www.TheLFB-Forex.com The Forex Trader Portal
Current Futures: Dow +17.00, S&P +2.80, NASDAQ +4.75
Asian markets traded mixed overnight, following two consecutive days of declines. Investor sentiment might hav turned bullish, following a number of positive news reports.
Asian markets were driven higher by car companies, as U.S. legislators are preparing to approve a law that will offer $4500 to buy a new vehicle. Since Chrysler and GM’s bankruptcies, Asian carmakers have increased considerably their U.S. market share, something that makes investors speculate that carmakers from the region will increase their sales in the coming quarter, TheLFB-Forex.com Trade Team said.
In Japan, real estate developers and the financial sector helped the market stay above the break-even line, even though the gains were relatively small. Real estate developers advanced after a Japanese newspaper said the brokerage company Daiwa Securities would buy an important stake in the sector, after on Tuesday, the same company upgraded to “buy” the real estate sector.
The Japanese financial sector advanced after Goldman Sachs announced that it is planning to pay back its TARP loan, worth $10 billion. As such, Goldman Sachs becomes the first major bank to pay back the Treasury’s loan, in another sign that the financial sector appears stabile for now. Moreover, the rating agency, Fitch, reiterated Japan’s AA rating tonight, something that contributed to the Nikkei’s advance.
Overnight, the Japanese Nikkei gained 19.48 points (0.20%) to 9,772.36. The Australian S&P/Asx declined 41.90 points (1.06%) to 3,920.60.
Crude oil for July delivery was recently trading at $70.00 per barrel, lower by $0.50.
Gold for July delivery was recently trading higher by $0.20 to $932.20.