CIT Reaches Agreement with Creditors

Spread betting and contracts for differences on the U.S. stock market should consider that futures are looking higher this morning, thanks to the CIT news. 

Large lender CIT appeared headed for bankruptcy toward the end of last week. With no help from the U.S. government -- which refused to provide bailout funds -- CIT looked to be in trouble. However, the company's creditors came through. The Financial Times reports on the advantage of the CIT rescue:

“This paves the way for an orderly restructuring of the balance sheet with time and capital,” said one participant in the likely financing. “And it will give CIT’s customers plenty of capital.”

The news is provding hopes for stock market bulls, who are looking for a higher open today. Indeed, U.S. stocks are looking for a higher open following earnings reports and the CIT news. The U.S. stock market is expected to follow strong performances in Asia and Europe.