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Global Wrap:
Stocks Gain In Asia
Current Futures: Dow -4.00, S&P 0.00, NASDAQ -2.25
In elections held during the day, the Japanese Democratic Party has risen to power. This could be a cause for some major excitement in the Asian financial markets. The Nikkei has gained 1.1 percent in trade today.
The MSCI Asia Pacific Index has climbed 0.9 percent.
Meanwhile, Japanese industrial production has seen an increase of 1.9 percent during the month of July. This is the slowest pace of output seen during the past four months after Junes 2.3 percent reading. This decrease shows that that the economy is losing the momentum seen during the first quarter.
Also, retail sales fell in Japan for the eleventh straight month during July. A weakening job market has been keeping consumers from shopping as they see their wages decrease. Sales have declined 2.5 percent from a year earlier, continuing the longest losing streak seen since 2003.
Overnight, the Japanese Nikkei added 124.67 points (1.18%) to 10,658.81. The Australian S&P/Asx advanced 25.60 points (0.57%) to 4,515.20
Crude oil for October delivery was recently trading at $73.00 per barrel, higher by $0.26.
Gold for October delivery was recently trading higher by $2.20 to $952.30.