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Pre-Market Primer: Japanese Trade Data Highlights Global Economic Malaise


Japanese exports to Europe and China both sank last month.

MINYANVILLE ORIGINAL Global stocks declined today as Japan's trade deficit widened and Greece appealed to Germany for more time to complete fiscal reforms tied to its two bailouts.

Greek Prime Minister Antonis Samaras hosted Eurogroup head Jean-Claude Juncker in Athens today to ask for more time to bring its budget deficit below 3% of GDP and complete other reforms. He is expected to ask for another two years to do achieve this.

"All we want is a bit of 'air to breathe' to get the economy running and to increase state income. More time does not automatically mean more money," Samaras said to Germany's Bild.

Japan's exports to the European Union fell a record 25.1% in July, the biggest drop since 2009. Demand for Japanese goods in China, Japan's biggest trade partner, fell 11.9%. Japan imported 517.4 billion yen more than it exported in July after a trade surplus of 60.3 billion yen in June.

Shares of Dell (DELL) fell 5.35% in after-hours trading after reporting that profits fell 18% to $732 million in the last quarter. The computer maker cut its full-year earnings outlook, warning that customers will hold off on purchasing a new PC until Microsoft (MSFT) releases its Windows 8 operating system later this year. Dell's sour outlook on its performance is reflecting badly on its competitor, Hewlett-Packard (HPQ), which is expected to log a loss of $9 billion after the closing bell today. HP shares declined 2.4% in the pre-market.

At 10:00 a.m., a report on existing home sales is expected to show that Americans bought previously constructed homes at an annualized rate of 4.5 million in July, up from 4.37 million in June. The Fed will release the minutes from its meeting that took place at the beginning of this month. US stocks, after falling yesterday, are set to open lower ahead of the releases. Before the opening bell, Dow (^DJI) futures fell 0.17% to 13,176.00 and S&P 500 (SPY) futures declined by 0.21% to 1,409.50. Futures on the Nasdaq (^IXIC) index declined by 0.20% to 2,768.50. European and Asian stocks declined today.

Twitter: @vincent_trivett
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