Bloomberg News

U.S. Stock Futures Pare Gain as Spain Increases Deficit Forecast

December 30, 2011

Dec. 30 (Bloomberg) -- U.S. stock-index futures pared gains as Spain said its budget deficit will be larger than previously forecast, fueling concern that Europe’s debt crisis will worsen.

Futures on the Standard & Poor’s 500 Index rose less than 0.1 percent to 1,258.4 at 8:52 a.m. in New York after gaining as much as 0.2 percent. Dow Jones Industrial Average futures were unchanged at 12,217 after climbing as much as 20 points.

Spain’s budget deficit will reach 8 percent of gross domestic product this year, more than the previous government’s forecast of 6 percent.

“We have found a deficit figure which is much higher than what the former government had targeted,” said government spokeswoman Soraya Saenz de Santamaria at a press conference in Madrid.

To contact the editor responsible for this story: Michael P. Regan at

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