What you need to know before the US open
US stocks futures have inched lower today, as investors search for reasons to push shares over and above where they’ve been for the last couple of days.
There have been some positive numbers in this afternoon. US producer prices have risen more than forecast, up 0.6 per cent to an annual rate of 2.1 per cent. Analysts had expected a 0.2 per cent increase. Minus food and energy, prices still rose 0.5 per cent.
Meanwhile, the Bank of England’s confirmed it’s in no hurry to raise interest rates, despite lowering its forecast for unemployment on the stronger-than-expected numbers out today.
And on the political front, Ed Miliband’s taken a swipe and David Cameron over his position on the bid for AstraZeneca by Pfizer, deeming his assurances “worthless”.
Corporate news
Pfizer’s announced this afternoon that it’ll ring fence the development of key drugs, were it to acquire AstraZeneca. Chief executive Ian Read told MPs: "As we put these companies together, we will continue with our pipeline, AZ will continue with theirs.”
Macy’s has reported a 1.7 per cent fall in first quarter sales, but has upped its share buyback programme.
And Hong Kong-based Citic Pacific is set to sell shares to strategic investors, including Singapore’s Temasek and the insurer AIA.