7 global cues you should know about before opening bell

Moneycontrol Bureau

The US markets closed mixed after a quiet session logging in a percent in terms of gains for the week. However, Dow Jones and S&P 500 logged their best quarterly gains in almost 14 years. This gain was fueled by the better than expected economic data and news that the Eurozone has agreed to raise its bailout fund.

In economic data, consumer spending increased to its biggest gain in seven months. Also the consumer sentiment rebounds to its highest level in more than a year.

And in key data to watch out for in the US today, ISM manufacturing index is expected to see a slight increase to 53. Meanwhile, consensus estimates indicate that construction spending may see a 0.7% gain for the month of February.

European markets snapped a three-day losing run on Friday, ending the quarter up almost 7%, marking their best first quarter since 2006. This gain came in after the Eurozone finance ministers agreed on a temporary boost of the currency BLOC's rescue capacity.

The Eurozone raised the combined lending ceiling for their two bailout funds to 700 billion euros on Friday from 500 billion. The 700 billion will come from 500 billion euros of the permanent bailout fund, the European stability mechanism, and the 200 billion euros committed under existing bailout programs for Greece, Ireland and Portugal by the temporary EFSF fund.

In the currency space, the dollar fell versus its major peers, as signs that growth is recovering globally damped demand for haven assets. Meanwhile the euro holds firm above 1.33 to the dollar.

In commodities, crude prices gain slightly to USD 123 levels on speculation that fuel demand may falter. And from the precious metals space, gold hovering around USD 1,670 levels.