Global Equities Gain as Optimism Returns

Stocks are climbing this morning on optimism toward the American and Chinese economies.

S&P 500 futures are up by about a quarter of 1 percent, tracking similar gains in Europe. Asian indexes surged overnight, led by gains of more than 2 percent in Hong Kong and Shanghai.

The main story overseas was in Beijing, where new Communist Party leader Xi Jinping promised that his government would continue striving for stable economic growth. That triggered the rallies in Chinese equities.

Attention now shifts to the United States, where the countdown to Friday’s monthly jobs report begins. It starts with the release of ADP’s private-sector at 8:15 a.m. ET. The Institute for Supply Management will also release its index of non-manufacturing economic activity at 10 a.m. ET.

The euro touched seven-week high earlier in the morning but then reversed and is now lower after a disappointing Spanish bond sale. The common currency had been appreciating as traders covered short positions, but is now back to a resistance level from earlier in the year.

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