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Global Wrap:
Asian Markets Follow U.S. Markets Advance
Current Futures: Dow +13.00, S&P +1.50, NASDAQ +3.25
Shares on the Japanese Nikkei were advancing at the start of the Asian session after a positive U.S. market close. The Nikkei has increased 173.04 points while the Australian S&P/ASX has added 0.85 percent or 38.80 points. Banking shares are leading the increase with Mizuho Financial gaining 3.00 percent and electronics manufacturer Sanyo has climbed 1.94 percent.
Machinery orders in Japan have decreased for the month of July. Orders declined 9.3 percent from June which saw a jump to 9.7 percent. This shows that companies in Japan are wary that the rebound seen on the global stage will last. Many companies are reluctant to spend money on expensive equipment despite seeing impressive gains in the global stock markets.
Meanwhile, the employment reports from Australia have been released showing that employers have cut just over 27,000 jobs. The unemployment for the month remained steady at 5.8 percent despite analyst’s expectations for it to rise to 5.9 percent. The report showed that people searching for full time work decreased by 8800 while the number of people looking for part time work has increased by 6600.
Overnight, the Japanese Nikkei added 173.04 points (1.68%) to 10,485.18. The Australian S&P/Asx advanced 38.80 points (0.85%) to 4,560.70
Crude oil for October delivery was recently trading at $71.66 per barrel, higher by $0.35.
Gold for October delivery was recently trading lower by $2.10 to $995.00.