Overnight Summary — World markets see an early bounce
The global equity markets are mostly higher. S&P Futures are up about 20 points to trade around the 4468 area. The market’s early bid was met with sellers, culminating with a low of 4446.50 at the tail end of the Asian session. Buyers stepped up since then to take the S&P to the current level. Spoos are just off the overnight high of 4471.50.
In Asia, China rose 0.3% while Japan posted a gain 0.2%. The Shanghai chopped away before managing to close near the day’s high. In Hong Kong, the Hang Seng took a dive following reports the Chinese government is looking to break up Alipay. In Japan, the Nikkei saw buyers win out to close modestly higher. Strength was led by semiconductors where Tokyo Electron and Advantest finished about 2% higher. On the flip side, automakers fell under pressure with losses of 1% by Nissan, Toyota and Honda.
In Europe, the major bourses are outpacing their global peers. Germany saw Wholesale prices rise 12.3% year over year for July and represented the strongest growth since 1974. With crude oil surging back above the $70 level. energy stocks such as BP and Royal Dutch Shell are trading over 1% better.