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Global Wrap:
Small Gains Seen After U.S. Holiday
Current Futures: Dow -15.00, S&P -2.80, NASDAQ -3.00
At the start of the Asian session the Japanese Nikkei was advancing slightly as the financial and banking shares fell. The Nikkei has climbed 23.95 points or 0.23 percent while the Australian S&P/ASX jumped just over 1 percent in early trade. Trade will undoubtedly remain thin with little volume after the holiday in the United States on Monday.
The British Retail Consortium released the retail sales monitor at the start of the Asian session. The report showed that retail sales values dropped 0.1 percent from August of 2008 whereas, on a total basis, sales increased 2.2 percent after a rise of 1.4 percent one year ago. The stronger figures seen over the past two months have been attributed to the beginning of the summer months.
The current account surplus came in at 19.4 percent less in July when compared with one year ago after exports declined. The surplus was measured at 1.26 trillion yen. Even as the global economy improves, many Japanese electronics manufacturers and automakers remain sluggish. Meanwhile, bank lending in Japan has increased 2.5 percent in August according to a report released by the central bank.
Overnight, the Japanese Nikkei added 23.95 points (0.23%) to 10,344.89. The Australian S&P/Asx advanced 47.70 points (1.07%) to 4,502.10
Crude oil for October delivery was recently trading at $68.25 per barrel, higher by $0.25.
Gold for October delivery was recently trading lower by $2.40 to $999.40.