The U.S. stock index futures pointed to a higher open Monday ahead of the release of the Institute of Supply Management’s (ISM) manufacturing Purchasing Managers’ Index (PMI).
The futures on the Dow Jones Industrial Average were up 0.20 percent, the futures on the Standard & Poor's 500 Index were up 0.12 percent and those on the Nasdaq 100 Index were up 0.31 percent.
Investors are likely to focus on the ISM’s manufacturing PMI to be reported Monday. The manufacturing PMI, which rates the relative level of business conditions, including employment, production, new orders, prices, supplier deliveries and inventories, is expected to rise to 51.3 in November, down from 51.7 in October. A level above 50 represents expansion in the industry.
Autodata Corp will release Monday the data of the total vehicle sales in November. The number of vehicles sold in the month is expected to rise to 14.8 million in November from 14.23 million in October. “Industry analysts expect November sales to be boosted by consumers replacing cars that were destroyed by the Hurricane, leading sales to be particularly strong in the New York area,” Credit Agricole said in a note.
On Friday, the U.S. stocks remained flat as investors maintained a cautious mode awaiting President Barack Obama and the congressional leaders to make advances in reaching a conciliation to avert the fiscal cliff. The Dow Jones Industrial Average rose 0.03 percent, the S&P 500 Index was up 0.02 percent and the Nasdaq Composite Index dropped 0.06 percent.
Asian stocks were mixed Monday as investor confidence could not be lifted even as China's manufacturing activity expanded to a thirteen-month high in November, giving the indication that the world’s second-largest economy is reviving its growth momentum. The final reading of the HSBC PMI, a measure of the nationwide manufacturing activity, rose to 50.5 in November compared to 49.5 in October.
Hong Kong’s Hang Seng Index fell 262.54 points, Japan’s Nikkei was up 12.17 points and India’s Sensex dropped 41.39 points.
European markets were mixed Monday following global cues. London's FTSE 100 was up 17.44 points, Germany's DAX 30 index rose 24.73 points and France's CAC 40 dropped 33.66 points.
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