Overnight we saw all markets outside of Japan rise on news that China is continuing to grow after months of decline. In overnight trading on European markets we also saw a rise.
Hong Kong climbed almost .4% over night on news that Chinese Metal companies’ profits rose in the 4th quarter. While the Nikkei 225 lost almost .9% and the Shanghai Composite Index rose over 2.2%. South Korea’s slumped overnight on concerns that war is close with North Korea, after North Korea has stated it would go to war over international sanctions.
The FTSE 100 Index added more than .2% overnight and the S&P500 increased a little under .1%. Later this week we will find out the social cost of last year’s debt crisis and recession in Europe. We find out the unemployment rate of the 17-nation bloc. We expect unemployment to rise again to 11.9% according to 24 economists who were surveyed by Bloomberg.
Today in the U.S., we expect to find that durable goods climbed in the month of December on the manufacturing sector. The report will be released at 8:30am (13:30GMT). Also we will find out the number for pending home sales which we expect should rise .1% over last month. Both of these numbers point to the US economy rebounding and continuing to grow.
The price of oil rose over night on sign’s investor’s confidence in growing in the U.S. It was trading 14 cents up to $96.02 per barrel.
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