futures flat after mixed data overseas
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[June 23, 2014]
By Chuck Mikolajczak
NEW YORK (Reuters) - Stock
futures were little changed on Monday, after a six-day
rally in the benchmark S&P 500, as upbeat manufacturing
data in China was offset by soft readings on business
activity in Europe.
The HSBC/Markit Flash China Manufacturing Purchasing Managers' Index
rose to 50.8 in June from May's final reading of 49.4, topping the
49.7 and edging above the 50-point level that separates growth in
activity from contraction for the first time since December.
But Markit's Composite Purchasing Managers' Index (PMI), for the
euro zone, fell to 52.8 from May's 53.5, well below the estimate for
53.5 in a Reuters survey, with France being a notable laggard
The S&P 500 has risen for six straight sessions, its longest streak
since mid-April, to gain 1.7 percent over that span.
Markit's flash PMI reading for the U.S. for June is due at 9:00 a.m.
(1300 GMT). Expectations call for a reading of 56.5 for the month,
just above the prior 56.4.
Later in the session at 10:00 a.m. (1400 GMT). Existing home sales
data for May is due, with expectations for a rise to an annual rate
of 4.73 million units from 4.65 million in April.
S&P 500 e-mini futures were up 0.25 point and fair value - a formula
that evaluates pricing by taking into account interest rates,
dividends and time to expiration on the contract - indicated a flat
open. Dow Jones industrial average e-mini futures fell 4 points and
Nasdaq 100 e-mini futures lost 2.25 points.
France won an option to buy 20 percent of Alstom from
construction group Bouygues on Sunday in an eleventh-hour deal,
clearing the way for the agreed sale of Alstom's energy business to
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Wisconsin Energy said it would buy Integrys Energy Group Inc
in a deal valued at $9.1 billion to create a larger, more diverse
Midwest electric and natural gas delivery company. Integrys shares
were up 16.3 percent to $70.90 in light premarket trading.
European stocks dipped on the downbeat readings of euro zone
business while Asian stocks rose on encouraging data from China's
(Editing by Bernadette Baum)
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