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Current Futures: Dow +12.00, S&P +2.50, NASDAQ +2.75
Asian markets are trading mixed above the breakeven line, even though the S&P futures posted strong gains throughout the last few trading hours.
S&P futures surged 12 points, or 1.3% from the low touched during the prior U.S. session, but still did not have a strong influence over the Asian equity markets, which so far has traded flat. Historically speaking, Asian markets, especially the Nikkei tend to reflect the trading going on in the after-hours of the U.S. cash session, but this was not the case today. Moreover, the volume recorded in the Japanese Nikkei tonight is slightly higher than the one seen in the last few days of trading, but still below the average of the last two years.
Carmakers were the best performers in the Nikkei 225 on Wednesday, after Honda, the second biggest Japanese car company posted profits, even though the market expected it to report losses throughout the second quarter. However, as it has been happening lately, investors focused only on the positive side of the story since the other three big carmakers also reported on Wednesday - Nissan, Daimler and Peugeot Citroen - and all three of them posted losses, TheLFB-Forex.com Trade Team.
On the other hand, the commodity sector declined at a very strong pace in the Asian equity markets, similar to what happened during the prior U.S. session. This happened as crude oil tumbled more than 5% on Wednesday, posting one of the worst intra-day performances of the last few months.
Overnight, the Japanese Nikkei added 3.25 points (0.03%) to 10,116.49. The Australian S&P/Asx advanced 20.70 points (0.50%) to 4,163.50
Crude oil for August delivery was recently trading at $63.00 per barrel, lower by $0.50.
Gold for August delivery was recently trading lower by $1.70 to $930.40.
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