Equities rallied worldwide last night. In Asia, Japan’s Nikkei index gained 0.8%, Hong Kong’s Hang Seng index climbed 1.2%, and the Shanghai Composite jumped 1.9%. European markets have rallied 1.5% to more than 3.0%, and U.S. stock index futures were also higher as investors return from the holiday weekend.
The economic calendar is unusually light this week. The Institute of Supply Management’s services sector index is due at 10:00 am ET today. The index is forecast to have fallen to 55 in June from 55.4 in May. A reading of 50 indicates expansion in the sector. This is the only major economic report scheduled this week, other than the usual weekly readings.
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