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Current Futures: Dow -11.00, S&P -1.60, NASDAQ -2.75
The forex markets have seen slight dollar weakness this evening as few important economic indicators have been released. The Japanese Nikkei has increased 0.23 percent as the index continues to hover around highs not seen since last October.
Insurance stocks in Asia have advanced after reports of higher earnings have surfaced while stock in mining companies such as Rio Tinto Group declined by as much as 2 percent as precious metal prices fell.
Meanwhile, Industrial production from China only managed to inch higher by 0.1 percent to 10.8 percent year over year from analysts’ estimates of 11.5 percent. The CPI also declined by 0.1 percent to a -1.8 percent year over year.
The S&P 500 futures index has lost 0.1 during Asian trading as US stocks fell during the previous session. The declines seen were in the retail and commodity producing sectors which succumbed to a recent four week high leaving the S&P at its highest level since September of last year.
There was also a magnitude 6.5 earthquake that has hit near Japan injuring more than 40 people. Also, Tropical Storm Etau is expected to make landfall today. A typhoon has also hit Taiwan which has triggered mudslides in the area, destroying more than 150 homes with as many as 500 feared dead.
Overnight, the Japanese Nikkei added 24.20 points (0.23%) to 10539.70. The Australian S&P/Asx declined 1.30 points (0.03%) to 4,302.80.
Crude oil for August delivery was recently trading at $70.90 per barrel, higher by $0.30.
Gold for August delivery was recently trading higher by $1.80 to $948.70.
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