Monday, September 10, 2012

European stock futures down 9/10/2012

European stock futures down 9/10/2012 : European stock futures fell and the euro snapped a three-day advance amid renewed concern the region’s debt crisis will worsen. Emerging-market currencies gained and gold rose on speculation the world’s biggest economies will use monetary easing to combat slowdowns.

European shares trimmed the previous session's gains early on Monday, as investors went in to consolidation mode awaiting catalysts such as potential stimulus from the U.S. and a German constitutional ruling on the European Stability Mechanism.

By 0704 GMT, the FTSEurofirst 300 was down 1.91 points, or 0.2 per cent at 1,104.81, having hit a fresh 13-month intraday high on Friday on enthusiasm over the European Central Bank's bond-buying plan.

Euro Stoxx 50 Index futures declined 0.2 percent as of 7:19 a.m. in London, while those on the Standard & Poor’s 500 Index lost 0.3 percent following the gauge’s biggest weekly advance in three months. The MSCI Asia Pacific Index added 0.1 percent. Mexico’s peso strengthened against all 16 major counterparts and South Korea’s won rose to a one-month high. Gold added 0.1 percent, while copper climbed 0.4 percent.

Greek Prime Minister Antonis Samaras meets officials from the nation’s creditors today after failing to secure agreement from coalition partners on spending cuts. China’s industrial output grew in August at the slowest rate since 2009, while Japan’s economy expanded in the second quarter at half the pace initially estimated. U.S. employers added fewer jobs than economists forecast last month, adding pressure on the Federal Reserve to spur growth when they meet Sept. 12-13.

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