Futures Indicate Lower Opening

albena
28 Apr, 2005
New York City

Major markets in Asia finished mixed Thursday. Major European markets were higher in early trading. U.S. stock futures were slightly down in early trading, pointing to a lower opening for stocks ahead of the government's latest reading on the state of the economy in 1Q and the latest earnings reports.

Wednesday, U.S. oil prices sharply declined reflecting the weekly fuel inventory report that presented larger-than-expected supplies. Oil prices declined again in early trading Thursday. The June light crude contract lost 20 cents to $51.41 a barrel in electronic trading, while the June contract for Brent crude dropped 19 cents to $52.10.

European shares edged higher Thursday with dropping crude oil prices that helped lift stocks amid busy company news-flow from the telecoms, drugs and chemicals sectors.

London shares went up Thursday as the pharmaceuticals giant GlaxoSmithKline affirmed its projection for earnings growth this year.

Germany's DAX 30 index advanced 0.3% to 4,202, France's CAC 40 Index rose 0.3% at 3,937, and London’s benchmark FTSE 100 index gained 0.5% at 4,810.

Tokyo stock market's main index finished higher Thursday as investors bought selected technology and automobile issues ahead of Japan's ""Golden Week"" holidays starting Friday.

The Nikkei Stock Average of 225 selected issues gained 3.48 points, or 0.0%, to close at 11,008.90.

The dollar was trading at 105.86 yen at 3 p.m. Thursday, down 0.32 yen from late Wednesday in Tokyo but above the 105.79 yen it bought in New York later that day. The euro fell to $1.2936 Thursday afternoon in Tokyo from $1.2950 late Wednesday and to 136.86 yen from 137.55 yen.

On the stock market, the Nikkei index moved into positive territory toward the day's closing bell as investors bought selected tech and auto issues, reversing an early slide.

But other major electronics firms, including Sony Corp., Pioneer Corp. and NEC Corp., were among decliners. These companies reported unimpressive earnings reports the day before.

Despite the Nikkei's advance, the broader TOPIX, which includes all issues on the Tokyo Stock Exchange's first section, slipped 0.37 point, or 0.03 percent, to finish Thursday's trading at 1,129.93. The TOPIX lost 1.01 points, or 0.09 percent, the day before.