What you need to know before the US open
US stocks futures have been buoyed by the slew of M&A activity we’ve seen today, suggesting markets will following European counterparts at the open.
European stocks are still being lifted by announced deals, with AstraZeneca still the biggest mover on the FTSE, keeping the index near seven-week highs.
Meanwhile, President Obama’s announced further sanctions against some Russian individuals, saying broader measures against the economy will be kept “in reserve”. Markets haven’t been deterred by the escalating tensions in Ukraine, though, despite the effect it’s been having on sentiment.
Corporate news
Bank of America has announced it’s suspending a plan to return capital to its shareholders, having made a downward revision to the capital ratio plans it submitted to the Fed. It'll resubmit the 2014 plan.
Forest Laboratories has agreed a deal to buy Furiex Pharmaceuticals for as much as $1.46bn in cash and shares – a 19 per cent premium to last week’s share price.
And Siemens has said it’ll cut thousands of jobs as part of its new strategy, Germany’s Manager Magazin Online’s reported today. The firm has shed almost two per cent in trading today, following news that it’s making a rival proposal to General Electric’s bid for Alstom.
Data in focus
• 3.00pm: US March pending home sales
• 3.30pm: US April Dallas Fed manufacturing index
• 3.30pm: EU European Central Bank’s Mario Draghi speaks in Bonn