Stocks were generally higher in Asian trade overnight. Shanghai and the Hang Seng both gained about a half percent and Australia was up 0.6%, but the Nikkei lagged the crowd with a loss of 0.7%. European indexes are strong this morning, with the Footsie and Dax both currently showing a gain of about 1.3%. US stock futures are about a half percent higher.
*Australian home-loan approvals fell 3.9% in June, twice the expected decline; in May loans were up for the first time in eight months.
*China’s passenger car sales to dealerships increased 13.6% in July, but this was the slowest pace of sales since March 2009.
*The Bank of Japan will be out with their policy decision late tonight CDT, but nobody expects a change in their 0.10% target rate.
*The June reading of Germany’s Balance of Trade showed a bigger surplus than expected at EU14.1 billion. Imports were up 1.9% on the month but Exports gained even more, +3.8%.
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