Current Futures: Dow +28.00, S&P +4.00, NASDAQ +7.75
Asian markets rose for the first time in the last few days of trading, helped by positive U.S. reports. The U.S. futures market continued to advance in the after-hours session, something that may have further helped the Asian markets.
Even though the U.S. GDP numbers came in much worse than expected, the financial markets found the strength to advance as consumer spending rose, while stockpiles decreased, which may create the perfect environment for the economy to recover later this year
“The combination of consumers increasing their spending, while companies reduce their inventories may give the financial markets hope that the economy will bounce back in the coming months,” TheLFB-Forex.com Trade Team said. “At this point in time, the market is in very optimistic shape since it overcame a report saying that six banks failed the Treasury’s stress-test,” they added.
As such, companies that have direct exposure to the overseas markets posted significant gains during the Asian trading session. Retail companies advanced as well in the Asian equity markets, extending the gains from the U.S. session. In the Japanese Nikkei, only six
companies declined out of the 225 members, while 20 companies declined in the S&P/Asx index, from which half declined under 1%.
Overnight, the Nikkei rose 336.99 points (3.97%) to 8,830.76. The Australian S&P/Asx added 78.10 points (2.11%) to 3,773.40.
Crude oil for May delivery was recently trading at $50.70 per barrel, down by $0.25.
Gold for May delivery was recently trading down $4.80 to $895.70.