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Current Futures: Dow -32.00, S&P -4.60, NASDAQ -6.50
Asian markets and U.S. futures continued to move lower on Sunday, extending the declines seen recently.
The S&P futures are trading slightly above the 965.00 area, the area where the futures market bottomed on Wednesday. If the global markets remain in risk-aversion mode, the S&P futures may break below this support area, which has held the pair since late April. Asian and European markets are in a similar situation, if the global market continues to move lower, the regional indexes may reach multi-months low, TheLFB-Forex.com Trade Team said.
Asian markets declined tonight as investors are questioning the global recovery theme. Until now, the macroeconomic analysis showed a mixed picture, but investors hope that the earnings season might give further clues to where the global economy is heading. Moreover, the Japanese ruling party lost local elections to the opposition this weekend, something that should further increase the political dead-lock in Japan and further send the Asian markets lower, TheLFB-Forex.com Trade Team commented.
In the Nikkei 225, the makers of audio equipment were the worst performers of the index, with most companies declining more than 7%. On the other hand, Kirin Holdings advanced 8% on Sunday, after it was announced that the beverage producer would form a strategic alliance with Suntory Holdings.
Overnight, the Japanese Nikkei declined 94.44 points (1.02%) to 9,192.84. The Australian S&P/Asx lost 39.20 points (1.03%) to 3,754.90.
Crude oil for July delivery was recently trading at $59.60 per barrel, lower by $0.30. With tonight’s declines, oil retraced more than half of the uptrend that was started in late April.
Gold for July delivery was recently trading lower by $0.60 to $913.10.
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