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Current Futures: Dow -28.00, S&P -4.70, NASDAQ -10.25
Asian markets are trading in the green, following the strong momentum seen earlier in the day, during the U.S. session.
Asian markets are up for the ninth consecutive day on Thursday, the longest rally since 2004. However, much of the action has been seen during the futures market, leaving the cash session with little movement, TheLFB-Forex.com Trade Team said. Over the last few days, the best performing sectors in the Japanese markets were the ones that made a significant part of their profits from the foreign market, as the carmakers, textile producers and the international shipment companies. On the other hand, Japanese retailers declined, as the sector continues to disappoint investors with weaker than expected results.
During the Asian session, a release showed that the South Korean economy expanded 2.3% in Q2, slightly more than expected. This was their best quarterly performance over the past six years, as the economy received a strong boost from the government’s stimulus plan. Moreover, the Bank of Canada forecasted that the Canadian economy will expand more than 1% in the third quarter, while later in the day, a release is expected to show that the U.K. economy contracted only 0.3% in the second quarter, after a -2.4% performance in Q1. All this suggests that things have improved at a considerable pace from the first part of the year, when the global economy was close to implosion.
Overnight, the Japanese Nikkei added 149.48 points (1.53%) to 9,942.42. The Australian S&P/Asx advanced 37.20 points (0.92%) to 4,101.30
Crude oil for August delivery was recently trading at $66.60 per barrel, lower by $0.50.
Gold for August delivery was recently trading higher by $0.30 to $948.70.
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