Futures Edge Lower Amid Dubai Worries
Stock index futures point to a slightly lower open to the Wall Street week, with investors weighing some more encouraging reports about Dubai's debt situation and disappointing retail sales data.
Stocks in Dubai fell more than 7 percent on their first day of trading since its request to delay debt repayments. But shares in Asia and in Europe, hit last week by the Dubai worries, jumped on the United Arab Emirates' central bank's decision to provide move to provide additional liquidity to commercial banks if needed.
Looking to retail, the Black Friday weekend numbers were mixed. The National Retail Federation said that the number of shoppers increased, but average spending per person was down compared to last year. The average shopper spent $343.31 this weekend, compared to $372.57 a year ago.
Shoppers may have been spending less at the malls, but they were spending more than ever at the movie box office. Total movie ticket sales for the holiday weekend hit a record $278 million, breaking the record set in 2000. The latest installment of "Twilight" led the box office surge.
One of the more notable stories was the weak debut of Sands China, the Macau unit of Las Vegas Sands, falling sharply in its initial session in Hong Kong.
There is just one economic stat of note today at the beginning of what will be a busy week of economic numbers, as the Chicago Purchasing Managers index is released at 9:45am New York time.
Economists are looking for a reading of 54.7, which would be below last month's 55.7, though still above the 50 mark that separates expansion from contraction. It's also a quiet day on the earnings front, with very few companies scheduled to report.
- Peter Schacknow, Senior Producer, CNBC Breaking News Desk