Futures point to lower Wall St start as oil rises
18 Agustus 2008 15:47:42 (GMT+07:00)
Provided by: Reuters News
* U.S. stock futures point to a lower opening on Wall Street on Monday as
oil prices rise, denting recent optimism over a recovery in consumer
spending.
* By 0824 GMT, S&P 500 futures <SPc1> are down 0.38 percent, Dow Jones
futures <DJc1> down 0.37 percent and Nasdaq 100 futures <NDc1> down 0.41
percent.
* Oil rose more than $1 to top $115 a barrel on Monday, as investors eyed a
potential supply threat from tropical storm Fay to oil and gas production in
the Gulf of Mexico.
* Economic indicators on tap for Monday include the National Association of
Home Builders' housing market index for August, due at 1700 GMT, while on
the earnings front, retailer Lowe's Companies Inc <LOW.N> is due to report
results. Investors will be looking for any indications on whether the
housing market is bottoming.
* Miners will be in the spotlight after BHP Billiton <BLT.L> <BHP.AX>, the
world's biggest mining group, posted a 30 percent rise in half-year profit
on Monday in line with market forecasts, boosted by Chinese demand.
* General Motors Corp <GM.N> has had preliminary talks with Hunan Changfeng
Motor Co <600991.SS> on a possible sale of its Hummer brand but the Chinese
sport utility vehicle (SUV) maker has backed off, a source with direct
knowledge of the matter said.
* Mitsubishi UFJ Financial Group (MUFG) <8306.T> clinched a deal to take
full control of California bank UnionBanCal Corp <UB.N>, after sweetening
its bid 17 percent to $3.5 billion on Monday.
* The U.S. Treasury is growing increasingly likely to recapitalize Fannie
Mae <FNM.N> and Freddie Mac <FRE.N> in the months ahead on the taxpayer's
dime, Barron's reported in its Aug. 18 edition.
* Morgan Stanley <MS.N> and Goldman Sachs <GS.N> are responding to the
credit crisis with a system that uses the market's view of their own
creditworthiness as a basis for lending decisions, the Financial Times
reported.
* The financial crisis will probably not end until next year or even 2010,
Germany's Handelsblatt newspaper quoted Morgan Stanley <MS.N> co-President
Walid Chammah as saying.
(Reporting by Blaise Robinson; Editing by Quentin Bryar)
