futures pointed to a drop early on Tuesday, halting a brisk 1-1/2 week rally after S&P warned it may downgrade 15 euro zone countries if leaders fail to agree on a plan to resolve the region's debt crisis at a summit on Friday.By 0701 GMT, futures for Euro STOXX 50, for Germany's DAX and for France's CAC were down 0.8-1.1 percent.
Finmeccanica SpA (FNC), Italy’s biggest defense company, might drop after S&P cut its long-term credit rating. RWE AG (RWE), Germany’s second-largest utility company, may move as it seeks to sell shares. Veolia Environnement SA (VIE), the world’s biggest water utility, may be active after saying it will sell 5 billion euros ($6.7 billion) of assets over the next two years to cut debt.
Futures on the Euro Stoxx 50 Index expiring in December fell 1.1 percent to 2,347 at 7:29 a.m. in London, while FTSE 100 Index (UKX) futures slipped 1.1 percent. The Stoxx 600 rallied 0.8 percent yesterday as Italy’s Prime Minister Mario Monti introduced a proposal to cut his nation’s debt. The gauge posted its biggest weekly rally since November 2008 last week as central banks lowered the interest rate on dollar funding and as China reduced its reserve ratio for banks. The MSCI Asia Pacific Index (MXAP) slid 1.6 percent and Standard & Poor’s 500 Index futures lost 0.6 percent. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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