Futures higher on
Ukraine, Russia optimism
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[September 03, 2014]
By Chuck Mikolajczak
NEW YORK (Reuters) - U.S.
stock index futures rose on Wednesday, on hopes a
resolution would be reached between Ukraine and Russia
and ahead of the latest batch of data which could
provide insight on the health of the economy.
Ukraine said its president had agreed with Russia's Vladimir Putin
on steps towards a "ceasefire regime" in Kiev's conflict with
pro-Russian rebels, but the Kremlin denied any actual truce deal,
prompting confusion on the eve of a NATO summit. However, statements
from both sides indicated at least some progress was being made
between the two.
Investors will look for clarity on the health of the economy with
the release of July factory orders data at 10:00 a.m. (1400 GMT).
Expectations call for an 11 percent rise versus the 1.1 percent
increase a month earlier. Automakers will also announce August
vehicle sales throughout the session.
At 2:00 p.m. (1800 GMT), the Federal Reserve will release its Beige
Book of economic activity across the nation.
S&P 500 e-mini futures were up 6.75 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 rose 64
points and Nasdaq 100 e-mini futures added 12.75 points.
The S&P 500 was marginally lower on Tuesday to kick off September
trading, on the heels of its best monthly performance since February
that sent the benchmark index to record highs, as falling crude oil
prices dragged energy shares down and offset strong manufacturing
Toll Brothers advanced 1 percent to $36 in premarket trade after the
largest U.S. luxury homebuilder said its quarterly income more than
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Travel management and expense software maker Concur Technologies Inc
is exploring a sale of the company and has approached Oracle Corp
and Germany's SAP SE, Bloomberg reported, citing people with
knowledge of the matter. Concur shares were up 11.9 percent to $113
in light premarket trade.
European shares rose, with a key index hitting a two-month high, on
speculation about a possible ceasefire in eastern Ukraine while
upbeat Chinese services activity reports helped lift Asian shares.
(Reporting by Chuck Mikolajczak; Editing by Bernadette Baum)
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