Futures Fall as Dollar Gains on Yen Intervention
Futures declined Monday as the U.S. dollar shot up to a three-month high against the yen after the Japanese government intervened in the market to curb its currency's appreciation.
The dollar hit a three-month high versus the Japanese yen this morning, following the intervention by the Bank of Japan. The day's increase is the biggest one-day move by the dollar against the yen in almost three years.
Still, Wall Street is on track to post some impressive October numbers ahead of the month's final trading day, though creeping doubts about the European debt crisis solution could scale back some of those milestones in the day ahead.
At this point, the Dow is poised to post its best monthly point gain on record and its best monthly percentage gain since January 1987. The S&P 500 is on track for its second best monthly gain ever, trailing only October 1974.
The week ahead promises to be an eventful one, with another flood of corporate earnings, as well as a two-day Fed policy meeting and the October employment report.
reported a 5 percent rise in underlying quarterly profit early on Monday morning, with pre-tax profit to end-September of 2.4 billion pounds ($3.9 billion). However, top-line growth at investment bank arm Barclays Capital, fell 22 percent, quarter-on-quarter.
Humana gained after the health insurer posted a higher-than-expected profit and also boosted its full-year earnings forecast.
Allstate and Anadarko Petroleum are slated to post earnings after-the-bell tonight.
Bank of America Merrill Lynch and Wells Fargo are among our stocks to watch today, following the announcement that Wells Fargo is canceling a planned monthly debit card usage fee, while BofA is scaling back similar plans. The fees have been the subject of protest by consumers.
MF Global shares have been halted after the New York Federal Reserve had earlier suspended the firm from doing business with them. MF became a primary dealer in Treasuries earlier this year. There are reports that Interactive Brokers will make a bid of about $1 billion for the U.S. futures brokerage.
Sony is announcing plans to split its struggling TV business into three separate units, focusing on LCD TVs, outsourcing, and next-generation TVs.
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