Futures off amid uncertainty in Italy
Bryan McCormick | firstname.lastname@example.org
Asia-Pacific markets closed weaker overnight, but losses were moderate. Europe's stocks began the day farther down have since bounced back to nearly flat on the day.
Italy's markets are up more than 2 percent on rumors that Italian Prime Minister Berlusconi may resign. There has been increasing concern that Italy would not be able to handle its debt crisis under his leadership.
In currency markets, the euro has slid fractionally against the dollar. The Swedish krona and Swiss franc are also weaker. The weakness in those currencies has helped push the dollar slightly higher. Strength in the yen, U.K. pound, and Canadian dollar has helped keep the greenback's gains in check.
Commodity markets are mixed this morning with energy moderately higher, excluding natural gas. Agricultural products are mixed with grains showing some upside leadership.
Industrial metals are weaker, with copper falling by half a percent. Precious metals were last trading higher, with gold up more than 1.1 percent and silver posting similar gains.
In stock-specific news, General Dynamics acquired Force Protection at $5.52 per share in a deal valued at $360 million. That is a greater than 30 percent premium against Friday's closing price.
Delphi Automotive set the price for its IPO in the range of $22 to $24 per share. Tekelec has been purchased in a group private equity bid for $11 per share. American Dental Partners will be taken private by JLL Partners at $19 per share.
The following S&P 500 companies will be report earnings results tomorrow: International Flavors & Fragrances, International Game Technology, and Rockwell Automation.