European Markets Bounce Back From Two Month Lows

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Current Futures: Dow +58.00, S&P +7.60, NASDAQ +8.25

European markets and U.S. futures advanced on Thursday, after Alcoa posted better than expected results, helping the major markets head higher.

Alcoa, the first large company to report its earnings for the second quarter, helped the European markets advance from a two-month low and at the same time helped the Dax and the FTSE post their first gains over the last few days of trading. S&P futures started heading higher around the London open, after moving side-ways earlier in the day, in a period when the Japanese Nikkei was trading in the red, TheLFB-Forex.com Trade Team said. 

On Thursday, the U.K. FTSE was lead higher almost exclusively by raw materials companies, which advanced after Alcoa posted a smaller than expected loss, and as crude oil managed to gain ground for the first time in seven days. The top two performers in the FTSE index are Fresnillo, which gained 8.30% and Anglo-American, which advanced 5.40%. 

In German Dax trade, the banking and the carmaker industries lead the pack of gainers as the main companies in these two fields had been recently upgraded. Commerzbank rose 4%, after Citigroup raised its price target, while Daimler and BMW rose 3.5% and 2.0% respectively. As a note, only a handful of stocks declined in the German Dax, none of which fell more than 1%. 

Overnight, the U.K. FTSE gained 29.83 points (0.72%) to 4,170.16, while t he German Dax rose 65.48 points (1.43%) to 4,638.13

Crude oil for July delivery was recently trading at $61.10 per barrel, higher by $1.00. Today, crude oil advanced for the first time in seven days. 

Gold for July delivery was recently trading higher by $4.90 to $914.20. For now, gold is trading near the lowest value since early May.

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