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Tuesday, 04 February 2014 09:45

U.S. stock futures higher

NEW YORK (AP) - Stock futures are up after U.S. markets suffered their biggest losses in more than seven months Monday. The major averages are under pressure with hints of trouble brewing in emerging markets.
 
     KEEPING SCORE: Dow Jones industrial average futures are up 66 points to 15,359 about 20 minutes before U.S. stock markets opened Tuesday. The Standard & Poor's 500 index futures are up 11 points to 1,744 and Nasdaq futures gained 20 points to 3,450.
 
     MACRO MESS: The financial markets in several developing countries including Turkey and Argentina have been shaken recently by concerns that growth will slow and money will flow out of their economies as the U.S. Federal Reserve tightens its monetary policy. That has knocked many stock markets, which were ripe for a pullback after big gains in 2013.
 
     OVERSEAS: The Nikkei tumbled 4.2 percent to 14,008.47 and is down 14 percent over the past month. Hong Kong's Hang Seng declined 2.9 percent to 21,397.77 on its first day of trading following a 4-day weekend for Lunar New Year. Markets in China and Taiwan are closed. The FTSE 100 index of leading British shares slid 0.4 percent at 6,441 while Germany's DAX fell 1 percent to 9,096. The CAC-40 in France fell 0.2 percent to 4,098.
 
     KORS ON TOP: Michael Kors is surging $15.58, or 20 percent, to $92.21 after the fashion retailer reported third-quarter net income rose 77 percent. The company topped Wall Street expectations.
 
     MICROSOFT MOVES: Microsoft named Satya Nadella as its new CEO. Company founder Bill Gates is stepping down as chairman and will become a technology adviser to Microsoft.
 
     TREASURIES: The yield on the 10-year Treasury note climbed to 2.61 percent from 2.58 percent on Monday. The yield has dropped from 3 percent at the start of the year as investors have bought bonds amid concern that U.S. growth is slowing after a strong fourth quarter.
 
     COMMODITIES: The price of oil rose 48 cents, or 0.5 percent, to $96.91 a barrel. Gold fell $10.90, or 0.8 percent, to $1,249 an ounce.

LANSING, Mich. (AP) - The Michigan Lottery is launching its first $30 instant game, which has top prizes of $2 million and more than $80 million in total prizes available. Tickets for the "$2,000,000 Cash" game go on sale statewide Tuesday. Each ticket will offer players 30 chances to win. Players also have a 1-in-25 chance of winning $200. The lottery says introduction of the game reflects strong player interest in $10 and $20 instant game tickets, such as the Hot Millions and Diamond Payout games. Both of those games offer top prizes of $1 million. The lottery introduced $20 instant games in 2001.

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