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US pre-open: Stocks seen lower

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Date: Tuesday 29 Apr 2008

LONDON (ShareCast) - US stocks are expected to start lower with consumer confidence data forecast to show a decline this month.

The Conference Board is due to release is April survey of consumer confidence after the open, with expectations the index will fall to 62 from 64.5 in March due to high food and energy prices.

Across the markets, the Dow Jones is expected to fall 34 points to 12,845 with the Nasdaq seen sliding 6 points to 1920. The S&P 500 is due to begin 2 points down.

In corporate news, Visa said late Monday that first-quarter profit rose 28%, while Germany's Deutsche Bank said it wrote down $4.2bn in the first quarter.

Drugmaker Merck said late Monday that the US Food and Drug Administration needs more information on its cholesterol drug candidate Cordaptive.