| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3528 Registered: 05-2011 Rating: N/A |
As of 6AM EST update: 1. The global equity markets are trading lower, but US futures have seen a bounce off the lowest levels. S&P Futures are down about 10 points to trade around the 4048 area. This represents nearly a 20-point bounce off the low of 4029.25. The high was established early in the session at 4077.25. 2.In Asia, China lost 1%, while Japan tumbled 2.5%. The Shanghai saw pressure after lending data for April came in well below expectations, setting the selling tone. 3. In Japan, the Nikkei continued to reel, falling to its lowest level since the beginning of the year. SoftBank led the way lower with a decline of nearly 8%. Semiconductors also saw downside acceleration with 5% plunges in Tokyo Electron and Advantest. 4. In Europe, the major bourses are seeing sharp declines, echoing the tone of the rest of the globe. The selling has been broad-based. Carmakers are among the weakest groups with names such as Volkswagen, BMW and Daimler down about 4%. With Crude futures falling 2.5%, major energy producers have snapped a 4-day winning streak. As such, BP and Royal Dutch Shell are down 3-4%. S&P Futures vs Fair Value: -9.0 10 yr Note: 1.700% Gold (1813.70 -9.10) Silver (26.93 -0.31) Crude (64.40 -1.68) |