Asian stocks routed after last night’s U.S. outlook downgrade from the Fed. Chinese 2Q GDP growth also came in at 10.3% vs. 10.5% expected. Korea showed relative strength today, note they’ve recently hiked their 2010 GDP forecast.
Korea: -0.4% (KOSPI)
Asia: -1.1% (MSCI Asia Apex 50)
China: -1.7% (CSI 300)
Japan: -1.1% (Nikkei)
Hong Kong: -1.6% (Hang Seng)
European shares are trading moderately lower as well. Though notice the relative strength in Greece of all places. The euro is still making a run for $1.28.
Greece: +1.1% (Athex)
The Euro: $1.276 (+0.2%)
London: -0.5% (FTSE 100)
Frankfurt: -0.4% (DAX)
Paris: -0.5% (CAC 40)
Dollar and commodities are lower. But gold showing strength. BDI suffers a nasty decline, but check out the relative strength in dry bulk stocks lately. Clear divergence there.
Gold: +0.3% ($1,211)
Dollar Index: -0.2% (DXY 83.3)
Oil: -0.2% (Light Sweet Crude $76.60)
Baltic Dry Index: -4.5% (BDI 1,709)
U.S futures are trading around the zero-line, slightly down. Today look out for the Producer Price Index at 8:30 AM ET, jobless claims at 8:30 AM, and Industrial Production at 9:15 AM.
UPDATE 6:50 AM: U.S. futures now in the green after blow-out JP Morgan earnings were announced pre-market.
EARNINGS TODAY: JP Morgan (JPM), Google (GOOG), and Novartis (NOV)
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