The major US index futures are indicating the equities are likely to begin the month on a front foot. At the time of writing, Dow futures were up 122 points or 0.74%. S&P 500 futures were up 16 points or 0.80%. Nasdaq futures too were pointing to a positive opening. The positive action is hardly surprising, given the European bourses have witnessed risk-on trading. London’s FTSE 100 rose to a new two-month high on Tuesday and the Shanghai Composite climbed 1.7% following PBOC’s rate cut surprise. Ahead in the day, the economic calendar is light with two separate manufacturing PMI reports due for release. For more information, read our latest forex news.