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Current Futures: Dow -21.00, S&P -3.00, NASDAQ -9.50
Asian trade developed an interesting pattern on Thursday, with the developed regional markets trading higher, while the emerging stock markets from the Asian region declining.
The Nikkei and the Austrlian S&P/Asx are the only two major indexes trading in the green tonight, during the Asian session. The rest of the Asian market, including shares from the emerging economies are heading lower at a sustainable pace. The best performing market in the Asian region was the Australia’s Asx until now, something that happens very rarely, while the Shanghai market tumbled a little more than 2.5%, being the worst performer of the day. TheLFB-Forex.com Trade Team said that, to some extent, this may look like risk-aversion behavior, as investors are running from the more riskier assets – the emerging economies. In further news, the Shanghai stock market also closed lower in the prior day of trading, on Wednesday, as its shares appear to be among the most expensive in the world.
In the Japanese Nikkei, the best performing shares came from the auto industry, as the cash for clunkers program seems to be a success for the Japanese carmaker. In contrast, Nikon tumbled almost 12% after it reported weaker than expected quarterly numbers, making it the worst share in the Nikkei. The financials also contributed negatively in the Japanese market, even though this sector advanced in Europe and in U.S. over the last few trading sessions. As a note, the trading volume was very light in the Nikkei 225, something that could extend to the early European trading hours.
Overnight, the Japanese Nikkei advanced 94.83 points (0.92%) to 10,347.36. The Australian S&P/Asx advanced 42.80 points (1.00%) to 4,307.30.
Crude oil for August delivery was recently trading at $71.80 per barrel, higher by $0.40.
Gold for August delivery was recently trading lower by $1.90 to $967.80.
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