Morning Report: Futures Up With Gains in Asia and Europe

by: optionMONSTER

By Bryan McCormick

US stock index futures are higher this morning after a positive session in Asian markets and a moderately stronger start in Europe.


Overnight, better-than-expected manufacturing data from China eased concerns of a slowdown, helping lift energy and materials stocks this morning. Crude oil has jumped back above the $80 per barrel level.

In currency trading, the US dollar is sharply lower against all of its basket. The lower dollar is helping boost commodity prices as well. Foreign stocks will tend to outperform in this environment as long as the dollar remains lower.

In stock-specific news, Hewlett-Packard (NYSE:HPQ) named a new CEO yesterday after market close. The stock is trading down more than 2.5 percent following that announcement after trading even lower last night.

China's Sinopec (NYSE:SHI) announced that it would buy 40 percent of the Brazilian portion of Spain's Repsol (REP) in a deal worth $7.1 billion.

There are no major earnings scheduled for today, but there are several major economic releases today that will dominate trading.

Disclosure: No positions