Bloomberg News

U.S. Stock Futures Pare Gains as Germany Opposes Combining Funds

December 07, 2011

Dec. 7 (Bloomberg) -- U.S. stock futures pared gains as Germany rejected proposals to combine the current and permanent European rescue funds, with Chancellor Angela Merkel’s government expressing pessimism about the outcome of this week’s summit.

Futures on the Standard & Poor’s 500 Index rose less than 0.2 percent to 1,256.9 at 7:59 a.m. in New York after gaining more than 1 percent earlier.

It is already decided that the permanent European Stability

Mechanism will take over from the current rescue fund at an appointed time, a German official told reporters in Berlin today on condition of anonymity because the negotiations are private. That is the agreed sequence and Germany will oppose any

attempt to change that, the official said.

--With assistance from Tony Czuckza in Berlin

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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