FTSE extends losses ahead of May speech, Europe lower too
LONDON, Jan 17 European shares fell on Tuesday, weighed by miners and autos, as markets awaited details of Britain's Brexit position in a late morning speech by Prime Minister Theresa May.
* Futures down: Dow 63 pts, S&P 7.25 pts, Nasdaq 12 pts
By Tanya Agrawal
Nov 28 U.S. stock index futures pulled back on Monday, after the three major indexes extended their post-election rally and closed at record highs.
* The three indexes closed higher for three weeks in a row, with the S&P 500 notching its seventh record close since Nov. 8.
* Oil prices were lower in choppy trading as the market grappled over the shaky prospect of OPEC producers being able to agree output cuts at a meeting on Wednesday aimed at reining in global oversupply.
* European shares were pressured by the drop in oil prices. Investors also awaited a referendum on constitutional reform in Italy on Sunday.
* The dollar index extended its losses on Monday, retreating from its highest levels since 2003, as U.S. Treasury yields eased from recent peaks.
* The dollar had been on a tear on expectations that President-elect Donald Trump's infrastructure spending plans will boost inflation as well as a high likelihood of an interest rate hike in December.
* The U.S. Federal Reserve will next meet on Dec. 13-14, with traders pricing in an 89 percent chance of a hike.
* "An air of caution swept across the financial markets as doubts of a successful OPEC deal weigh heavily on global sentiment," said Lukman Otunuga, research analyst at FXTM.
* "Although Wall Street concluded last week near historical highs, losses could be realized if Asia's and Europe's bearish contagion contaminate American shares."
* ConocoPhillips was up 1.1 percent at $46.24 in premarket trading after Goldman Sachs raised its price target on the stock.
* Amazon was down 0.3 percent at $778 after Citigroup reduced its price target on the stock.
Futures snapshot at 7:04 a.m. (1204 GMT):
* S&P 500 e-minis were down 7.25 points, or 0.33 percent, with 131,071 contracts changing hands.
* Nasdaq 100 e-minis were down 12 points, or 0.25 percent, in volume of 19,074 contracts.
* Dow e-minis were down 63 points, or 0.33 percent, with 28,265 contracts changing hands. (Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)
* Hyundai Motor Group agonising over capacity of Mexico plant
LONDON, Jan 17 Carlyle Group has agreed to become the largest shareholder in Johannesburg-based Global Credit Ratings (GCR), the U.S. buyout fund said on Tuesday, looking to broaden the pan-African ratings agency's services.