U.S. stock futures rose as retail sales beat estimates and the Group of 20 began discussions on Europe’s debt crisis.
U.S. equities extended gains as retail sales in the U.S. rose more than forecast in September. The 1.1 percent advance, the biggest since February, followed a 0.3 percent gain for August, a stronger performance than previously estimated, Commerce Department figures showed today in Washington. The median forecast of economists was 0.5% rise in purchases last month.
Global stocks also rose as European officials are outlining a rescue plan that may include deeper investor losses on Greek bonds, higher bank capital levels and increased firepower for bailouts and the International Monetary Fund.
The plan’s elements emerged as finance ministers and central bankers from the Group of 20 began talks in Paris, seeking ways to end Europe’s two-year sovereign debt crisis.
Standard & Poor’s yesterday cut Spain’s credit rating for the third time in three years and new data showed the eight largest U.S. money-market funds almost halved their lending to French banks last month.
Google Inc. jumped 7.7% after sales and EPS beat estimates.
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