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Global Wrap:
Current Futures: Dow +4.00, S&P -0.10, NASDAQ +3.00
Almost every equity market in Europe is advancing, with the major regional indexes gaining more than 1% for the first time over the last few days, as a report showed that European confidence continued to improve in August.
European markets are heading higher at a sustained pace, with the strongest momentum seen over the last few days of trading. The DJ STOXXX 600, which tracks the performance of the biggest 600 European companies advanced 1.40% so far in the session, while the emerging European markets gained approximately 3%, as these economies are starting again to experience capital inflows as investors search for higher yields.
Just a small number of stocks declined in Europe, and, as it happens more and more often, the gains were lead by the financial and commodity stocks in most of the markets. Moreover, each of the nine major sectors represented in the European stock market advanced on Friday, following better than expected performances from L’Oreal, Carrefour and Praktiker.
During the European session, a report showed that Euro-area confidence jumped to the highest level since October. The better than expected read comes as signs emerge that the Euro-area is recovering at a much stronger pace than expected. However, as it happens in the U.S., the surging unemployment rate will probably act as a major drag over the upcoming quarters.
Overnight, the U.K. FTSE added 52.33 points (1.07%) to 4,921.68, while the German Dax rose 83.70 points (1.53%) to 5,554.03.
Crude oil for October delivery was recently trading at $73.10 per barrel, higher by $0.60.
Gold for October delivery was recently trading higher by $5.10 to $952.30.