Home

 
India Bullion iPhone Application
  Quick Links
Currency Futures Trading

MCX Strategy

Precious Metals Trading

IBCRR

Forex Brokers

Technicals

Precious Metals Trading

Economic Data

Commodity Futures Trading

Fixes

Live Forex Charts

Charts

World Gold Prices

Reports

Forex COMEX India

Contact Us

Chat

Bullion Trading Bullion Converter
 

$ Price :

 
 

Rupee :

 
 

Price in RS :

 
 
Specification
  More Links
Forex NCDEX India

Contracts

Live Gold Prices

Price Quotes

Gold Bullion Trading

Research

Forex MCX India

Partnerships

Gold Commodities

Holidays

Forex Currency Trading

Libor

Indian Currency

Advertisement

Forex MCX India

Link Exchange

 
MW: U.S. futures slip after Senate vote, UBS statement
 
By Steve Goldstein, MarketWatch

LONDON (MarketWatch) -- U.S. stock futures drifted lower Thursday as the Senate approved its version of the $700 billion bailout package and as one of the first banks to have been hit by the subprime crisis, UBS, said it's going to be profitable after four quarters of red ink.
S&P 500 futures fell 9.9 points to 1,158.50 and Nasdaq 100 futures dropped 5.5 points to 1,573.25. Dow industrial futures dropped 71 points..
U.S. stocks ended Wednesday with mild losses amid negative auto and manufacturing news after two volatile sessions. The Dow industrials ended 19 points lower, the Nasdaq Composite fell 12 points and the S&P 500 lost 3 points.
The Senate fairly easily approved a revised $700 billion U.S. plan to stabilize the financial industry, just two days after the House of Representatives rejected it.
The House may now consider it on Friday, according to House Majority Leader Steny Hoyer.
The revamped Senate bill sticks to the core plan developed by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to have the government buy and hold toxic mortgage assets, freeing up funds for banks to begin lending again. It gives Paulson the $700 billion in phases, with $250 billion up front, then $100 billion pending presidential approval and another $350 billion pending congressional approval.
Meanwhile, the Securities and Exchange Commission said it would extend the short-sale ban to as long as Oct. 17 - or up to three business days after the passage of the bailout plan-- but won't make it permanent.
On tap for Thursday will be weekly jobless claims and August factory orders.
The European Central Bank is due to make an interest rate decision. No change in rates is expected from the current 4.25% level, but ECB President Jean-Claude Trichet is expected to temper the central bank's inflation focus at a press conference due to start at 8:30 a.m. Eastern.
The euro touched a one-year low vs. the dollar. Crude oil futures fell $1.29 to $97.24 a barrel, while action in the bond market was muted.
UBS , the Swiss bank that's taken big losses from the subprime crisis, said it would return to profit in the third quarter after substantially reducing its exposure to U.S. commercial and residential mortgages. Swiss-listed UBS shares climbed 7%.
Elsewhere, Eli Lillyis the unnamed "big pharma" behind a $6.1 billion bid for ImClone Systems according to a report in The Wall Street Journal. ImClone, without identifying Lilly, said due diligence has been completed and a proposal not subject to financing has been tendered.
Constellation Energy may receive a counter-bid from EdF, the French electricity firm said Thursday.
General Electric is due to price the $12 billion public offering it announced on Wednesday.
Marriott International warned next year's profit may fall as net income dropped nearly 30%.
European stocks advanced, with the FTSE 100 up 1.1% in London. Auto stocks dragged the Nikkei 225 to a 1.9% loss in Tokyo.
Source