The outlook for today’s equity trading is positive with Wall Street futures up and the European bourses in the black.

Part of the reason may be increased consumer optimism. The Wall Street Journal is reporting today that shoppers spread Christmas cheer over the weekend, “flocking to cheap electronics, colorful clothes and cashmere.” Healthy sales on Friday, one of the biggest shopping days of the year, left retailers feeling optimistic, says the WSJ. Consumers charged a combined $3.4 billion at retail stores on Friday and Saturday using their Visa cards, a 9% increase over the same period a year earlier, says Visa USA.

In Canada, investors are waiting for the next Bank of Canada decision due out tomorrow. Most economists expect the bank to maintain the status quo on rates.

Statistics Canada is reporting that investment in residential construction continues to grow at a torrid pace. It totaled $17.6 billion in the third quarter, up 11.1% from the $15.8 billion invested in the third quarter of 2002. The growth reflects steady increases in all three components of residential construction investment — new housing, renovations and acquisition costs. Since the start of 2003, the value of investment in the housing sector has reached $45.3 billion, up 11.2% from the first three quarters of 2002.

In Europe at midday, London’s FT-SE 100 index is up 1%, rising 42.1 points to 4,384.7. Frankfurt’s DAX is up 1.4%. Paris was up 1.1%.

In Asia overnight, Tokyo’s Nikkei average surged 3%, rising 302.70 points to 10,403.27. It was the index’s third-biggest gain this year inspired by an announcement that the Japanese central bank is ready to inject one trillion yen into the financial system to ensure stability.

In Hong Kong, the Hang Seng index rose 139.52 points, or 1.1%, to 12,456.99, its highest close since Aug. 3, 2001.