U.S. stock index futures are higher this morning and, if they maintain current levels through the open, would recoup about a third of yesterday's losses.
Asian markets were mixed overnight with Japan a leader on the upside. European equity markets were trading higher. German and French equity markets were half-a-percent higher after an article in the Wall Street Journal that China was buying into European companies.
German factory orders were higher in April by 2.8 percent, beating estimates for a rise of 1.9 percent. The euro was boosted by China's comments that it was vigilant about holding "excessive" U.S. assets, comments that were seen as bearish on the dollar bearish.
In currency markets the euro rose by roughly half-a-percent against the dollar. Only the yen was weaker against the greenback in the U.S Dollar Index basket, as the Swiss franc rose to another record.
The broadly weaker dollar has helped some commodities this morning. Agricultural products are stronger, with the exception of corn and wheat. Precious metals are higher, with silver up nearly 1.5 percent against gold's fractional gains.
Energy and industrial metals drifted lower on concerns of a global economic slowdown and weak U.S. economic data.
In stock-specific news, International Paper made an unsolicited offer for Temple-Inland for $30.60 per share. TIN's board reportedly rejected the move, leaving open the possibility of higher bids. The prospective deal has helped to boost U.S. futures.
In forthcoming earnings releases, Pall will report results tomorrow after the market closes. Brown-Forman, National Semiconductor, and J.M. Smucker will report on Thursday.
