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Lower For A Third Day; US Futures Higher

EQUITIES

Equity markets in Asia were lower again, in negative territory for the third straight session with several indices erasing gains for the year. Markets in Singapore, India, Indonesia, Malaysia, Philippines and Pakistan are closed for holiday's which kept liquidity thin. Bourses in Japan lead the way lower, weighed down by SoftBank who sustained heavy losses following earnings. In Taiwan the Taiex managed to rebound from earlier losses of over 4% with the selling this week blamed on unwinding of leveraged positions. Futures in the US are higher, rebounding after yesterday's declines, the Nasdaq leads the way higher after declining almost 7% in May.

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