Bloomberg News

European Stock Futures Advance as Venizelos Gets Mandate

May 10, 2012

European stock futures rose, indicating the region’s equities will rebound from two days of losses, as Greece’s president turned to former finance minister Evangelos Venizelos to try to form a coalition government. U.S. index futures climbed, while Asian shares were little changed.

Bankia SA (BKIA) may be active after Spain said it would take over the lender. Deutsche Telekom might move as the company was said to discuss a merger of its T-Mobile USA Inc. unit with MetroPCS Communications Inc. Zurich Insurance Group AG may move after it reported first-quarter net income that beat analysts’ estimates.

Futures on the Euro Stoxx 50 Index expiring in June rose 0.7 percent to 2,205 at 7:12 a.m. in London. Contracts on the FTSE 100 Index expiring the same month added 0.2 percent. Standard & Poor’s 500 Index futures gained 0.3 percent today, while the MSCI Asia Pacific Index slipped less than 0.1 percent.

“Today socialist Pasok leader Evangelos Venizelos will attempt to form a coalition government and if unsuccessful new elections in June could be given the green light,” Nam Truong, a trader at Capital Spreads in London, wrote in a note. “However, another election without an outright majority will be disastrous and send shockwaves across the euro zone.”

To contact the reporter on this story: Tom Stoukas in Athens at astoukas@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net


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