Market Reflections AM Thursday

Courtesy Briefing.com

09:00 ET Market is Closed : [BRIEFING.COM] S&P futures vs fair value: -7.40. Nasdaq futures vs fair value: -20.50. The major U.S. indices are heading toward a lower open. Europe's major indices are also under pressure as France's CAC is down 2.2%, Britain's FTSE is down 1.6%, and Germany's DAX is off 1.7% as European financials continue to trade with marked weakness. To help stimulate economic conditions England's central bank cut its key lending rate target to 1.00% from 1.50%. The European Central Bank stood pat on its target rate of 2.00%, as expected. Asian markets concluded Thursday with mixed results. The MSCI Asia-Pacific Index closed 0.6% lower amid weakness in tech stocks. Japan's Nikkei lost 1.1% Technology stocks were under pressure in the wake of a disappointing forecast from U.S.-based Cisco (CSCO), but shippers spiked after the key Baltic Dry Index climbed. Hong Kong's Hang Seng closed 0.9% higher. Top Lender ICBC and Bank of Communications were strong performers, while insurers also rallied. China Cosco, mainland's biggest shipping conglomerate, had a strong showing, as well. Personal computer maker Lenovo was was unable to join the advance after posting its first net loss in nearly three years. In mainland China, the Shanghai Composite closed 0.5% lower amid ongoing weakness in bank shares.