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Current Futures: Dow +11.00, S&P +2.00, NASDAQ +1.00

European markets are heading higher for the seventh consecutive day, as investor hope that the row of better than expected results will continue this earnings season.

Until now, 59 out of the 500 companies listed in the S&P index reported their quarterly earnings, from which an impressive 70% beat analysts’ estimation. Even though the number of companies that reported until now is too small to form a solid opinion, the percentage of companies that managed to beat market’s expectations is remarkable, TheLFB-Forex.com Trade Team commented, something that helped lift investors expectations over the last two weeks. 

Consequently, the global markets saw over the last few days of trading the strongest rally since early March and at the same time, the longest streak of positive days since August 2007, TheLFB-Forex.com Trade Team noted. Moreover, it helped the major equity indexes recover much of the declines seen throughout the month of June. 

During the European session, the German Dax and the U.K. FTSE advanced, but the gains were already the equivalent daily trading range. Both indexes are up by around 0.6%, and are currently trading near very important swing points. The same pattern was seen in the S&P futures overnight, having the futures market testing the 948.00 area overnight. 

During the U.S. session, the following companies are expected to report and might have an important effect over the market’s sentiment: AMD, Apple, BlackRock, DuPont, Caterpillar, Starbucks, State Street, TD Ameritrade, Yahoo and Coca-Cola

Overnight, the U.K. FTSE gained 33.03 points (0.66%) to 5,063.18, while t he German Dax added 27.80 points (0.63%) to 4,471.42

Crude oil for August delivery was recently trading at $65.10 per barrel, lower by $0.30. 

Gold for August delivery was recently trading lower by $1.20 to $947.90. 

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