US markets are set to take their lead from Asian markets and open higher.

Stock markets in Hong Kong, Shanghai and Tokyo registered gains today on speculation that the People's Bank of China injected a net 365bn yuan this week into the Chinese banking system to boost markets ahead of next week's Golden Week holidays.

Spread betting quotes suggest the S&P 500 will open around 7 points up from last night's closing level of 1,433.

That's despite US durables goods orders for August being a bit of a horror show, declining 13,2% to show the biggest monthly decline in over three years.

Economists were expecting a decline, but nothing of this scale; more something in the region of 5.3%.

The transportation sector had a malign impact on the figures, and with this sector stripped out the fall was a mere 1.6%, while orders for core capital goods, which exclude defence and aircraft orders, rose 1.1% after declining 5.2% in July.

First time jobless claims fell more than expected to a two-month low.

JH

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