U.S. equity futures and the Australian dollar climbed after data showed China’s exports grew more than estimated last month, signaling that the world’s second-biggest economy may be stabilizing. Oil retreated.
Standard & Poor’s 500 Index futures rose 0.1 percent to 1,422.70 as of 7:14 a.m. in Tokyo. The index sank 2.2 percent last week, the biggest drop since June. The Australian dollar strengthened 0.1 percent to $1.0243. Oil declined 0.5 percent to $91.69 in New York.
China’s overseas shipments increased 9.9 percent from a year earlier, the customs administration said Oct. 13 in Beijing. That was more than the 5.5 percent median estimate in a Bloomberg News survey of economists. M2 money supply gained 14.8 percent, the fastest pace since June 2011, a central bank report showed the same day.
European leaders meet this week as Greece seeks to justify renewed aid and Spain holds out on tapping a bailout. The European Union’s leaders convene for an Oct. 18-19 summit in Brussels after a weekend in which international finance chiefs expressed some optimism that a firewall is in place to contain the euro’s turmoil and urged further action to quell the main threat to global growth.
U.S. stocks dropped last week after the International Monetary Fund reduced its global growth forecasts and projections from Advanced Micro Devices Inc. and Alcoa Inc. disappointed investors. All 10 industry groups in the S&P 500 fell last week.