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Current Futures: Dow -31.00, S&P -3.40, NASDAQ -5.50
Asian markets are trading mixed, even though European and U.S. markets closed the last trading session in the green.
Asian markets lack a clear direction so far, while the trading volumes are relatively small on Monday. The only exceptions were the Japanese Nikkei, which gained 1.35% after it closed on Sunday, and the Indian stock market, which is up already 3%, the region’s top performer. At the same time, the S&P futures shed a small portion of the gains seen during the prior few trading sessions, but the outlook of the futures market lies to the upside as long as the major companies continue to beat analysts’ estimates.
For now, the global market is heading higher for the sixth consecutive day, as investors are seeing the global recession vanish. Since the beginning of March when investors started to price in the global recovery, Asian markets advanced nearly 50%, having one of the strongest trends of the last few years, TheLFB-Forex.com Trade Team noted.
The Japanese Nikkei opened for the first time this week, after it was closed in observance of a bank holiday. Tonight, the biggest gainer in the index is the carmaker sector, with each of the 20 companies listed in the index advancing on optimism that the U.S. economy is beginning to recover, creating a pickup in demand, TheLFB-Forex.com Trade Team said.
Overnight, the Japanese Nikkei added 126.94 points (1.35%) to 9,522.26. The Australian S&P/Asx rose 4.10 points (0.10%) to 4,054.40
Crude oil for August delivery was recently trading at $63.80 per barrel, lower by $0.20.
Gold for August delivery was recently trading higher by $1.40 to $950.10.
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