US Futures Higher, Following European Lead

US stock futures are up nearly 1.5% about one and a half hours before markets open this morning. The expectation of positive news from Europe on an agreement that would have the European Central Bank buying sovereign bonds and Eurozone nations adopting a fiscal package that would curb spending.

This paragraph from the Financial Times sums things up rather nicely:

The global surge has mainly been predicated on investors’ belief that political and monetary institutions are making progress in dealing with the issues that have caused sovereign debt contagion, interbank tensions and a lack of faith in the euro project.

DJ futures are up about 1.17%, or 140 points, to 12,140. Nasdaq futures are up nearly 1.4%, or about 32 points, at 2,335. S&P 500 futures are up about 1.3%, or about 17 points, to 1,260.10.

In Europe, Germany’s DAX index is up nearly 0.9%, or nearly 53 points, to 6,133.23, and France’s CAC 40 index is up 1.5%, or about 47 points, to 3,212.41. In the UK, the FTSE 100 index is up about 0.7%, or nearly 40 points, to 5,592.