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ND: US Stock Futures Lose Ground As Weak Data Out Of Europe Weighs
 
--Stock futures lose ground as weak data weighs on Europe

--Europe markets slip on weak German retail, Spanish jobless data

--Yelp prices IPO above expected range; stock to begin trading Friday

By Tomi Kilgore

DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- U.S. stock futures headed lower Friday morning as a negative turn in European markets on the back of weak economic data prompted a pullback from recent gains.

Dow Jones Industrial Average futures 35 points, or 0.3%, to 12938. The Dow rose 28 points, or 0.2%, on Thursday, but had been up as much as 81 points at the intraday high.

Standard & Poor's 500-stock index futures lost 6 points, or 0.4%, to 1369 and Nasdaq 100 futures shed 7 points, or 0.3%, to 2636. Changes in stock futures do not always accurately predict stock moves after the opening bell.

The Dow was on track for its first weekly loss in three weeks while the S&P 500 was still in line for a third-straight weekly gain.

European markets turned mostly lower, with the Stoxx Europe 600 down 0.2% after being up 0.3% at its intraday high, after the release of weak economic data. Retail sales in Germany fell 1.6% in January while analysts were expecting a slight increase, and data showed that joblessness in Spain continued to increase in February. Spain already had the highest unemployment rate in the euro zone at 23.3%.

European Union leaders signed a new fiscal pact, adopting strict new austerity measures, which also concerned investors at a time when economic conditions were still deteriorating.

Meanwhile, Asian bourses were broadly higher on the back of U.S. gains in the previous session, with China's Shanghai Composite climbing 1.4% to a 3 1/2-month high and Japan's Nikkei Stock Average up 0.7% to close at seven-month high.

Crude oil futures eased 0.8% to $107.94 a barrel, while gold futures give up 0.5% to $1,711.90 an ounce. The U.S. dollar gained ground against the euro and the yen.

There were no major economic data scheduled for release.

In corporate news, online business-review site Yelp priced its initial public offering of 7.15 million shares at $15 each, above the expected range of $12 to $14 million. The stock will begin trading Friday under the ticker symbol "YELP."

Shares of Sara Lee rallied 6.4% after the company said it can now go ahead with its plan to spin off its coffee and tea business on the Amsterdam stock exchange. The company said it would pay a special dividend of $3 a share to its shareholders immediately after the spin off, which is expected to be completed by the end of June.

Shutterfly jumped 15% after the company agreed to buy certain assets of bankrupt Eastman Kodak's online photo services business for $23.8 million.

DCP Midstream Partners lost 4.1% after the natural gas limited partnership said it launched a public offering of 4.75 million common units.
Source