U.S. futures are up sharply this morning, as overseas markets surged higher on news that Ireland may have reached a deal for financial assistance. Britain’s’ FTSE 100 and the DAX in Germany were both 1.4% higher, while France’s CAC 40 rose 1.6%. Asian markets also ended the session with gains.
New claims for unemployment benefits rose less-than-expected last week. Initial claims climbed by 2,000 to a seasonally adjusted 439,000. Economists were expecting initial claims to total 445,000. The number of people still receiving benefits after an initial week of aid fell 48,000 to 4.30 million, in line with expectations and the lowest level since November 2008.
The October Index of Leading Indicators and the Philadelphia Fed Index are due at 10:00 am ET. Both are expected to have risen from the previous month. Also of interest, GM priced its highly anticipated initial public offering at $33 a share yesterday. The automaker’s offering is expected to raise $23.1 billion, making it the largest IPO in U.S. history.
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