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Global Wrap:
Current Futures: Dow +4.00, S&P -0.10, NASDAQ +3.00
European markets are heading higher, but the trading volumes remained light, as in the prior day of trading. The S&P futures are trading slightly above the breakeven line, recovering a 6-point drop seen earlier in the day.
The global equity markets saw negative momentum during the Asian session, with most regional indexes declining. This caused the S&P futures to drop approximately 6 points, testing the 1020 area, the support area of the last four days of trading, but the test was easily rejected and the downtrend was retraced during the European trading hours.
European markets started the day on a more optimistic note, but the major indexes posted only small gains so far. The best performing companies in Europe came from the French financial sector, as Credit Agricole doubled its profit in the second quarter. So far into the session, Credit Agricole is up 5%, while its competitor bank Natixis surged 12%, after it managed to secure a safety net for about 35 billion euros of toxic assets. In the German Dax, Deutsche Post continues its uptrend, being today’s best performing share as investors expect the mail company to show profits by the end of the year.
Looking ahead, investors prepare for the U.S. GDP report, which may show the U.S. economy contracted 1.4% during the second quarter, more than initially estimated. Much of the downgrade came as companies further reduced their inventories into the second quarter from the prior one, to accommodate lower demand. Moreover, the same report will probably show that consumer spending kept falling, inline with the rise in the unemployment rate.
Overnight, the U.K. FTSE added 6.44 points (0.13%) to 4,897.02, while the German Dax rose 0.14 points (0.01%) to 5,522.11.
Crude oil for August delivery was recently trading at $71.10 per barrel, lower by $0.30.
Gold for August delivery was recently trading higher by $0.40 to $946.10.
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