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Markets are called higher this morning. European and U.S. equity-index futures gained as Asian stocks climbed for an eighth day on improving Chinese exports and easing concerns over a reduction in U.S. stimulus. The yen weakened after Tokyo was selected to host the 2020 Olympics.
Chinese exports grew more than economists projected last month, while a smaller-than-expected increase in U.S. nonfarm payrolls alleviated concern over the potential size of Federal Reserve stimulus reductions. Japan’s Prime Minister Shinzo Abe said yesterday the Olympics will spur construction and help overcome deflation before data today showed the economy expanded more than initially estimated.
Stock to watch: Amazon
Amazon.com Inc. has no plans to introduce a phone this year, said Drew Herdener, a spokesman for the Seattle-based e-commerce company.
Technology blog Jessicalessin.com reported Sept. 6 that Amazon will offer a free smartphone. Herdener said in an e-mail yesterday that if Amazon were to offer a phone in the future, the device won’t be free.
Amazon has been developing a smartphone that would vie with Apple Inc.’s iPhone and devices that run Google Inc.’s Android operating system, two people familiar with the plan said last year. Foxconn International Holdings Ltd., the Chinese mobile-phone maker, has been working with Amazon on creating a phone, a person with knowledge of the matter said at the time.
Amazon, led by Chief Executive Officer Jeff Bezos, has been acquiring patents that cover wireless technology to help it defend against allegations of infringement, other people familiar with the situation said last year.
WHAT TO WATCH:
• Suntory Said to Buy Glaxo’s Lucozade, Ribena Brands for $2b
• Vodafone May Not Get Approval for Kabel Deutschland Offer: FT
• Asian Stocks Rise as Yen Declines on Tokyo Winning Olympics
• Google Made New Offer to Settle EU Probe, Almunia Says
• SCA Group Offers $1.4b for Vinda International
• China Rebound Gets Overseas Boost as Exports Beat Estimates
• Telecom Italia Is Said to Propose Reorganization to Directors
• Osborne to Say Tighter Market Conditions May Curb U.K. Recovery
• Merkel Says Danger SPD May Break Vow and Ally With Left Party
• Glaxo Probed by U.S. on Chinese Bribery Allegations: Reuters
• Glaxo Considers Pulling Out of China Over Probe, Telegraph Says
• Nestle’s Brabeck Ponders L’Oreal Conundrum as Growth Sags
• VW Targets 2013 Op. Result on 2012 Level, Boersen-Zeitung Says
• SYRIA LATEST: Congress to Begin Deliberations Ahead of Vote
EARNINGS All times CET, estimates where available:
• Associated British Foods (ABF LN) 8am, 4Q trading statement
• Ricardo (RCDO LN) 8am, FY adj. EPS GBP0.35
Good day and happy trading!
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