futures up on Chinese factory strength; U.S. data due
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[July 01, 2014]
NEW YORK (Reuters) - Stock futures kicked off
the third quarter with early gains Tuesday, buoyed by a
report showing China's factory sector expanded in June
for the first time in six months, and ahead of U.S. data
expected to show manufacturing continued to grow.
* China's final reading of the HSBC/Markit purchasing managers'
index (PMI) for June rose to 50.7 from May's 49.4, edging past the
50-point level that separates growth in activity from contraction
for the first time since December.
* Both Markit's and the Institute for Supply Management's measures
of factory activity in the United States are due later in the day,
at 9:45 a.m. EDT (1345 GMT) and 10:00 a.m. (1400 GMT) respectively.
Car sales are also due throughout the day.
* S&P 500 e-mini futures <ESc1> were up 4 points and fair value - a
formula that evaluates pricing by taking into account interest
rates, dividends and time to expiration on the contract - indicated
a higher open. Dow Jones industrial average e-mini futures <1YMc1>
rose 40 points and Nasdaq 100 e-mini futures <NQc1> added 11 points.
* Manufacturing in Japan, the world's third-biggest economy, also
gained pace in June, fueled by improving demand at home, but euro
zone growth faltered as Germany, the region's top economy, slowed.
* AT&T <T.N> said on Monday it sold its equity in America Movil <AMXL.MX>
for $5.57 billion to a company controlled by Carlos Slim, allowing
the billionaire to tighten his grip on the giant Mexican telecoms
company. AT&T said in May it would sell its stake to help it gain
regulatory approval for its purchase of DirecTV.
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* Amicus Therapeutics <FOLD.O> shares rose 9.3 percent in premarket
trading after positive research notes, including an upgrade to
outperform at Leerink, where the stock's price target was raised to
$6 from $2.50.
(Reporting by Rodrigo Campos; Editing by Bernadette Baum)
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