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Current Futures: Dow -8.00, S&P -1.80, NASDAQ -3.00
Asian markets continue the side-ways moves seen in the global equity markets, even though the regional indexes advanced a little near the opening bell.
The Japanese Nikkei is trading mixed as investors failed to move the market anywhere decisively. Japanese carmakers advanced slightly after Nissan announced it would benefit from a low-interest $1.6b loan to develop electric cars. Nissan’s gains were offset by Toyota, which said that the outlook of the U.S. market remains uncertain this year. Showa Shell surged 7.8% in the Nikkei 225, after the company announced they would start making solar powered plants.
During the Asian session, a release showed that the Japanese trade slump continued throughout May. Exports are down 41% from one year ago, hovering near the strongest year-over-year decline on record. At the same time, imports fell 42.4% from one year ago in May, which shows that Japanese demand has fallen to very low level. The Japanese economy is expected to contract almost 5% this year, from which most of the downside pressure comes from the trade balance.
Overnight, the Japanese Nikkei gained 16.62 points (0.17%) to 9,566.23. The Australian S&P/Asx declined 20.70 points (0.55%) to 3,776.20
Crude oil for July delivery was recently trading at $68.40 per barrel, lower by $0.80.
Gold for July delivery was recently trading up by $0.20 to $924.50.
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