Monday, April 30, 2007

Morning Market Comment

This week will be a waiting game for many - waiting for this Friday's April employment data; not only waiting, but positioning ahead of it. Even today a couple of important economic data points are on tap: At 8:30 the latest read on personal income and spending; 9:45 Chicago-NAPM is expected to how an April decline to about the 54 mark. March Construction Spending Figures are due at 10, and a small .1% gain is expected.

Asian markets were mixed to modestly in the red overnight following word of China's tighter reserve requirements. While gasoline is up more than a cent on the latest refinery outage in Oklahoma, WTI crude is down about 50-cents. The net effect, is a modest rise in S&P futures. I put up a post on Saturday wondering if there might be any fireworks from China or gasoline, but it appears as if it's a very dull early start to Monday.

There is NO mergers and acquisition activity above the $1 bln mark I can find impacting a U.S. company this morning, despite a plethora of takeover speculation during the past week.

The Wall Street Jounral has a big scoop on a potential deal: Deutsche Boerse is considering a bid for New York-based International Securities Exchange for about $2.6 billion, or about $68 a share, people familiar with the matter said.

Pete Stolcer's has a full list of movers this morning.

See the latest on hedge funds at:

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