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Wall Street to open sharply higher

FXStreet (Mumbai) - The action in the US index futures suggests that the Wall street is likely to open sharply higher today, after China cut interest rates while the European Central Bank expressed readiness to expand monetary stimulus if required.

At the time of writing, the Djia futures traded 0.84% up at 17,843.50, while the S&P futures traded up 0.84% at 2069.15 levels. Meanwhile, the Nasdaq futures have gained 0.82% to trade at 4279.40 levels. Moreover, the “risk-on” buying was triggered after the People’s Bank of China cut interest rates for the first tome in more than two years, while the ECB said it stands ready to expand its current stimulus program if the inflation in the Eurozone continues to fall in the days ahead.

On macro front, no major data is due for release out of the US today. Earlier today, most Asian markets closed higher barring the Australian and New Zealand market, which ended lower. European stocks rallied sharply with the Dax up 2.09%, while the Ftse up 1.33%.

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