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Markets Are Higher After Gigantic Day In Japan

Joe WeisenthalMay 7, 2013, 13:36 IST

TokyoJapan wasn't open on Monday, but in its Tuesday session it had a gigantic day.

The Nikkei surged 3.5%, blowing past 14,000 for the first time in five years.

The other big overnight story was the Reserve Bank of Australia cutting rates amid a slump that's in large-part related to china. More rate cuts are seen as likely.

Meanwhile, Europe is higher on not much news. Italy is up 0.8%. Germany is up 0.13%.

U.S. futures are pretty flat.

As yesterday was very quiet, today could be as well. There's virtually no economic data coming out this week, and earnings are tapering off. Things are in a bit of a lull.