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Minyanville's Before The Bell: Global Markets Gain Confidence, Futures Up


Global indexes are up leading to bullish sentiment in U.S. Stock Futures.


Stock futures are up this morning. As of 7:20 AM EST, S&P futures are trading up 9.8 points at 1460, and Nasdaq futures are up 6.5 points at 1962.

In a quick glance at
Asia , Japan's Nikkei 225 finished unchanged while other indexes closed up higher. Australia's ASX 200 rose 0.26%, Hong Kong's Hang Seng closed up 2.84%, Korea's Kospi rose 1.34%, and the Shanghai Composite gained 0.50%.

In Japan, the Financial Times reported Finance Minister Koji Omi said the U.S. subprime mortgage collapse and high oil prices remained a risk to global economic growth. South Korea's finance minister added that his country and Japan should work together to limit the effects of trade imbalance and market turmoil.

In Australia, the Reserve Bank of Australia continued to add funds into the market with a $2.2 bln injection into the financial system, the largest one-day intervention since Sept 12, 2001. The WSJ reports the actions of the RBA were not in step with other central banks as the Bank of Japan refrained from adding extra funds. Please read Professor Shedlock's The Fed's Tight Monetary Policy for his take on the Fed's move in the U.S.

Over in Europe, we see equity markets performing rather strong as well. The CAC is up 1.25%, DAX up 0.75%, and the FTSE is up 0.92%. Bloomberg reports Societe Generale (SCGLY) and Man Group (EMG) led financial shares higher. BHP Billiton (BHP) also rallied after posting record full-year profit.

Making headlines in the U.S., Dubai World is planning to take a $5 bln dollar or 9.5% stake in MGM Mirage (MGM). Bloomberg reports Dubai World will buy 14 mln shares from the company at $84/share, or a 13% premium to yesterday's close.

The WSJ reports TD Ameritrade (AMTD) and E*Trade (ETFC) have been in merger talks for weeks.

The weekly MBA Mortgage Applications Index fell 5.5% to 641.1 from 678.7. Bloomberg reports it was the highest drop since mid-May. The bearish housing sentiment continues as RealtyTrac reported yesterday a 93% y/y increase in foreclosures. Please read Professor Depew's Five Things You Need To Know for his take on the RealtyTrac report.

It's another light day on the radar with only Crude inventory data set to be released at 10:30 AM EST. Please click here for the full Trading Radar. Please also click on our Stocks to Watch for other trading and investment ideas.

Good luck today, Minyans! And be sure to take a break from the trading day and have a laugh with Hoofy and Boo's new video: The Trump Card.

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No positions in stocks mentioned.

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