U.S. stock futures: Dow +0.1%. S&P +0.2%. Nasdaq +0.2% - 5/12/14

Global stocks lean higher

• Global equities are largely higher despite pro-Russian separatists declaring a resounding victory in a "self-rule" referendum for Donetsk in eastern Ukraine.
• "It seems to be a bit of a trend these days that headlines come out over the weekend and come Monday the impact on the market is very limited," says economist Ian Williams. "Macro implications of the latest developments are of course potentially harmful, but the market seems to have priced in everything. It's just been going on for too long."
• China's Shanghai Composite index jumped 2.1% and Hong Kong's Hang Seng 1.8% after Beijing outlined a broad range of capital-market reforms on Friday. These include a more investor-driven system for IPOs and easier access for foreign capital.
• In India, the Sensex is +2.4% as investors anticipate a strong victory for the pro-business Bharatiya Janata Party in the country's election. In Japan, the Nikkei fell 0.35%.
• Euro Stoxx 600 +0.3%, London +0.2%, Paris -0.2%, Frankfurt +0.3%, Milan +0.4%, Madrid +0.1%.
• U.S. stock futures: Dow +0.1%. S&P +0.2%. Nasdaq +0.2%

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