U.S. equity futures pointed to a higher open Monday as investors await Tuesday's Fed decision. Dow futures were up 50 points, S&P 500 futures rose five points, while Nasdaq futures gained 6.25 points over Friday's close.
European markets posted gains Monday morning (full story) after Swiss bank UBS (NYSE:UBS) said it would take a $10 billion writedown on subprime assets, but also announced a $11.5 billion cash infusion from two investors (full story). MGI Pharma (MOGN) said it would be acquired by Japan's Eisai (OTCPK:ESALY) for $3.9 billion (full story). And media reports claim Blackstone Group (NYSE:BX) is looking to join with China Investment Corp. in a counterbid to BHP Billiton's (NYSE:BHP) $129 billion offer for Australian miner Rio Tinto (RTP) (full story).
No major economic announcements are due today as investors gear up for Tuesday's FOMC decision. Before Friday's strong job numbers (full story), odds of a half-point cut to the fed funds rate were 36%; they now stand at just 26%.
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