U.S. stock markets are expected to open higher Wednesday, after encouraging data from China and Australia allayed some fears over the health of the global economy.
Two hours before the start of trading, Dow Jones Industrial Average futures were 100 points higher at 10106. The S&P 500 futures gained 12.5 to 1060.8, and Nasdaq 100 futures rose 23.5 to 1790. Changes in futures do not always accurately predict early market moves after the opening bell.
Eary Wednesday, data showed China's manufacturing activity rebounded in August and that Australia's measure of gross domestic product was 1.2% higher in the second quarter. Economists had expected an increase of 0.9%.
Market participants are now eying the U.S. ADP employment report, which is generally considered a precursor to Friday's nonfarm payrolls and is due at 8:15 a.m. U.S. Institute for Supply Management manufacturing data and construction spending figures are due at 1400 GMT.
In the early afternoon, Richard Fisher, president of the Federal Reserve Bank of Dallas, is scheduled to speak on the economy.
On the corporate front, Borders and Heinz are scheduled to report quarterly results.
Shares of Burger King rallied 16% in premarket trading after The Wall Street Journal, citing unnamed sources, reported that the fast-food giant has discussed in recent weeks the prospect of a takeover by private-equity firms.
The technology sector will also be in focus. Apple will host an event that's expected to show off the new iPod Touch product and possibly others. The event is important since it comes when iPod unit sales are declining, but revenue continues to climb as more people buy more-expensive iPods.
Asian shares posted gains, buoyed by economic reports from China and Australia. In Sydney, the S&P/ASX 200 index rose 2% after data showed Australia's gross domestic product rose a better-than-expected 1.2% in the second quarter from the first quarter. European shares also advanced, with the Stoxx Europe 600 index rising 1.2% in intraday trading.
In the currency markets, the euro rose 0.9% to $1.2803. The dollar index, which tracks the performance of the greenback against a basket of other major currencies, fell 0.8% to 82.531.
Commodity prices rallied, with October crude-oil futures gaining 64 cents to $72.56 a barrel in electronic trading on Globex. Copper futures rose more than 2%.
