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Current Futures: Dow +15.00, S&P +1.90, NASDAQ +5.25
Asian markets advanced for the first time this week helped by two U.S. releases, which lifted investor’s optimism. Earlier in the day, the U.S. market also closed higher, even though the gains were relatively modest.
The Asian market was led higher by exporters, as investors continued to think that the U.S. economy is recovering, TheLFB-Forex.com Trade Team noted. The U.S. consumer market is an important target for most Asian companies, as it is the biggest and most dynamic in the world. Further positive momentum came from the yen’s depreciation on Friday. A weaker currency makes exports appear cheaper, something that further helps foreign companies acquire additional market shares, even though some Japanese companies are known to own the monopoly in some niches.
Earlier in the day, the U.S. market was sent higher as a release showed that the U.S. leading index rose 1.2% in May, making it the second consecutive month in which the index increased. Moreover, April and May’s gain of the leading index are the strongest since 2001. More positive news came from the Philly Fed Manufacturing Index, which increased to -2.2 in June to the highest read over the last nine months, TheLFB-Forex.com Trade Team added.
Overnight, the Japanese Nikkei added 52.75 points (0.54%) to 9,756.47. The Australian S&P/Asx rose 24.20 points (0.62%) to 3,916.30
Crude oil for July delivery was recently trading at $71.60 per barrel, higher by $0.65.
Gold for July delivery was recently trading up by $1.00 to $935.60.
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