US & World

2017 trading starts with a bang; Oil spikes

China exhibits strong economic data

LONDON (CNNMoney) - Traders are not wasting any time in the new year.

U.S. stock futures are rising and global stock markets are all pushing higher.

The upbeat mood is being attributed to strong Chinese economic data. The Caixin Purchasing Managers' Index, which tracks manufacturing activity in China, showed the fastest rate of improvement since January, 2013.

The government's official manufacturing index was also positive, but not as upbeat as the Caixin report.

2. Oil reaches fresh high: Crude oil futures have hit their highest level in 18 months as traders express confidence that major oil producing nations -- led by OPEC -- will follow through on promises to cut production.

Crude is currently trading around $54.30 per barrel.

"The black gold is trading higher as the data from OPEC shows that the supply cut is going to be respected by OPEC and non-OPEC members," said Naeem Aslam, chief analyst at Think Markets in London.

3. Techies converge in Las Vegas: The annual Consumer Electronics Show -- better known as CES -- opens in Las Vegas around 8 p.m. ET.

Prepare for tech giants and automakers to unveil a range of new products designed to shock and amaze customers. The conference attracted nearly 180,000 visitors in 2016.

4. Stock market movers -- Xerox & Michael Kors: Shares in Xerox look set to surge at the open based on premarket trading data.

Michael Kors shares look set to dip a bit when trading begins. Shares in the company have been on a steady decline since early December.


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