U.S. Futures Already Forecasting Losses Despite Surging Global Markets

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Asian markets surged across the board, with relative strength in Japan. Following higher global growth forecasts from the IMF:Japan: +2.8% (Nikkei)

Asia: +1.5% (MSCI Asia Apex 50)

China: +0.7% (CSI 300) 

Hong Kong: +0.8% (Hang Seng) 

Australia: +2.4% (ASX 200)

 

European markets are rallying. Bank stress test procedural details were released by European regulators last night, with actual test results due July 23rd:

London: +1.4% (FTSE 100)
Paris: +1.0% (CAC 40)

Frankfurt: +0.6% (DAX)

The Euro: $1.265 (+0.15%)

 

Dollar/Gold/Oil are all stronger. Yet the BDI suffered a 5% drop:

Dollar Index: +0.15% (DXY 83.9)

Gold: +0.5% ($1,205)

Oil: +0.6% (Light Sweet Crude $73.95)

Baltic Dry Index: -5.1% (BDI 2,018) 


U.S. futures aren’t following the global surge, indicating a slightly lower open. Watch for U.S. jobless claims at 8:30 AM ET and the EIA gas and oil reports at 10:30 AM and 11:00 AM ET.

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