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Current Futures: Dow -15.00, S&P -2.20, NASDAQ -3.50
Asian markets are moving higher, but the gains are still small, following the same pattern seen over the last few days. U.S. futures lacked a clear direction during the Asian session, moving side-ways.
The global equity markets failed to move anywhere important over the last period, as investors question the global recovery theme. The major stock market indexes are barely moving, and when they do, big chunks of the move are quickly being retraced. This has caused the global financial market to come to a standstill over the last few days of trading. Investors have probably seen the most volatile market on record, TheLFB-Forex.com Trade Team commented.
The financial company Daiwa Securities was the worst performer in the Nikkei 225 index, declining as much as 12% tonight. Investors reduced their holdings of the Daiwa’s shares after the company announced that it plans to raise $2.5 billion by issuing new shares, something that would dilute the current shareholders, TheLFB-Forex.com Trade Team noted. On the other hand, electronic producers rose in the Nikkei index on Monday, offsetting the declines seen in the financial sector. This happened after LG said that the demand for electronics is very high, which will probably be reflected in the quarterly earnings. Moreover, Asian markets rose after a release showed that industrial output increased at the fastest pace on record in May in Japan.
Overnight, the Japanese Nikkei gained 38.74 points (0.39%) to 9,916.13. The Australian S&P/Asx advanced 8.20 points (1.39%) to 3,912.00
Crude oil for July delivery was recently trading at $68.50 per barrel, lower by $0.65.
Gold for July delivery was recently trading lower by $4.60 to $936.40.
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