Data speaks for a third session (15-05-2008)

As investors awaited readings on industrial production, jobless claims, New York and Philadelphia manufacturing gauges on Thursday, one hour before the opening bell, Wall Street futures were pointing upwards after J C Penney reported better than expected earnings, after the markets ended a gaining session on Wednesday. 

Earlier, Asian markets had a day of gains with few exceptions, as electronics giant Sony reported higher then expected earnings pushing Tokyo up and banks rallied throughout the region, supporting indices. Notable exceptions included Hong Kong and mainland China. 

The euro resumed its gains against the dollar as the German economy grew faster in the first quarter and oil prices began to inch up towards $125 once again. 

European markets were gaining after the release of a report showing the region's fast expanding economy growth, which helped ease concerns that credit-market losses will inhibit growth. 

Back on the other side of the Atlantic, futures lost steam after the New York Fed reported that manufacturing activity in the area was slightly lower in May, while initial jobless claims were reported by the Labor department to be not far from expected levels.

  Source ISFM