During the overnight trade, U.S. equity index futures markets benefited from a little positive Chinese Purchasing Manager's data. Futures traders suggested that there appeared some conflict with that favorable tone compared to recent expectations that mostly call for slack readings from the U.S. ISM report and also for generally slack figures from two private employment surveys due out later this morning. Markets also appeared to have overlooked slack U.K. growth readings and a decline in German retail sales overnight and instead seems instead to have embraced a solid growth reading from Australia. In short, the markets seem to be taking their early direction from the Pacific Rim and not from the European or U.S economic conditions. One analyst pointed out that talk of a private buyout of a U.S. fast food giant is providing a lift off the merger and buyout angle again. Therefore, the equity markets seem to have been distracted away from the recent entrenched fear of slowing, but the trade might find it hard to ignore economic slowing fears later today in the wake of a long string of economic readings.