Futures on major U.S. indices point to a higher opening on Thursday as better than expected economic data from Europe overshadowed Fed Chairman Bernanke’s concerns about the U.S. economy. Futures on the S&P 500 are up 1.21 percent, futures on the Dow Jones Industrial Average are up 1.04 percent and Nasdaq100 futures are up 1.20 percent. European markets and US futures were boosted by a positive bunch of economic data from European region. Manufacturing PMI of Germany, euro zone’s biggest economy, rose to a 3-month high of 61.2 in July against the estimation of 58.5, showing that the manufacturing activity is expanding at a good pace. On Wednesday, US stock markets ended sharply lower after Fed Chairman Bernanke warned of an “unusually uncertain” economic outlook during testimony before the Senate Banking Committee. Investors are cautious ahead of key weekly U.S. jobs data from the government. The economists had forecast initial jobless claims to be 445,000 for the week ended July 17 against 429,000 of previous week. Any data that is weaker than expected will weigh on market sentiments. Investors are also eyeing other economic data including existing home sales, monthly leading index and house price index which are due to release today. String of companies including AT&T, BB&T and Xerox Corp. are due to report their earnings before the bell, while Microsoft, QLogic, Sandisk Corp. will report results after the market closes. Before the market opens: • European shares rose on Thursday reversing earlier losses on back of encouraging economic data across the European countries and mixed set of corporate updates. • European markets are currently trading higher on Thursday with FTSE 100 trading up by 44.43 points, DAX30 trading up by 83.45 points and CAC 40 trading up by 55.54 points. • On the economic front, euro-zone composite purchasing managers index (PMI), a measure of private-sector activity across the 16-nation euro zone, unexpectedly rose to 56.7 in July, its highest level in three months, from a reading of 56.0 in June. • Euro-zone industrial orders rose 3.8 percent in May and up 22.7 percent compared to the same month last year, while economists’ estimated flat monthly sales and a 20 percent rise on annual basis. • UK retail sales rose 0.7 percent in June against the economists’ estimation of 0.5 percent and were up 1.3 percent compared to the same month last year. • French manufacturing PMI fell to 10-month low of 53.70 in July from 54.8 in June, while services activity index rose to a 2-month high of 61.3 in July from 60.8 in June. • German Composite Output Index rose to 59.3 in July, 3-month high, from 56.7 in June. Manufacturing PMI rose to a 3-month high of 61.2 in July from 58.4 in the previous month, while services PMI rose to 57.3 in July from 54.8 in June. • The euro advanced 0.56 percent to 1.2826 against the dollar and the yen declined 0.43 percent against the greenback after risk appetite return to market on positive European data. •Crude oil futures advanced 0.52 percent after yesterday’s decline and copper futures advanced 1.42 percent on positive European economic data. In precious metal sector, gold futures declined 0.37 percent and silver futures declined 0.02 percent. During Asian Market hours: • Asian stock markets were mixed on Thursday as traders mulled comments by U.S. Federal Reserve Chairman Ben Bernanke. Tokyo stocks led the declines as exporters slumped due to stronger yen. Japanese Nikkei declined 0.62 percent and Korean Seoul Composite fell 0.76 percent. • Chinese stocks rose for a fourth day by posting their longest stretch of gains since February on optimism that China will relax policies that were aimed at curbing its housing industry. Chinese Shanghai Composite gained 1.05 percent and Hong Kong’s Hang Seng index advanced 0.50 percent.

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