* Stock futures point to a higher Wall St opening
* Oil retreats from last week's record high
* Stronger dollar helps push crude prices lower
* Traders keep eye on developments at G8 meeting in Japan
(Updates market action, quote)
By Richard Leong
NEW YORK, July 7 (Reuters) - U.S. stock futures pointed to
a firmer opening on Monday, bolstered by stronger overseas
equity markets and lower inflation worries as oil prices
retreating from last week's record highs.
Traders returning from the three-day July 4 holiday weekend
will monitor a three-day meeting in Japan of central bankers
and finance ministers from the Group of Eight industrialized
nations in the hopes they will address the effect of soaring
energy costs and the slumping dollar on the global economy.
U.S. crude <CLc1> was last down $2.16 at $143.13 a barrel
as the dollar hit a 1-1/2 high against major currencies amid
speculations of positive outcome for the greenback from the G8
meeting. Oil posted a record peak of $145.85 last week.
"Oil is giving a break here. The dollar is showing strength
here," said Frank Lesh, an analyst at FuturePath Trading LLC in
Chicago.
S&P 500 futures <SPc1> were up 0.2 point, about fair value,
a formula to evaluate pricing by taking into account interest
rates, dividends and time to expiration on the contract. Dow
Jones industrial average futures <DJc1> rose 8 points, and
Nasdaq 100 <NDc1> futures rose 8.25 points.
Bargain-hunters emerged overseas in the wake of recent
heavy losses. Top European shares <> were 0.4 percent
higher, while Asian equities advanced, with the Japan Nikkei
<> up nearly 1 percent.
No S&P 500 company earnings or major U.S. economic data are
scheduled for release on Monday.
Worries about the flagging U.S. economy and whether the
Federal Reserve will follow the European Central Bank's move
last week to raise interest rates to fight inflation could
result in choppy trading, analysts said.
San Francisco Fed President Janet Yellen will speak about
the economy at 11 a.m. (1500 GMT). Yellen is not a voter this
year on the Fed's policy-setting Federal Open Market Committee.
[]
In company news, U.S. investment bank Merrill Lynch & Co
<MER.N> is moving closer to selling stakes in financial firm
BlackRock Inc <BLK.N> and information provider Bloomberg LP in
a bid to raise capital to offset some $6 billion in coming
write-downs, The Wall Street Journal said Monday, citing people
familiar with the matter. For more see [].
General Electric's <GE.N> NBC Universal unit and two
private firms said on Sunday they agreed to buy The Weather
Channel from Landmark Communications for an undisclosed sum.
[]
Belgian-based brewer InBev <INTB.BR> said it plans to
remove and replace the board of Anheuser-Busch Cos Inc <BUD.N>
to secure a $46.3 billion acquisition of its U.S. rival.
ID:nL07672202
A shake-up is also expected at General Motors Corp. <GM.N>.
The No. 1 U.S. carmaker is planning to slash white-collar jobs
and mulling whether it should sell or stop production of more
of its brands, the Wall Street Journal reported.
[]
In Thursday's shortened session, the Dow <> rose on a
U.S. payrolls report that was in line with expectations and on
stronger energy stocks, while the S&P 500 <.SPX> ended little
changed and the Nasdaq <> fell.
(Editing by Theodore d'Afflisio;
richard.leong@thomsonreuters.com; +1 646 223 6313; Reuters
Messaging: richard.leong.reuters.com@reuters.net)
