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– The major U.S. index futures are pointing to a lower opening on Friday, with sentiment suggesting caution after yesterday’s rebound helped the markets snap a 6-session losing streak. A report released earlier in the day showed a let up in import and export price inflation. Meanwhile, China reported a smaller than expected surplus and U.K.’s industrial production fell- all indications that the global economy is seeing a moderation in growth. With no further clues to act on, the uncertain economic environment is set to keep sentiment subdued in the markets.

After showing some apprehension in early trading on Thursday, U.S. stocks advanced steadily till late trading before paring some of their gains. The advance was built on the back of bargain hunting, as traders used the positive trade balance report as reason for buying beaten down stocks.

The Dow Industrials ended up 75.42 points or 0.63 percent at 12,124 and the S&P 500 Index closed at 1,289, up 9.44 points or 0.74 percent. Meanwhile, the Nasdaq Composite Index added 9.49 points or 0.35 percent before closing at 2,685.

Among the sector indexes, the Philadelphia Oil Service Index added 2.03 percent, the NYSE Arca Gold Bugs Index advanced 1.78 percent and the NYSE Arca Oil Index added 1.26 percent. Additionally, the Dow Jones Transportation Average added about 1 percent, the NYSE Arca Securities Broker/Dealer Index rose 1.12 percent and the KBW Bank Index moved up 1.19 percent,

Currency, Commodity Markets

Crude oil futures are slipping $1.22 to $100.71 a barrel after advancing $1.19 to $101.93 a barrel on Thursday. Gold futures are declining $6.50 to $1,536.20 an ounce. In the previous session, the precious metal added $4 to close at $1,542.70 an ounce.

Among currencies, the U.S. dollar is trading at 80.173 yen compared to the 80.3645 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.4458 compared to yesterday’s $1.4510.

Asia

Asian stocks had a mixed outing once again, with Australia, China, New Zealand, Japan and Malaysia seeing modest buying interest, while Hong Kong, India, Indonesia, Singapore, South Korea and Taiwan recorded losses.

The Bank of Korea announced a 25 basis point increase in interest rates to 3 percent, as inflation remains above the central bank’s target. After raising rates by 25 basis points in March, the central bank had maintained rates unchanged in April and May.

A trade report released by the Chinese Customs Office showed that China’s trade surplus rose at a slower than anticipated rate in May. The country recorded a surplus of $13.05 billion, below the $19.8 billion surplus forecast by economists, as export growth slackened.

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