U.S. stock futures Monday pointed to a strong debut to 2010 as the Federal Reserve's top two officials hinted that interest rates would stay at ultra-low levels for months to come.
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Global markets
European stocks started the new year with gains on Monday, helped by a wave of deal activity, data indicating strong growth out of China and speeches from Federal Reserve officials hinting of no rate hike on the horizon.
Most major Asian markets kicked off 2010 on a positive note Monday as strong manufacturing data from China and India helped support hopes for continued economic recovery.
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Broker action
Morgan Stanley (MS 30.78, +1.18, +3.99%) was upped to buy from neutral at UBS and to outperform from neutral by Credit Suisse. UBS said that while Morgan Stanley is a "work in progress," it can show attractive year-on-year improvement in 2010 if management can generate some improvements in trading or asset management.
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Swiss health-care giant Novartis on Monday kick-started buyout activity in 2010 by offering $39.3 billion for the 75% of Alcon Inc. it doesn't already own. Novartis (NVS 53.64, -0.79, -1.45%) (CH:NOVN 55.20, -1.30, -2.30%) bought 25% of eye-care specialist Alcon (ACL 158.00, -6.35, -3.86%) from Nestle (CH:NESN 51.00, +0.40, +0.79%) in April 2008 and said Monday that it has exercised a call option to buy Nestlé's remaining 52% stake for $28.1 billion. Once that deal has been completed, Novartis will bid $11.2 billion for the remaining shares in the group.
Federal officials intend to increase security for international flights to the U.S. starting Monday, increasing gate pat-downs and bag searches in response to the attempted bombing of a Northwest Airlines flight over the Christmas holiday.
French oil major Total (TOT 65.90, +1.86, +2.90%) (FR:FP 45.76, +0.75, +1.67%) on Monday struck a deal to enter the U.S. shale-gas market for the first time with a $2.25 billion accord with Chesapeake Energy (CHK 27.53, +1.65, +6.38%) .
Gold futures rose Monday to above $1,110 an ounce as the dollar weakened on the first full trading day of the new year, raising gold's investment appeal. Gold for February delivery was last up 1.8% at $1,116.20 an ounce. The metal ended last year's trading up for a ninth straight year.
Italian chocolate giant Ferrero has met with private-equity firms Kohlberg Kravis Roberts & Co. and Blackstone Group (BX 13.37, +0.25, +1.91%) as well as U.S. peer Hershey (HSY 35.79, 0.00, 0.00%) to discuss a possible bid for British confectioner Cadbury Plc (UK:CBRY 803.50, +6.00, +0.75%) (CBY 52.00, +0.61, +1.19%) , Italian newspaper Il Sole 24 reported at the weekend, citing financial sources. The family-held company plans to decide whether to challenge Kraft Foods' (KFT 27.20, +0.02, +0.07%) 10 billion-pound bid for Cadbury in the next few weeks.
Shares of airport security specialist Smiths Group (UK:SMIN 1,055, +41.00, +4.04%) got a lift Monday after BAA, the U.K.'s largest airport operator, said it will introduce full-body scanners at London's Heathrow airport.
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