RTRS: US STOCKS-Futures briefly cut losses on UK rate cut
NEW YORK, Nov 6 (Reuters) - U.S. stock index futures briefly trimmed losses on Thursday after the Bank of England slashed interest rates, a move expected to be followed by a cut by the European Central Bank as authorities try to ease the impact of a global recession.
The Bank of England cut borrowing costs by a more than expected 150 basis points to 3.0 percent.
The boost from the rate cut, however, was offset by disappointing outlooks from companies including technology bellwether Cisco Systems (CSCO.O: Quote, Profile, Research, Stock Buzz), pointing to a deepening global economic downturn.
S&P 500 futures SPc1 fell 13 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures DJc1 declined 102 points, and Nasdaq 100 NDc1 futures were down 25.25 points. (Reporting by Ellis Mnyandu; Editing by Kenneth Barry)
