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Europe Is Closed, China Tumbled, Japan Hit A 6-Year High

Sam RoDec 26, 2013, 16:02 IST

REUTERS/Toru HanaiA couple kisses in front of a stock quotation board displaying Japan's Nikkei average outside a brokerage in Tokyo December 25, 2013. Japan's Nikkei share average hit a six-year closing high on Wednesday, supported by optimism over the global economy and hopes for fresh buying by Japanese retail investors due to upcoming tax changes.

Japan's Nikkei rallied 1.0% to 16,174, a six-year high.

China's Shanghai Composite, however, tumbled 1.6% to 2,073 as investors continue to be nervous about potential credit market problems.

European markets are closed for Boxing Day.

U.S. markets will be open today. Futures will begin trading at 6:00 a.m. ET.

Later today, we'll get the latest weekly tally of U.S. initial jobless claims. Economists estimate claims fell to 347,000 from 379,000 a week ago. "Initial jobless claims likely fell back after two weeks of elevated readings," said Citi's D'Antonio. "But the four-week moving average continued to rise. The number of beneficiaries probably remained high given the surge in first filings of late."