MW: U.S. futures edge lower as dollar rebounds vs. yen
Boeing in focus ahead of World Trade Organization ruling
By Simon Kennedy, MarketWatch
LONDON (MarketWatch) -- U.S. stock-market futures edged lower Wednesday ahead of data on import prices and industrial production, while the dollar rebounded against the yen after Japan intervened in the currency markets.
Futures for the Dow Jones Industrial Average fell 18 points to 10,445.00 and those for the S&P 500 index dropped 2.5 points to 1,113.30.
Futures for the Nasdaq 100 were down 1 point at 1,921.50.
U.S. stocks ended mostly lower on Tuesday, halting a four-session winning streak, as investors eyed the latest U.S. retail-sales figures and some disappointing data from Germany. The Dow Jones Industrial Average closed down around 18 points.
The dollar was up 2.7% against the Japanese currency at 85.348 yen Wednesday after Japanese authorities publicly intervened in currency markets for the first time since 2004.
The intervention was aimed at stemming the rise of the yen, which has been an increasing concern for exporters in the country. The Finance Ministry and Bank of Japan were continuing to intervene in markets intermittently, according to reports Wednesday. See full story on Japan’s intervention.
The dollar was little changed against other currencies, with the euro falling 0.1% to $1.29782.
On the data front Wednesday, 8:30 a.m. U.S. Eastern Time will see the release of the September Empire State Index as well as data on import prices for August. Figures on August industrial production are due at 9:15 a.m. Eastern.
Among companies in focus, Boeing Co. (BA 62.76, -1.43, -2.23%) said it expected the World Trade Organization to rule Wednesday in a case the European Union brought in 2006, alleging that the U.S. government was subsidizing the Chicago aerospace giant.
The Wall Street Journal earlier reported that the WTO is likely to rule that Boeing received improper government subsidies. That could prompt talks between Boeing and the Airbus unit of France’s European Aeronautic Defence & Space Co. to settle the question of subsidies, the report added.
Shares in AngloGold Ashanti (AU 46.72, +2.13, +4.78%) could fall after the company late Tuesday announced plans for a simultaneous offering of stock and bonds.
In international markets, Japan’s Nikkei 225 Average surged 2.3% after the intervention in currency markets, while most major European indexes were lower, with the French CAC 40 dropping 0.4%.
