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Current Futures: Dow -12.00, S&P -1.60, NASDAQ -2.75
Asian markets are trading above the break-even line for the second consecutive day, helped by investors’ optimism that the world economy is heading towards the recovery period.
However, the major stock market indexes from the Asian region are still posting relatively modest gains tonight, of less than 1.5%. Up to now, the Nikkei 225 closed the morning session flat, even though it opened 0.50% higher. Interestingly enough, the Japanese index had a similar pattern in the prior day, but still the Nikkei was up 1% around the closing bell, TheLFB-Forex.com Trade Team said.
The worst performing shares in the Nikkei 225 were between the Shinsei and the Aozora banks, which previously announced their plans to merge. On the other hand, Pacific Metals was Thursday’s top gainer, advancing as much as 5.5%, as analysts lifted estimated share prices. Additionally, Suzuki was also among the best performing stocks, as it reported car sales had increased over the last few months on strong orders from India.
Ahead, the equity market will trade under the influence of the busy U.S. calendar. Traders await the NFP report, and Mr. Trichet’s press conference, two economic reports that are known to have a substantial effect on the financial market. As such, the European markets are likely to move up and down during the first part of the day, as they position themselves for the two important events.
Overnight, the Japanese Nikkei gained 0.19 points (0.00%) to 9,940.12. The Australian S&P/Asx added 16.90 points (0.44%) to 3,890.90
Crude oil for July delivery was recently trading at $69.00 per barrel, lower by $0.50. Crude oil is heading lower for the third consecutive day, on Thursday.
Gold for July delivery was recently trading lower by $2.80 to $938.50. Currently, gold is caught between the 20 and the 50-day moving averages.
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