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Global Wrap
Asian Markets Responding Negatively
Current Futures: Dow -20.00, S&P -2.40, NASDAQ -3.75
Stocks have declined in Japan. The decrease started after the price of oil and metals fell and continued as the Chinese government stated that it was looking to curb overcapacity seen in the steel and cement industry while trying to strengthen the controls of stock and bond sales. Mitsubishi Corp has fallen 1.4 percent and Inpex Corp, which is the largest explorer of oil fields in Japan, has declined 1.2 percent. This decline comes after the index hit a ten month high yesterday.
Australia released the Leading index for June during the beginning of the session showing a gain of 0.9 percent for the month. Also released was the capital expenditures report. This measures the amount of new expenditures made by private businesses and came in at a positive 3.3 percent.
Overnight, the Japanese Nikkei declined 103.78 points (-0.98%) to 10,535.93. The Australian S&P/Asx lost 26.90 points (-0.60%) to 4,427.60
Crude oil for September delivery was recently trading at $71.08 per barrel, lower by $0.35.
Gold for September delivery was recently trading lower by $0.70 to $945.10.
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