Before the bell: Futures advance slightly as Madoff sentencing in focus

Posted Jun 29th 2009 7:33AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Market Matters, Economic Data, Oil

U.S. stock futures edged higher Monday morning. As investors start taking toll of the first half ending tomorrow, today many will focus on the sentencing of Bernard Madoff for his multi-billion dollar Ponzi scheme. Investors will also gear up for several key economic reading coming later in this shortened holiday week.

The Bernard Madoff's sentencing hearing, coming six months after the scandal came to light, will take front stage today. Madoff masterminded a multibillion dollar Ponzi scheme that wiped out fortunes, ruined charities and foundations, and even pushed some investors to commit suicide. His lawyer insists 12 years in prison is enough, while prosecutors demand a 150-year sentence fort he 71-year-old.

Overseas, Asian stocks closed mostly lower, but European stock markets rose modestly Monday as investor sentiment was buoyed by upbeat European economic data. European confidence in the economic outlook in the 16 euro-zone nations rose more than economists forecast in June as it seems that record low interest rates and stimulus measures are helping to pull the region out of a recession.

The International Energy Agency said world oil demand is likely to grow by an average of 0.6 percent annually over the 2008-2014 period, in a downward revision of its previous expectations. The IEA said the recessionary impact, combined with signs of a structural shift to less intensive long-term oil use, were behind its cut. Oil prices weren't changed much Monday, hovering near $69 a barrel as traders, along with many others looked to macroeconomic indicators due later this week to get a better feel of the economic improvement.

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