Related Keywords: Equity Index
Global equity markets have seen mixed results overnight, with follow through weakness in Asian markets followed by favorable European data that helped to improve overall market sentiment. China's Shanghai Composite fell to a new three-day low overnight, weighed down by reports of the fifth monthly decline in China's foreign direct investment. Equity market sentiment took a significant turn higher after a successful Spanish T-Bill auction and a better than expected reading on German economic sentiment. Spain sold around 3.18 billion euros worth of short term debt and while borrowing costs were higher, many traders felt that there was a boost to market confidence that Spain was able to tap into capital markets. A private survey of German economic sentiment showed an unexpected gain to the highest level since June 2010, which may have provided further evidence that their economy is recovering from a recent economic pullback. These two developments were widely seen as helping to restore sentiment in the market and helped lift major European stock indices as well as US equity futures to their highest levels of the session. There were also supportive comments from St. Louis Fed President James Bullard late Monday, where he forecasted US growth in 2012 to run near 3.0%. US markets face an active economic report flow this morning, with March Housing Starts expected to show improvement compared to the previous month while March building permits are expected to hold near last month's pace. March Industrial Production is expected to show improvement, with forecasts for Capacity Utilization predicting a rise to the highest levels since July 2008.
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