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Global Wrap
Nikkei Gains Following U.S. Market
Current Futures: Dow -4.00, S&P -0.90, NASDAQ 0.50
The Japanese Nikkei was trading higher in the early Asian session on the back of a gain seen in the U.S. consumer confidence report released during the previous session. Banking shares declined, following their U.S. counterparts while Dowa Holdings, a manufacturer of metal products rose 1.6 percent. Honda Motors also declined 1.3 percent after helping to lead the Nikkei rally yesterday.
The Japanese trade balance fell to 0.19 trillion yen after it was reported that exports fell in July. Last quarter’s results may have been skewed slightly as governments around the world pumped more than $2 trillion dollars into their respective economies. The corporate services price index also declined in July to -3.4 percent as companies in Japan are still looking for ways to cut costs as exports decline.
Overnight, the Japanese Nikkei added 82.70 points (0.79%) to 10,580.06. The Australian S&P/Asx advanced 41.90 points (0.95%) to 4,447.70
Crude oil for August delivery was recently trading at $71.54 per barrel, down by $0.51.
Gold for August delivery was recently trading higher by $0.60 to $946.60.
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