U.S. stock futures rose, after equity benchmarks climbed to record highs yesterday, as investors awaited Federal Reserve Chairman Ben S. Bernanke’s testimony on the economy and the central bank’s asset purchases.
Stocks in Europe declined from their highest level in almost five years before Federal Reserve Chairman Ben S. Bernanke testifies on the outlook for the world’s biggest economy. U.S. futures advanced, while Asian stocks were little changed.
European shares fell from an almost five-year high, U.S. stock-index futures were little changed and oil slid before Federal Reserve Chairman Ben S. Bernanke speaks on the economy. The yen weakened to a three-year low against the euro after the Bank of Japan maintained its easing plan.
Los Angeles voters elected Councilman Eric Garcetti as mayor of the second-largest U.S. city, replacing Antonio Villaraigosa and inheriting a budget that relies on city unions to forgo 5.5 percent raises next year and uses about three-quarters of a reserve fund.
Federal Reserve Bank of New York President William C. Dudley said policy makers will know in three to four months whether the economy is healthy enough to overcome federal budget cuts and allow the central bank to begin reducing record stimulus.
Egypt’s central bank will offer a record $800 million at a currency auction to local lenders today to finance imports of staple foods and medicines after Standard & Poor’s warned of accelerating inflation.