The global equity markets are treading water. S&P Futures are up a few points to trade around the 3944 area. The market saw an early bid but could only get as high as 3969.00. Modest pressure kicked in upon the European opening which swooped the spoos to a low of 3929.25 before settling into the current level.
In Asia, China rallied over 1% while Japan slipped 0.3%. The Shanghai Composite strengthened after comments from central bank regulators seemed to encourage lenders to increase loans to boost the economy. In Japan, the Nikkei saw a lackluster day with little economic data to digest.
In Europe, the major bourses are little changed. Economic data throughout the region was light. As such, German first quarter GDP and GfK Consumer Climate for June were both in-line with expectations. Semiconductors are off to a rough start with names like Infineon and STMicroelectronics down by 1-2%. Luxury retail names are also struggling with the likes of Burberry, LVMH Moet Hennessy Louis Vuitton and Hermes falling 1-2%.