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http://today.reuters.com/investing/FinanceArticle.aspx?type=businessNews&storyID=2005-07-21T131933Z_01_N21524668_RTRIDST_0_BUSINESS-MARKETS-STOCKS-DC.XMLNEW YORK (Reuters) - U.S. stock futures on Thursday pointed to a higher market open after China loosened its yuan currency exchange rate against the dollar and London officials said initially there were no injuries from explosions in three underground railway stations.
Equity index futures were roiled throughout the morning by the barrage of news, which also included better-than-expected earnings reports from U.S. companies, including soft-drink maker Coca-Cola Co. (KO.N: Quote, Profile, Research)
S&P futures fell immediately after news that emergency services personnel were rushing to three London underground stations, two weeks after bomb attacks killed more than 50 people. There were also a report of an explosion on a bus in the Hackney area of east London.
Transport authorities said no one was reported injured in the incidents.
But the market recovered to focus on the yuan's revaluation. In a long-awaited move that it said would improve the running of the Chinese economy and give more play to market forces, China's central bank said the yuan's value from now on would be linked to a basket of currencies of China's main trading partners.
S&P 500 futures rose 2.1 points, above fair value, a mathematical formula that evaluates their pricing by taking into account interest rates, dividends and time to expiration on the contract.
Dow Jones industrial average futures rose 24 points, while Nasdaq 100 futures rose 4.5 points.
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