Asian Markets Move Lower For A Third Consecutive Day

 @ibtimes
on July 03 2009 12:53 AM

www.TheLFB-Forex.com The Forex Trader PortalCurrent Futures: Dow +17.00, S&P +1.70, NASDAQ +1.50Asian markets are moving lower for a third consecutive day, subsequent to the poor data coming from the U.S. labor market.Asian markets moved lower over the last few days, as traders are pricing in weaker than expected macroeconomic data. This has made the regional indexes decline for three consecutive days, the longest downside rally over the last three months. Thursday’s declines came after the U.S. unemployment rate jumped to 9.5% in June, the highest rate observed over the last 26-years. Moreover, the latest data coming from Europe also pointed out a weak labor market, which will probably act as a drag on the global economy. In the Nikkei 225 index, only 30 stocks advanced on Thursday, from which only six gained more than 2%. The rest of the Japanese market headed lower, led by the retailer Seven & I. The company announced that its second quarter profit fell 28%, much more than the market had expected. This has triggered weakness among most consumer driven Asian companies on Thursday. Next week, the earnings season starts in the U.S., which will probably have a strong influence over the global equity market. Weaker than expected data may bring back the bear market since it would show investors have overpriced the global recovery theme.Overnight, the Japanese Nikkei declined 101.32 points (1.03%) to 9,774.83. The Australian S&P/Asx lost 48.50 points (1.25%) to 3,828.80Crude oil for July delivery was recently trading at $66.40 per barrel, lower by $2.30. On Thursday, crude oil tumbled $3.3, one of the biggest one-day declines of the last few months. Gold for July delivery was recently trading higher by $1.90 to $932.90. Currently, gold trades in a very volatile area, delimited by the 100-day moving average on the downside, while on the upside by the 20 and the 50-day moving averages.

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