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U.S. stock futures point to higher Wall St open

Published 08/24/2009, 04:29 AM
Updated 08/24/2009, 04:33 AM
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* U.S. stock index futures indicated a stronger start on Wall Street on Monday, extending the previous session's gains after stronger U.S. housing data and optimistic comments from Federal Reserve Chairman Ben Bernanke lifted sentiment.

* At 0814 GMT, futures for the S&P 500, the Dow Jones industrial average and the Nasdaq Composite were up 0.4-0.6 percent.

* Warner Chilcott, a specialty drugmaker, is acquiring Procter & Gamble Co's prescription drug business for about $3 billion, two sources familiar with the matter said on Sunday.

Warner Chilcott shares in Frankfurt eased 0.1 percent, while Procter & Gamble shares in Frankfurt were up 1.1 percent.

* European shares hit their highest level in more than 10 months, buoyed by the prospects of a global recovery. The FTSEurofirst was up 0.8 percent.

* In Asia, Japan's Nikkei average closed up 3.4 percent, while Chinese stocks rose 1.1 percent. * Nouriel Roubini, one of the few economists who accurately predicted the magnitude of the world's recent financial troubles, sees a "big risk" of a double-dip recession, according to an opinion piece posted on the Financial Times website on Sunday.

* Bank of Japan Governor Masaaki Shirakawa said in a text of an Aug. 22 speech released on Monday that policy-makers must avoid economic bubbles by fostering expectations that interest rates will remain low.

* U.S. policy-makers should think twice before pursuing a second economic stimulus package given recent indications of recovery, two top economists said.

* Federal Reserve Bank of Chicago releases its Chicago Fed National Activity Index for July at 1230 GMT. The index read -1.8 in June. At 1600 GMT, the Chicago Fed will also release its Midwest Manufacturing Index for July. The index read 78.1 in June. * Quanta Computer, the world's largest contract laptop PC maker, forecast stronger-than-expected growth on Monday, further boosting hopes that tech demand is returning as the global economy recovers.

* A Democrat senator is expected on Monday to ask the Securities and Exchange Commission to review the stock market's structures, Dow Jones Newswires reported, reviving a debate over the market impact of computer-based trading.

* Goldman Sachs holds a weekly meeting of its research analysts where they offer trading ideas that are given to top clients, the Wall Street Journal reported on its website on Sunday.

* IPhone maker Apple told U.S. regulators it has not approved Google Inc's Voice application, which could challenge the wireless industry's giants, because it interferes with the iPhone "user experience".

* Qwest Communications International Inc said it has eliminated tens of thousands of dollars of annual payments to cover expenses of its chief executive and other top officials.

* China's Tengzhong, responding to reports that Chinese regulators had approved its bid for General Motors' Hummer brand, said on Monday it is still awaiting official word.

* U.S. regulators on Friday closed Texas lender Guaranty Bank and sold its assets to Banco Bilbao Vizcaya Argentaria, allowing Spain's second-largest bank to expand its reach in the U.S. market.

* U.S. Treasury Secretary Timothy Geithner on Friday denied that emergency government action taken last year to shore up the U.S. banking system was tailored to the interests of Goldman Sachs or any other firm.

* U.S. stocks ended the week at 2009 highs on Friday after a surprising rise in home sales and optimistic comments from Federal Reserve chief Ben Bernanke reassured investors about the prospects for an economic recovery.

* On Friday the Dow Jones industrial average jumped 155.91 points, or 1.67 percent, to end at 9,505.96. The Standard & Poor's 500 Index climbed 18.76 points, or 1.86 percent, to 1,026.13. The Nasdaq Composite Index rose 31.68 points, or 1.59 percent, to 2,020.90. For the week, the Dow rose 2 percent, the S&P 500 gained 2.2 percent and the Nasdaq climbed 1.8 percent. (Reporting by Dominic Lau; Editing by Rupert Winchester)

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