Futures rise on hope of China stimulus
Evan McDaniel | firstname.lastname@example.org
S&P 500 futures are indicating a positive U.S. open at 1333.50, a gain of 0.32 percent, or 4.25 points. Nasdaq 100 contracts are up 9.75 points, or 0.38 percent, to 2547.50 as of this writing.
The German DAX is higher by 1.04 percent, while the U.K. FTSE 100 is up 0.56 percent after Italian bond prices fell for a second day.
Asian indexes closed mixed, with Japan's Nikkei 225 higher by 0.05 percent and Hong Kong's Hang Seng up 0.45 percent. China's economic data showed six quarters of weak growth, reflecting a slowdown in Asia in general.
Commodity prices have rebounded sharply, with crude oil trading as high as 87.28 before backing off to 86.83, a gain of 0.87 percent from yesterday's close. Spot gold prices followed the path of least resistance as well, adding 17.20 points, or 1.1 percent, to 1582.40. Copper is trading at 3.4755, a gain of 1.77 percent, after reaching a high of 3.49.
The pre-market rally is taking place despite relative strength in the dollar, which usually pressures commodities by making them more expensive. The euro/dollar is down 0.02 percent to 1.2203 against the greenback.
In individual stock news, major U.S. banks are higher after JP Morgan reported earnings results this morning. Bank of America is up 0.4 percent, while JPM seeing fractional gains.
Shares of Exxon Mobile are higher after China stimulus speculation sent crude oil prices to their highest level in nearly a month. Shares of Freeport-McMoRan is up as well.