Before the bell: Stocks set for lower to flat open ahead of sentiment data

Posted Jun 12th 2009 7:35AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Market Matters, Economic Data, Barclays plc ADS (BCS), Oil

U.S. stock futures edged slightly lower Friday morning as investors were looking direction ahead of a key consumer sentiment report. The bond market remained in focus as yields continued to fall. A $13.5 billion deal between Barlacys (NYSE: BCS) and Blackrock (NYSE: BLK) that makes the latter the world's largest money manager.

Two main economic reports will be reported this morning: export/import prices for May at 8:30 AM, and June Reuters/University of Michigan preliminary index of consumer sentiment at 10:00 AM. Economists expct confidence among U.S. consumers probably rose for a fourth straight month in June to 69.5 from 68.7 in May. This would be further indication that the worst recession in at least five decades may end this year.

Overseas, Asian stock markets mostly advanced Friday as improving economic data from U.S. -- jobless claims and retail -- and China -- retail and industrial output -- supported views that the worst of the global recession is passing. European markets opened narrowly mixed as European industrial production dropped by the most on record in April.

Meanwhile, oil prices slipped below $72 a barrel Friday as the crude market took a breather from its recent daily gains, but the mood remained bullish.

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