WASHINGTON: U.S. stock-index futures advanced as Greece’s pro-bailout New Democracy party came top in opinion polls before next month’s election, boosting speculation the nation can implement austerity measures and keep the euro.
Alcoa Inc and Newmont Mining Corp each rose 1% in German trading as copper climbed amid dwindling Chinese stockpiles. Apple Inc gained while Facebook Inc declined.
Standard & Poor's 500 Index futures expiring in June increased 0.5% to 1,321.1 at 10:16 a.m. in New York. Dow Jones Industrial Average futures increased 41 points, or 0.3% to 12,470. The U.S. equity market is closed today for the Memorial Day holiday.
“The polls suggest that the New Democracy and Socialist parties would have enough votes to form a coalition and hence stem the tide of negativity surrounding an immediate Greek default," Gerard Lane, an equity strategist at Shore Capital Group Ltd. in Liverpool, England, wrote in a note to clients.
New Democracy, which supports the austerity measures imposed by the European Union, came first in all six opinion polls published on May 26 as campaigning continued for the general election on June 17.
Party leader Antonis Samaras sought to sketch out the consequences of a euro exit, saying Greek incomes, bank deposits and property values would lose at least half their value within days, while food prices would rise by a quarter. (Bloomberg/tw)