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Current Futures: Dow -17.00, S&P -1.30, NASDAQ -2.25
European and Asian markets edged higher during the overnight session, helped by a number of positive news releases. U.S. futures managed to break above the break-even line during the European session, after trading below it earlier in the day. As in the U.S. and in the Asian trading session, commodity stocks were the top gainers in Europe. Moreover, the vast majority of stocks advanced during the European trading hours, but up to now the gains have been relatively modest.
Positive reports hit the financial markets during the overnight session. A report from India showed the economy grew 5.8% in the first quarter, more than expected. Even though the pace of expansion is substantially lower from what it used to be before the credit crisis, investors saw the positive side of the release. India is the 12th biggest economy in the world, and together with Brazil, Russia and China, is responsible for a large bulk of orders in international trade. TheLFB-Forex.com Trade Team thinks that the above-mentioned countries, also known as BRIC, will lead the global economy towards recovery.
Positive news also came from Japan, where a report showed that industrial production surged 5.2% in April, the most on record during the last five decades. In Europe, investors’ sentiment was lifted after a release showed that U.K. house prices rose in May, the second increase in the last three months. Prior to this, U.K. house prices contracted for 16 consecutive months.
Overnight, the Japanese Nikkei added 71.11 points (0.75%) to 9,522.50. The Australian S&P/Asx rose 63.40 points (1.66%) to 3,818.10. The U.K. Ftse added 38.28 points (0.87%) to 4,425.82, while the German Dax advanced 57.08 points (1.16%) to 4,989.96.
Crude oil for June delivery was recently trading at $65.65 per barrel, higher by $0.55.
Gold for June delivery was recently trading higher by $11.10 to $974.30.
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