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Wall Street Aims To Surge At Opening

Investors are closely monitoring various developments across the globe. The meeting of the U.S. and Chines Presidents and its impact on ongoing war on tariff, Qatar's move to get out of OPEC, the violent protests in France are the major developments that might have an impact on stock markets.

Former FBI Director James Comey will testify before the House of Republicans this week.

Asian shares surged, while European shares are trading strongly in the green.

The early signs from the U.S. Futures Index suggest that Wall Street might open significantly higher at opening.

As of 7.55 am ET, the Dow futures were surging 448.00 points, the S&P 500 futures were adding 39.00 points and the Nasdaq 100 futures were up 150.25 points.

U.S. major averages closed Friday just off their highs of the session. The Dow climbed 199.62 points or 0.8 percent to 25,538.46, the Nasdaq advanced 57.45 points or 0.8 percent to 7,330.54 and the S&P 500 rose 22.40 points or 0.8 percent to 2,760.16.

On the economic front, the Markit Economic's PMI Manufacturing Index for November will be published at 9.45 am ET. The consensus is for 55.4, slightly down from 55.7 in the prior month.

Institute for Supply Management's Manufacturing Index for November will be issued at 10.00 am ET. The consensus is for 57.2, down from 57.7 in the October.

The Commerce Department's Construction Spending for October will be released at 10.00 am ET. The consensus is for a growth of 0.4 percent, up from September.

Federal Reserve Member of the Board of Governors Lael Brainard will give the keynote address at the "Evolving Structure of the U.S. Treasury Market" fourth annual conference in New York, NY at 10.30 am ET.

Dallas Federal Reserve Bank President Robert Kaplan will speak at a community forum hosted by the Federal Reserve Bank of Dallas at Texas A&M International University in Laredo, Texas, followed by audience Q&A at 1.00 pm ET.

In the corporate sector, Tesaro Inc. said it agreed to be acquired by GlaxoSmithKline plc for an aggregate cash consideration of about $5.1 billion or 4.0 billion pounds.

GlaxoSmithKline plc announced the sale of Horlicks and other consumer healthcare nutrition brands to Unilever plc and the merger of GSK Consumer Healthcare Limited with Hindustan Unilever Limited for a total consideration valued at approximately 3.1 billion pounds.

GlaxoSmithKline expects net proceeds are estimated to be approximately £2.4 billion on the same basis. In India, Horlicks and other nutrition products are sold by GSK India, in which GSK holds a 72.5% stake. The merger values GSK India at INR317 billion in total, or INR7,540 per share.

Asian stocks rallied on Monday as a reflection of the 90-day tariff truce between U.S. President Donald Trump and Chinese President Xi Jinping.

China's Shanghai Composite index soared 2.57 percent to finish at 2,654.80 while Hong Kong's Hang Seng index closed 2.55 percent higher at 27,182.04.

Japanese shares hit a six-week high. The Nikkei average rose 1 percent to 22,574.76, the highest closing level since Oct. 22, while the broader Topix index advanced 1.3 percent to close at
1,689.05.

Australian stocks rose across the broad. The benchmark S&P/ASX 200 jumped as much as 1.84 percent to 5,771.20 while the broader All Ordinaries index ended 1.86 percent higher at 5,856.30.

European shares are trading higher. The CAC 40 of France is adding 52.85 points or 1.06 percent. DAX of Germany is surging 255 points or 2.27 percent. FTSE 100 of England is climbing 121.48 points or 1.74 percent. Swiss Market Index is up 82.15 points or 0.91 percent.

Euro Stoxx 50, that provides a Blue-chip representation of supersector leaders in the Eurozone, is currently climbing 1.54 percent.

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