Stock Index Futures Soaring (SPX, DJIA, RIMM)

Stock index futures are soaring this morning after impressive earnings out of Europe and a better-than-expected manufacturing reading out of China. Europe's HSBC HBC gained more than 5% in pre-market trading after Europe's biggest bank reported a profit that came in ahead of expectations. The company said it saw its lowest level of bad debts since the beginning of the financial crisis. China's Purchasing Manager's Index PMI for July fell to a 17-month low of 51.2 from 52.1 in June. Analysts were looking for a reading of 51.1. Markets are reacting positively to this reading as it indicates a desired slowdown rather than a deep slump. S&P 500 (SPX) futures are higher by 13.4 points while Dow mini (DJIA) futures are higher by 111 points. A stock to watch today is BlackBerry maker Research in Motion RIMM. The company may have services in Saudi Arabia and the UAE cut off after authorities stepped up demands for access to encrypted messages sent over the BlackBerry device. Shares edged slightly lower in pre-market activity.