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Reply #3: U.S. Stock Futures Decline as Investors Await ECB Interest-Rate Decision [View All]

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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-08-11 07:08 AM
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3. U.S. Stock Futures Decline as Investors Await ECB Interest-Rate Decision
U.S. stock futures retreated as investors awaited announcements from European leaders and the regions central bank on measures to avert a recession and to lay the foundations for fiscal union in the euro area.

Standard & Poors 500 Index futures expiring this month declined 0.1 percent to 1,262.2 at 6:58 a.m. in New York. Futures on the Dow Jones Industrial Average slipped 3 points, or less than 0.1 percent, to 12,211. The Dow rose to its highest level since October yesterday amid optimism that the leaders of the European Union will announce further efforts to halt the sovereign-debt crisis at a summit in Brussels that starts today.

We need a political big bang, said Jacques Porta, a fund manager at Ofi Patrimoine in Paris, who helps oversee about $400 million. The expectations are very high and if we dont get a strong decision, were facing chaos. Investors want the ECB to intervene.

European Central Bank policy makers meeting in Frankfurt will cut the benchmark interest rate to 1 percent from 1.25 percent, according to 53 of 58 economists in a Bloomberg News survey. They may also loosen collateral criteria to give banks greater access to cheap cash and offer longer-term loans, said three euro-area officials with knowledge of the banks deliberations.
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