Asian stocks rose to their highest level in 18 months on the back of stronger global economic data. China released data yesterday which showed that services industries grew at their fastest pace since August. In Japan, Panasonic gained almost 20% after the company unexpectedly announced a third quarter profit, whilst Sony climbed around 9%.
European markets are looking to open marginally lower, ahead of Eurozone investor confidence and PPI data due later in the morning. Spanish PM Rajoy is coming under further pressure due to scandals with some opposition lawmakers calling for his resignation.
US markets were boosted by strong economic data on Friday and comments from Caterpillar which were bullish for the second half of this year. Today look out for factory orders, and NY ISM.
Philip Ball | Sales and Trading