IBT Staff Reporter

Order ID: 1 | Update | $EURUSD Buy 1.1975 | Stop Loss: 80 Pips | Currently at -20

Wall Street was set for a slightly higher open on Monday after a sharp decline Friday, as strong German factory data eased concerns about a wobbly European economy and the S&P looked for support at a key technical level.

Stock index futures were slightly higher on Monday, reversing sharp declines in the last session, as solid German data eased concerns about a wobbly European economy and the S&P looked to bounce off a key technical level.

Shares in oil major BP Plc rose on Monday after the company said it was capturing most of the oil gushing from its leaking Gulf of Mexico well, and that an additional capture system would be ready in mid-June.

Hungary's government vowed to cut spending on Monday as it strove to repair damage from comments last week about a possible Greece-style debt crisis, but a renewed pledge of tax cuts kept markets on edge.

WTI crude oil rebounds to 71.6 in European session as buying interests emerge after price dipped below 70 earlier in the day. Brent crude approaches 74 after plunging to a 3-month low at 71.95. Despite the recovery, market sentiment remains weak as investors tend to seek shelter in safe-haven.

Warnings from Hungarian officials last week about a potential sovereign debt default raise questions about the country's fiscal outlook and could be negative for its credit rating, rating agencies said on Monday. Moody's said comments made by officials in Hungary's new centre-right Fidesz government suggesting the country was close to a Greek-style economic meltdown were inflammatory and came at a delicate time for global markets.

BP Plc said on Monday, global oil refining capacities need to be rationalized to bring utilization back to historical levels in the face of lagging demand.

ExxonMobil warned against quick reactive changes to deepwater drilling laws that damage long-term investment decisions and urged governments to take time to assess the reasons for the Gulf of Mexico oil spill.

British Airways Chief Executive Willie Walsh said Monday he was absolutely determined in its dispute with cabin crew and dismissed union suggestions that he had neglected the crisis to travel abroad.

ExxonMobil warned against quick reactive changes to deepwater drilling laws that damage long-term investment decision and urged all governments to take time to assess the reasons for the Gulf of Mexico oil spill.

Stock index futures pointed to a lower open on Wall Street on Monday, adding to the previous session's strong sell-off, with futures for the S&P 500 down 0.6 percent, Dow Jones futures down 0.7 percent and Nasdaq 100 futures down 0.5 percent at 0755 GMT.

Insurer Prudential reported stronger sales growth ahead of its annual investor meeting, in an effort to appease shareholder anger over its failed bid for AIG's AIA Asian unit.

World stocks fell sharply on Monday and the euro hit four-year lows against the dollar as investors reacted to signs the U.S. economic recovery may be slowing and to new debt worries centred on eastern Europe.

Hungary's government is considering the introduction of a special tax on banks and channelling private pension funds to the state system among options as it drafts its economic action plan, online news portal Index reported on Monday.

Shares in Hon Hai Precision Industry tumbled on Monday on concerns about earnings after the electronics maker offered workers in southern China a second pay rise that could double wages from a month ago.

World stocks fell sharply on Monday and the euro hit four-year lows against the dollar as investors reacted to signs the U.S. economic recovery may be slowing and to new debt worries centered on eastern Europe.

Fuel prices in India is likely to go up this week as a ministerial panel is considering a Committee report that calls for decontrol of fuel prices. The Empowered Group of Ministers are likely to take decontrol decision which may result in prices to go up by Rs 3.35 per litre, which being the difference between the retail price and imported cost.

In its quest to acquire more energy, world's second largest oil consumer China is exploring a $1.2 billion deal with Iran to build six tankers in the coming years to transport liquefied natural gas.

World oil prices eased below $70 a barrel in Asian trade Monday as markets sentiment remained weaker after last weeks disappointed US jobs report. Light sweet crude for july delivery was seen trading at $69.71 a barrel at 11.00 a.m Singapore time while Brent crude for July was at $70.63 a barrel in London.

Gold prices recovered in Asian trade Monday as equity markets fell amid concerns over Hungary's debt problems. Gold for immediate delivery was seen trading at $ 1218.13 an ounce at 11.30 a.m Singapore time while U.S. gold futures for August delivery was at $1,219.8 at the same time.

The euro sank to four-year lows on Monday and stocks and commodities fell as increasing market volatility prompted investors to shed even more risky bets.

Exxon Mobil is holding detailed discussions with China's national oil firms on partnerships for a number of resources including unconventional, a top executive said on Monday.

Japan's Naoto Kan takes over as prime minister this week, faced with the challenge of fixing policy disarray and cutting a huge public debt that is constraining options for keeping economic recovery on track.

Bank of China's president no longer expects China to raise interest rates soon but instead may hike banks' required reserve rate, the China Securities Journal reported on Monday.

The Australian Dollar was sold off two US Cents towards 0.8200 overnight and has subsequently traded below 0.8200 following reports out of Europe regarding Europe's debt crisis, which may have spread to Hungary.

Some of UK insurer Prudential's largest shareholders have approached former chief executive Mark Tucker over a possible return to the helm of the company, British media reported on Monday.

The Australian Dollar opens the new week sharply lower at 0.8190.

Yahoo Inc is planning to introduce features that will give its users even more access to updates from the popular social networking site Facebook, expanding a partnership the web companies struck last year.