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Current Futures: Dow -24.00, S&P -2.60, NASDAQ -4.00
Asian markets are currently trading flat, while the S&P futures moved somewhere lower tonight, as investors prepare for the last trading day of the week.
Asian markets are trading side-ways on relatively weak volume, after almost two weeks of consecutive declines, the longest losing streak since early March. Most of the downside action came as investors are raising doubts about the global recovery, which, until recently, was the main driver behind the global market. Moreover, at this point, market participants are waiting for earnings season to start in full-mode, as some might fear that it will show companies have continued to struggle in the second quarter.
However, China seems to be an exception in all of this. Today, the first Chinese company that went public since September, Guilin Sanjin Pharmaceutical, surged 120%, while last week, the initial public offer of Bawang International, a Chinese company that makes shampoo was oversubscribed by a huge 446 time, TheLFB-Forex.com Trade Team said.
During the Asian session, a release showed the price that Japanese corporations sell their goods for dropped by 6.6% from one-year earlier, the fastest pace on record. TheLFB-Forex.com Trade Team noted that this shows Japan will probably experience again a long deflationary period, one that may further add to the country’s macroeconomic imbalances.
Overnight, the Japanese Nikkei declined 3.60 points (0.40%) to 9,287.46. The Australian S&P/Asx added 4.20 points (0.11%) to 3,767.50
Crude oil for July delivery was recently trading at $60.10 per barrel, lower by $0.30.
Gold for July delivery was recently trading lower by $3.20 to $913.20.
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