U.S. stock futures gained, indicating the Standard & Poor’s 500 Index will rebound from yesterday’s decline, as Germany’s highest court said it won’t delay its ruling on the euro area’s permanent bailout fund.
Green Mountain (GMCR:US) Coffee Roasters Inc. climbed 1.5 percent in German trading after Luigi Lavazza SpA increased its stake in the company. Navidea Biopharmaceuticals Inc. (NAVB:US) plunged 36 percent in early New York trading after a regulator rejected a drug to detect cancerous lymph nodes. Casey’s General Stores Inc. (CASY:US) may be active after posting first-quarter earnings that beat estimates.
S&P 500 futures expiring this month added 0.3 percent to 1,430.5 at 7:18 a.m. in New York. The equity benchmark climbed to its highest level since 2008 on Sept. 6 as the European Central Bank approved a bond-buying program to lower borrowing costs for the most-indebted euro-area states. Dow Jones Industrial Average futures rose 33 points, or 0.3 percent, to 13,270 today.
“In Europe, there has been a lot more delay in making decisions than in the U.S.,” said Kully Samra, who manages U.K.-based clients for Charles Schwab Corp., which has $1.8 trillion of assets globally. “The fact that some of these decisions are now being made is absolutely a good thing.”
The S&P 500 fell 0.6 percent yesterday as concern Greece’s debt crisis will worsen overshadowed speculation that central banks will take steps to support the global economy.
Germany’s Federal Constitutional Court said today it will issue a ruling tomorrow on whether to allow the country to ratify the 500 billion-euro ($640 billion) European Stability Mechanism. The court rejected an argument by lawmaker Peter Gauweiler that it delay the decision after the ECB pledged unlimited funds last week to buy government bonds.
In the U.S., a report from the Commerce Department today will show that the country’s trade deficit increased to $44 billion in July from $42.9 billion in June, according to economists’ projections compiled by Bloomberg.
The Federal Open Market Committee will discuss additional measures to simulate the U.S. economy at a two-day meeting starting tomorrow. Federal Reserve Chairman Ben S. Bernanke said on Aug. 31 he wouldn’t rule out steps to lower an unemployment rate he described as a “grave concern.”
Green Mountain advanced 1.5 percent to $30.81 in German trading after Lavazza said in a filing after the market closed yesterday that it increased its stake in the American coffee business to 6.8 percent. Lavazza owned 5 percent of Green Mountain as of Feb. 24, data compiled by Bloomberg show.
Navidea slumped 36 percent to $2.25 in early New York trading after the company said in a statement that the Food and Drug Administration did not approve its Lymphoseek injectable chemical because of issues with third-party contract manufacturers.
Casey’s may be active after the company reported first- quarter earnings of $1.01 per share, exceeding the average analyst estimate (CASY:US) of 95 cents per share in a Bloomberg survey.
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