Blizzards? Cyclone? Rioting? At least to US markets, none of it matters.
But first, the scoreboard:
SYP 500: +21
And now, the top stories:
- Well, as always the story is Egypt, Egypt, Egypt, and since Monday morning we’ve known the protesters hoped that today would be the definitive day. The largest crowds yet gathered around the country.
- But first, to Asia, where almost everything was up. Chinese PMI came in a tad lighter than expectations, but it was no biggie. Stocks rose anyway. The one loser was Bombay, which is clearly the worst major market in the world right now.
- Europe saw more of the status quo. PMI numbers were decent, while Germany’s economy continues its blistering growth. Peripheral spreads came in, and the euro is continuing its gigantic rally.
- That out of Europe was really the story of the day, as the US market basically followed the Euro all around today, acting oblivious to the scene in Egypt. Speaking of the US, there was one big economic number for the day, and that was ISM, which came in stronger than expectations. December construction numbers were weak, and everyone’s blaming that on the weather.
- The final story: A huge day for US markets (especially the small-cap/beta names), a good day for gold and silver, and a rough day for oil, as Egypt fears are clearly receeding.
- Meanwhile, weather continues to be crazy. Australia is staring down the barrell of a massive cyclone, and there’s a mega-cold snap/blizzard going on the midwest.
- Regarding individual stocks, Borders plunged on bankruptcy talk. and Orex plunged on an FDA denial.
- Meanwhile, for more on the domino effect, click here a guide to the next 11 countries at risk of becoming Egypt >