Morning Wire — US Stock-Index Futures Up Sharply

On the first trading day of 2012, US stock-index futures are sharply higher this morning after manufacturing data from China came in better than expected and pushed Asian markets higher. The Institute for Supply Management (ISM) manufacturing index is due this morning, and as of last week the index was expected to improve slightly, from a reading of 52.7 in October to 53.4 in November. Data on factory output in Australia also showed improvement for the first time in six months. Minutes of December’s Federal Open Market Committee meeting will also be released this afternoon.

At about 7:45 a.m. ET, Germany’s DAX is up 0.96% at 6,134.03 and France’s CAC 40 is down -0.48%, at 3,206.75. In London, the FTSE 100 is up 1.18%, at 5,638.16.

In Asia, Hong Kong’s Hang Seng closed up 2.4%, at 18,877.40. Last Friday, the Nikkei index closed up 0.67%, at 8,455.35, and the Shanghai index closed up 1.19%, at 2,199.42. Japanese and Shanghai markets are closed until tomorrow.

Dow futures are up 1.68%, at 12,354.00. The Nasdaq 100 is up 1.88%, at 2,317.25 and the S&P is up 1.67%, at 1,273.50.

In the currency markets, the US dollar is slightly weaker against the euro, the British pound, and the Japanese yen. The US dollar index is down about -0.63% at 79.774.

In commodities, both WTI and Brent crude are sharply higher this morning, with WTI at $101.31/barrel and Brent at $109.85/barrel. Gold is also sharply higher this morning, up 1.74% at $1,594.10/ounce.