European stock-index futures rise
October 30, 2008 - 0:0
European stock-index futures rose, following gains in Asia and the U.S., on speculation central banks will cut interest rates to bolster the financial system.
Deutsche Bank AG, Axa SA and Nokia Oyj will probably follow a rally in their U.S.-traded securities. BHP Billiton Ltd. climbed in Australia as copper advanced for a third day. Royal Dutch Shell Plc might gain as oil rose for the first time in four days.Daimler AG will probably gain after Merrill Lynch & Co. said the carmaker's shares were ``oversold'' after a 45 percent slump this month.
Futures on the Dow Jones Euro Stoxx 50 Index, a benchmark for the euro region, added 141, or 6.1 percent, to 2,467 at o7:45 A.M. in London. The UK's FTSE 100 Index may increase 163, according to BGC Partners, a betting firm.
The MSCI Asia Pacific Index added 2.3 percent amid speculation Japan will cut interest rates and China take steps to boost equities. Standard & Poor's 500 Index futures slipped 1.1 percent today.
U.S. stocks climbed yesterday, sending the Dow Jones Industrial Average to its second-best point gain, as the lowest valuations in 23 years lured investors, while increased commercial paper sales and lower money-market rates signaled credit markets are thawing.
``The Dow surged ahead of last night's close with the index coming close to posting a quadruple digit gain,'' Matt Buckland, a dealer at CMC Markets in London. ``There's no shortage of belief that the FOMC will cut interest rates by a further 0.5 percent later today so this is certainly helping spur interest in equities.''