Before the bell: Futures lower ahead of data

Posted Jun 26th 2009 7:37AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Market Matters, Economic Data, Oil

U.S. stock futures again turned lower Friday morning, indicating Wall Street could start on a down note to finish off a week of choppy trading. While Thursday stocks rallied, they've slumped most of the week, with indices still down on the week. This morning investors await reading on personal income and spending and inflation.

Meanwhile, the dollar declined against other currencies after China's central bank renewed its call for a global currency that would be delinked from any one economy. The banks also said the country's financial institutions face a tougher environment this year.

Overseas, Asian stocks ended higher Friday, with Tokyo's Nikkei index up by 0.8%. Bank shares advanced in Europe on Friday following news that UBS would (NYSE: UBS) be raising fresh capital didn't, but broader market gains were kept in check.

Oil prices edged higher Friday, above $70 a barrel, extending gains from the previous day on news of another attack on oil facilities in Nigeria and a bigger-than-expected drop in U.S. inventories.

Economic releases today include:

At 8:30 a.m. Eastern, May personal income and spending report is due from the Commerce Department. Both income and spending are expected to have risen 0.3% according to Briefing.com.
At the same time, the PCE deflator, an inflation gauge, is expected to have risen 0.1% after rising 0.3% in April.
Finally, at 10:00 a.m., the second reading of June's University of Michigan's consumer confidence gauge is due out.

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