Wall Street Mood Buoyant In New Year Ahead Of Manufacturing Data

(RTTNews) - Trading in the U.S. index futures suggests that Wall Street stocks may open Friday's session solidly higher, as the dollar extends the rally into the New Year. The greenback has hit a fresh 2-1/2 year low against the euro and has been advancing against most currencies, as speculation gains ground that the U.S. Federal Reserve will begin to normalize interest rates in 2015.

The results of a national manufacturing survey by the Institute for Supply Management could provide some cues on the domestic economy's strength and in turn the likelihood of early monetary policy normalizations. Notwithstanding the dollar's firmness, crude oil futures are holding modestly higher.

At 6:15 am ET, the Dow futures are rising 76 points, the S&P 500 futures are adding 8.0 points and the Nasdaq 100 futures are moving up 17.25 points.

U.S. stocks gave back some ground on Wednesday, the final trading session of 2014, amid valuation concerns and drop in crude oil prices.

On the economic front, Markit is scheduled to release its final U.S. manufacturing activity data for December at 9:45 am ET. The consensus estimate calls for a downward revision to 54 from the flash estimate of 54.8, although representing an increase from 53.7 in November.

The Institute for Supply Management is due to release the results of its national manufacturing survey for December at 10 am ET. Economists expect the index to slip to 57.5 from 58.7 in November.

Around the same time, the Commerce Department will release its construction spending report for November. Economists estimate construction spending growth of 0.5 percent month-over-month following a 1.1 percent climb in the previous month.

In corporate news, Eli Lilly and Company (LLY) announced that it has completed its previously announced acquisition of Novartis Animal Health, a unit of Novartis (NVS) for $5.4 billion, including anticipated tax benefits.

The major Asian markets that remained open for trading ended higher in the first trading session of the year. The Chinese, Japanese, Taiwanese and New Zealand markets remained closed. Crude oil prices rebounded, offering support to commodity stocks in the region.

After seeing weakness in early trading and moving about in a nervous manner until early afternoon trading, Australia's All Ordinaries advanced steadily thereafter. The index ended up 26.40 points or 0.49 percent at 5,415. The buying was broad based, with IT, real estate, healthcare and material stocks leading the way higher.

Hong Kong's Hang Seng Index ended at 23,858, up 252.78 points or 1.07 percent.

On the economic front, a report released by China Federation of Logistics and Purchasing and the National Bureau of Statistics showed that manufacturing activity almost stalled in December. The manufacturing purchasing managers' index eased to 50.1 in December from 50.3 in November.

European stocks started higher but have given back some of their gains since then.

In corporate news, U.K.'s Aggreko announced that Chris Weston has officially assumed the role of CEO of the company.

On the economic front, revised estimates released by Markit showed that manufacturing activity in the eurozone quickened in December. The manufacturing purchasing managers' index rose to 50.6 from 50.1 in November, but down from the flash estimate of 50.8. The German manufacturing purchasing managers' index was left unrevised at 51.2 but the French manufacturing PMI was downwardly revised by 0.4 points to 47.5.