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Premarket: Chinese stocks soar, loonie still weakening Add to ...

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Chinese stocks have been the big movers so far this Monday, soaring overnight to seven-month highs while most other Asian and European markets were rather subdued. U.S. stock futures, as well as commodities, are nearly unchanged, pointing to a rather flat TSX opening.

The rally in China was aided by a relatively positive earnings outlook for firms there, as well as the recent data showing positive economic momentum. In North America, gains in corporate profits are also lending support to the latest rally that has brought the S&P 500 to above 1,500 for the first time in five years. Some 76 per cent of the 147 companies that have released results so far in the index have beaten Street profit estimates, while 67 per cent have surpassed sales estimates, according to Bloomberg data. It's the third year of growth for U.S. corporate profits and the beat rate on sales has improved noticeably from the previous quarter.

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