Asian stocks are largely higher. Shanghai leads the pack with a gain of 2%, but they remain at depressed levels (down 40% this year). Other markets have fractional gains. Australian stocks are lower, partly because of the 1500 cutbacks Quantas (their national airline) announced. High oil prices are hurting many businesses, especially airlines. Asia markets are concerned about the large loss reported by Merrill Lynch (MER).
Oil is up pennies, still in the 129s. Oil sold off in recent days partially because of anticipated lower demand from a weak US economy. The thinking in Asia is that any reduced demand by the US will be picked up by strong demand from surging Asian economies. The Dow Jones futures in Asia are trading down 65, an early call on tomorrow's opening.
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