Strategic Finance
Citigroup Inc set for higher open, cash needed |
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| Strategic Finance | |
| Written by Roberta Murray | |
| Friday, 18 June 2010 | |
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Stock futures pointed to a mixed open Friday ahead of the expiration of options contracts.
Citigroup Inc (NYSE:C) futures are pointing to a higher open by 0.25% on Friday. Citigroup hopes to raise an additional $1 billion for its hedge funds next year, the agency said. Citi Capital Advisors is an alternative asset management unit that offers strategies and products to select institutional and ultra high net worth investors. Wall Street open - mixed signalsStock futures pointed to a mixed open Friday ahead of the expiration of options contracts. The modest moves in stock futures come a day after the market erased its losses to end higher. The Dow Jones industrial average ended with a gain of 25 points and has risen five of the past six days. With little economic and corporate news expected, trading could be choppy because of the occurrence of a quarterly "quadruple witching," which marks the simultaneous expiration of four kinds of options and futures contracts. Europe drew attention after leaders said they would publish results of so-called bank stress tests, which are designed to evaluate the financial stability of banks. Investors have been concerned about European banks for months because of high debts in weak European Union countries like Greece. The International Monetary Fund, the European Union and the European Central Bank said Greece was making the necessary cuts to reduce its deficit. The moves are required under an emergency loan package aimed at keeping the country from defaulting on its debt. European stock markets were mixed. Dow Jones industrial average futures fell 4, or less than 0.1 percent, to 10,372. Standard & Poor's 500 index futures fell 0.80, or 0.1 percent, to 1,110.90, while Nasdaq 100 index futures rose 0.50, or less than 0.1 percent, to 1,910.00. Bond prices were little-changed. The yield on the benchmark 10-year Treasury note was unchanged at 3.20 percent from late Thursday. The dollar fell against other major currencies, while gold prices fell. The euro rose to $1.2379. Crude oil fell $1.01 to $75.78 per barrel in electronic trading on the New York Mercantile Exchange. In afternoon trading, Britain's FTSE 100 rose 0.3 percent, Germany's DAX index rose 0.1 percent, and France's CAC-40 lost 0.1 percent. Earlier, Japan's Nikkei stock average slipped less than 0.1 percent.
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