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Global Market Wrap:
Markets Moving Higher During Asian Session
Equity Futures: Dow +13.00. S&P +1.60. NASDAQ +1.00. Japanese Nikkei +40.00. German Dax -4.00
Stock markets throughout Asia have been advancing after a rough start. The Japanese Nikkei has gained 30 points while the Australian S&P/ASX has risen a little over 1 point. Banking shares were leading the rise with Mizuho Financial gaining 3.41 percent. The yen has been decreasing in value lately on speculation that the Bank of Japan will intervene in the currency to slow the pair from strengthening.
During the early part of the session there were several important news releases. First was the GfK consumer confidence from the U.K. which showed that confidence jumped in September from -25 to -16. This is the largest increase seen during the past 14 years showing the consumers are becoming ever more optimistic about the economy.
Later, a report was released from Japan showing that manufacturers increased production throughout the country for a sixth month in a row. Output increased 1.8 percent during August which is slightly lower than the previous months 2.1 percent.
The aussie has jumped higher after reports were released on retail sales and building approvals. Building approvals in Australia have suddenly fallen 0.1 percent showing that the effects of the government stimulus are declining. Retail sales in the country have however risen 0.9 percent from July, helped by department store sales and restaurants.
The MSCI Asia Pacific Index has increased by 0.69 percent.
Overnight, Japanese markets advanced 30.39 points (0.30%) to 10,130.59. The Australian S&P/Asx has increased 1.30 points (0.03%) to 4,754.40
Crude oil for October delivery was recently trading at $66.82 per barrel, higher by $0.11.
Gold for October delivery was recently trading lower by $0.60 to $993.80.