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Minyanville's Before The Bell: Positive Global Sentiment, Futures Up


Markets are up around for the most part around the world. Gold continues higher. U.S. Futures are up.

Stock futures are up slightly this morning. As of 7:30 AM EST, S&P futures are trading +2.5 points to 1536, and Nasdaq futures are trading up +5.8 points to 2074.

Markets in Asia ended on a positive day for the most part. Hong's Kong's Hang Seng closed at a record high. News of China's securities regulator holding a hearing on PetroChina's (PTR) A-share listing application helped boost shares. PTR's stocks surged 10.3% for the day. (From WSJ) All news was not good however. Hong Kong's Financial Secretary John Tsang raised the inflation forecast. The increase was due to higher import costs, food prices, and the weak dollar, "which are temporary," Tsang added. Markets were undeterred as the Hang Seng closed up +2.52%.

In other parts, India's Sensex gained +1.7%, Taiwan's TAIEX gained +1.36%, and China's Shanghai Composite gained +0.56%. Japan's Nikkei was closed because of a holiday.

In Europe, markets are mixed this morning. The CAC is up +0.03%, the FTSE is adding +0.43%, and the DAX is down -0.15%.

In economic data, EU July industrial new orders fell 4% vs. consensus estimates of a 3% fall, another slight hint that the global economy may be slowing.

Topping the headlines, the dollar fell to a record low against the euro in addition to falling against 13 of the 16 most-active currencies. As of this morning the dollar traded at $1.4130 vs. the euro. (From Bloomberg) Please read Professor Shedlock's Minyan Mailbag: Fed Punishing Dollar Holders for more on the weakening of the dollar.

Deutsche Bank (DB) is under heavy selling pressure this morning. News that the company's earnings could be hit by up to $2.4 bln due to loan markdowns is weighing on the shares. DB is bidding lower by 1.96% at $126.76 in the U.S. pre-market.

In the U.S, investors are closely watching negotiations of General Motors (GM) and the United Auto Workers (UAW) union. Both sides appear to be nearing a historic deal as the UAW set a deadline of 11 AM EST following a weekend of negotiations. (From WSJ) For more company-specific news, please click on our Stocks To Watch. In addition, read Toddo's Random Thoughts from Friday for a review on last weeks sessions.

Crude is trading lower by $-0.66 to $80.96, and Gold futures are up by $4.30 to $743.20. Please read Professor Shedlock's Double Standard In Gold Hedging for more of an understanding as this precious metal continues higher.

We have no major economic events on the radar this morning. Please click here for the full radar.

We hope you don't have a case of the Mondays! Keep checking back with us for continuously updated information you need to know. Good luck and Good trading!
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