) and Nasdaq (COMP) futures slid ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

On Monday, the European Commission, European Central Bank and IMF will return to Athens to continue discussions of a multi-billion dollar bailout plan for Greece.

U.S. stocks rallied Friday, after a majority of European leaders agreed on a new deal to try to resolve the eurozone debt crisis.

During a meeting in Belgium on Friday, the 17 members of the eurozone — which share the embattled single currency — reached a deal for a new intergovernmental treaty to deepen the integration of national budgets.

Six additional EU nations supported the deal, but Britain rejected it. The three remaining EU countries tentatively support the deal, but have yet to secure parliamentary approval. Leaders are aiming to have the plan ready by March.

“The agreement last week is a long-term positive, but it really doesn’t solve the immediate problem,” Peter Cardillo, chief market economist at Rockwell Global Capital said.

Cardillo sites Moody’s “renewed call to review European sovereign debt,” as a source of pressure weighing on the markets. On Monday, the credit ratings agency released notes pledging to review the credit ratings of all EU sovereigns at the beginning of the new year.

Without any major economic reports slated for Monday and continued pressure overseas, the euro will remain in focus, Cardillo says.

Europe debt saga far from over

World markets: European stocks were lower in midday trading. Britain’s FTSE 100 (UKX) slipped 0.8%, the DAX (DAX) in Germany dropped 2.1% and France’s CAC 40 (CAC40) fell 1.4%.

Asian markets ended mixed. The Shanghai Composite (SHCOMP) shed 1%, while the Hang Seng (HSI) in Hong Kong ticked up 0.1% and Japan’s Nikkei (N225) rose 1.4%.

Currencies and commodities: The dollar gained strength against the euro and British pound, but fell versus the Japanese yen.

Oil for January delivery slipped $1.23 to $98.18 a barrel.

Gold futures for February delivery fell $30.40 to $1,686.40 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury was little changed, with the yield holding steady at 2.05% from late Friday.  To top of page

Article source: http://rss.cnn.com/~r/rss/money_topstories/~3/iIq3fAbNbEs/index.htm

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