Wall Street cautious. . .

Fed will have to postpone its QE withdrawal.  Given that Europe seems fragile and with Japan and China not so healthy,  the mantle of leadership again falls on Fed. Markets are so dependent on the direction of the Fed. 

China growth does not convince...

Asia's markets shrugged off the Chinese GDP figures, the weakest in post 2009 . Expectations of European equity markets following last evening's Dow on an upward move seems rather a hope. Unless the ECB continues aggressively with a stimulus programme, Europe has no real economics to back such a surge at this point. A strengthening of Euro may further dampen shares.
Europe may rise marginally  but has by the end level off or cede space.