Market Update
07:58 am : [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +20.00. Futures are near their best pre-market levels, currently up around 0.6%. The markets are setting up for the main event of the day as Federal Reserve Chairman Ben Bernanke will comment on monetary policy in a highly anticipated address from Jackson Hole, WY at 10:00 ET.
Overnight, Asian markets closed lower while European indices trade near their session highs. The Asian session saw weaker than expected Industrial Production out of Japan, which was attributed to sluggish demand in China and Europe. South Korea's Industrial Production reading saw similar results which added to the bearish sentiment. China's Vice Finance Minister hinted at room for policy adjustment and expressed confidence in future growth. Meanwhile, Goldman's chief China strategist believes the slowdown in Chinese stocks is likely to be short lived and expects a cyclical recovery in the back half of the year. China will post its PMI readings over the weekend.
European indices are drifting higher, though volumes are low. The data released was not particularly robust as German retail sales data showed a 1.0% year-over-year decrease, while an improvement of 0.4% was expected. Elsewhere, Eurozone Unemployment was in-line at 11.3% and Spain's 10-year yield has added 11 basis points, to 6.699%. At midday, Germany's DAX and France's CAC are up 1.3%, respectively, while UK's FTSE is higher by 0.6%. |