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Current Futures: Dow -6.00, S&P +0.10, NASDAQ -0.75
After a mixed Asian session earlier in the day, which saw the major regional indexes closing below the break-even line, the European markets are currently trading up, some by almost 1%.
European markets opened in the green, but moved lower during the first hour of trading. These declines were reversed easy in the next few hours of trading, at the same time as the S&P futures were heading up towards the 895.00 area. For now, both the German Dax and the U.K. FTSE are trading near the high of the session, and near the high reached on Monday. Moreover, the FTSE index just broke above the 4210.00 area, which held the pair for almost two weeks back in June.
Companies in the German Dax traded side-ways for most of the time, but the financial sector had a strong contribution, pulling the whole index higher. Commerzbank surged almost 5%, confirming the strong uptrend it had lately, while Deutsche Bank gained 3.10%. The two companies were the top performers in the German Dax in main Tuesday trade, as the German government plans to change the way banks value their assets. The U.K. FTSE index was driven higher almost exclusively by the mining companies. Among the first 13 top performing companies in the U.K. FTSE on Tuesday, 10 were from the raw materials sector.
Overnight, the U.K. FTSE gained 39.85 points (0.95%) to 4,234.75, while the German Dax rose 35.30 points (0.76%) to 4,687.12
Crude oil for July delivery was recently trading at $64.30 per barrel, higher by $0.30. For now, oil is trading relatively flat, even though it posted some declines earlier in the day.
Gold for July delivery was recently trading higher by $1.10 to $925.10. Gold is trading just near the 100-day moving average, which may act as a swing point on Tuesday.
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