TheStreet's SpeedDesk Pre-Market Newsletter
Monday, April 7, 2014
STOCK MARKET FUTURES TODAY
As of 8:45 a.m., the Dow Jones futures were down -50.00, the S&P futures were down -7.20, and the Nasdaq futures were down -29.00.
Here's Why: U.S. stocks were set for a lower open today, putting the S&P 500 on track for its third straight decline, as weakness in momentum names that sent the Nasdaq and benchmark S&P index to their worst drop since February in the prior session appeared poised to continue.
OVERSEAS MARKETS TODAY
In Europe, the FTSE 100 Index was down -54.98, the CAC 40 Index was down -33.68, and the Deutsche Boerse AG German Stock Index DAX was down -148.50.
Here's why: European equities retreated on Monday after a three-week rally, with technology shares falling the most on concern they had advanced too far, too fast and a correction was due.
In Asia, the Nikkei 225 fell -254.92 and the Hong Kong Hang Seng Index closed down -132.93.
Here's why: Japan's Nikkei share average fell to a one-week low today, dragged down by tech shares following a slide on Wall Street, while a strong yen hit exporters to round out a harsh day for the market.
Cement makers Holcim (HCMLY) and Lafarge (LFRGY) have agreed to an all-share merger of equals that will create a company with over $40 billion in annual sales and a market cap of $50 billion.
Vivendi (VIVHY) will sell its SFR unit to Luxembourg-based cable and mobile provider Altice despite Bouygues sweetening its offer for the mobile business at the last minute. Altice will give Vivendi a 20% stake in a company that will be created via the merger of SFR and Altice's French Numericable subsidiary. The entire deal is worth $23.3 billion.