U.S. stock futures advanced, indicating the Standard & Poor’s 500 Index will rebound from the lowest level since September 1996, after Citigroup Inc. said the bank is having its best quarter since 2007. Citigroup jumped 22 percent after Chief Executive Officer Vikram Pandit said the current share price doesn’t reflect its earnings potential or capital position. Bank of America Corp. and JPMorgan Chase & Co. rose at least 5 percent. Exxon Mobil Corp. increased in Germany as crude advanced for a third day. Futures on the S&P 500 expiring this month added 2 percent to 689.1 as of 11:19 a.m. in London. Dow Jones Industrial Average futures rose 1.8 percent to 6,644 and Nasdaq-100 Index futures increased 1.6 percent to 1,064. Stocks in Asia and Europe advanced. U.S. stocks fell yesterday after billionaire investor Warren Buffett said the economy “has fallen off a cliff” and the World Bank predicted a global contraction. “Yesterday’s sell-off was exaggerated and we could see a rebound today,” said Gerold Kuehne, who manages a $127 million U.S. equity fund at LLB Asset Management AG in Vaduz, Liechtenstein. “The higher oil price should support energy companies, the sector is very attractively valued. Anything to do with banks will be in focus.” Citigroup Jumps Citigroup, the recipient of three U.S. government bailouts, surged 22 percent to $1.28 in pre-market trading in New York. Pandit, writing in an internal memorandum obtained by Bloomberg, said he was “disappointed” with the current share price, which he said was based on misconceptions about the bank and its financial position. The bank was profitable in the first two months of 2009, the executive added. The bank, once the world’s biggest bank by market value, fell below $1 for the first time last week as investors lost confidence that the shares can recover from five quarters of losses totaling more than $37.5 billion. Bank of America, the largest U.S. bank by assets, jumped 12 percent to $4.20 in New York. JPMorgan, the biggest by market value, rose 5.6 percent to $16.79. Exxon, the world’s biggest oil producer, increased 0.5 percent to $64.91. ConocoPhillips, the second-largest U.S. refiner, added 1.5 percent to $37.08. Crude oil rose above $47 as Saudi Arabia told Asian refiners that it will maintain supply cuts next month amid speculation that an output reduction from the Organization of Petroleum Exporting Countries led to a drop in U.S. inventories. Copper Rises Freeport-McMoRan Copper & Gold Inc., the world’s largest publicly traded copper producer, advanced 0.9 percent to $32.62. Copper gained in London on speculation China, the world’s largest consumer, bought more metal last month following weaker-than- expected January imports. Dow Chemical Co. declined 4.7 percent to $6.03 in New York. The largest U.S. chemical maker will use asset sales, job cuts and new debt to try to maintain investment-grade credit ratings after paying what some investors are calling a “rich” price for rival Rohm & Haas Co. Iamgold Corp. slipped 4 percent to $7.04 in Germany. The Toronto-based mining company said it will sell about C$275 million ($213 million) in new shares. The creation of additional shares may dilute the value of those already held by investors. AeroVironment Inc. slid 22 percent to $23.83. The maker of U.S. military spyplanes reported profit of 21 cents a share in the fiscal third quarter, missing the average analyst estimate by 23 percent. A report scheduled for 10 a.m. Washington time may show wholesale inventories in January fell 1 percent, following a 1.4 percent decline in the prior month, according to a Bloomberg survey of economists.

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