US futures rose while oil prices fell back slightly after surging Monday following Israel's declaration of war on Hamas following its surprise attack from the Gaza Strip.
Overnight, Wall Street rose after a slew of U.S. economic indicators generally surprised to the downside, adding to bets that the Federal Reserve is done tightening and rate cuts next year could amount to more than 100 basis points.
Data on Wednesday showed Japan s factory activity shrank for a third straight month in August, offering the first glimpse into the health of global manufacturing this month. The United States will also report its flash PMI readings on Wednesday, which is likely to show the factory sector remained in contraction.
The much-watched data on Wednesday showed China s consumer prices fell 0.3% in July from a year ago, slightly better than expected but the first decline since February 2021. Producer prices dropped for a 10th consecutive month. The data followed disappointing trade figures a day earlier that fuelled concerns about the global economic outlook.