LONDON (SHARECAST) - Taking its lead from European markets, Wall Street is set to open higher ahead of US construction spending and ISM manufacturing data due out today.
Spread betting quotes suggest the Dow Jones will open some 60 points higher while the broader-based S&P 500 is set to start five points to the good.
Markets are firmer despite some disappointing data from China, where the HSBC/Markit China manufacturing purchasing managers' index (PMI) stayed below 50, which continues to indicate contraction in the sector.
Meanwhile, the Bank of Japan's quarterly Tankan survey for large manufacturers fell from -1 to -3 in September, its fourth negative reading.
As for the US data, construction spending is expected to have risen 0.5% in August after sliding 0.9% in July. The ISM Manufacturing Survey reading for September is tipped to come in at 50.0, up from 49.6 in August. (Both forecasts supplied by Charles Stanley)
On the corporate front, Blackberry smartphone maker Research In Motion could continue to enjoy a bounce after sales figures released last week were stronger than expected. The shares rose 5.04% on Friday.
Toys maker Jakks Pacific has lowered its 2012 guidance on the back of insipid sales.
The November contract for West Texas sweet light crude is up 68 cents at $92.87 a barrel.