LONDON (ShareCast) - The main US stock market averages are being called to open lower by 0.7% on average today despite the basics of an agreement in Greece on a coalition government having been reached and on the back of renewed tensions in Eurozone periphery debt. So much so that the Italian risk premium has today reached a new Euro-era record.

Nonetheless, news that the Berlusconi government could be on the brink of falling seems to have been received positively in equity markets.

To be had in account, the looming November 23rd deadline by which the bi-partisan congressional super-committee must find $1.2bn in fiscal savings.

Also quite positive, the decision by the Chicago Mercantile Exchange to relax rules on margins so as to allow an ‘uneventful’ bulk transfer of client accounts from MF Global. Otherwise the liquidation of positions or forced selling to raise cash could have exerted downwards pressure on markets today.

Of interest, a smattering of smaller corporate deals have been announced today, such as General Dynamics decision to acquire Force Protection or that of JLL partners to buy American Dental Partners for $317m.

Results from Sysco have come in ahead of forecasts.

RBC has downgraded Vertex Pharmaceuticals to neutral, from overweight.


Cablevision may benefit today from a positive article out in the latest edition of Barron’s.

MACROECONOMY

The Federal Reserve will publish its latest consumer credit data at 8PM London time.

OTHER MARKETS

Front month West Texas crude futures are now rising by 0.24% to the $94.48/barrel marl in NYMEX trading.

10 year US treasuries are trading flat with yields at 2.03%.

AB

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