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Current Futures: Dow -24.00, S&P -2.70, NASDAQ -4.75

Asian markets are trading in the green, but still the gains posted are relative small. Asian markets advanced as the major indexes in the U.S. closed 2% higher, and oil broke again above the $70 area.

Commodity stocks have been a major contribution to the global equity market again, as oil broke above the $70 benchmark and metals retraced some of the declines seen over the previous few days. In the Nikkei 225, just a little more than half of the member companies advanced tonight, helping the index gain 0.3% so far. Pioneer, a company that specializes in the manufacturing of audio and video equipment, jumped 10% on Friday, being the best performing share in the Japanese index, after jumping 12% the prior day. Pioneer shares were driven up by the news that the company will form an alliance with Sharp. Strong gains were also posted by the tire-producers Bridgestone and Yokohama, after the first company narrowed its loss estimates. 

During the Asian session, a release showed that deflation might become a problem once again for the Japanese economy. According to the CPI report, consumer prices had declined 1.1% in May from one year ago, the biggest drop on record. The Japanese economy has been fighting deflation since the mid-90’s, after a very sever asset bubble burst, to some extent, similar to what happened in the U.S. economy over the last year. 

Overnight, the Japanese Nikkei gained 32.13 points (0.33%) to 9,828.21. The Australian S&P/Asx advanced 53.60 points (1.39%) to 3,909.60

Crude oil for July delivery was recently trading at $70.70 per barrel, higher by $0.50.

Gold for July delivery was recently trading up by $2.50 to $942.00.

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