Dear Americans. Be happy that you have the day off tomorrow. The rest of the world: The grind continues.
But first, the scoreboard:
S&P 500: +17.45
And now, the top stories:
- Newswise, after two furious days, it was actually kind of calm. Shanghai and Hong Kong, the two markets that are the best indicators of what the rest of the world is going to do, finally caught a bid. There were no new public developments on the Korean peninsula.
- In Europe, equity markets did fine, but everyone is worried sick by the bond yield blowout, not just in Ireland, but also in Greece, Portugal, and Spain. Spain, really, is the big fear, and everyone thinks it’s the main event that must be resolved FAST.
- Irish leaders unveiled their 4-year recovery budget plan that involves aggressive budget cutting, and a slew of new taxes on consumers and families and retirees (though not corporations). We’re sceptical that it can work.
- In the US there was a slew of new economic data. Initial jobless claims came in way better than expected. Durable goods came in much weaker than expected. Personal income and spending came in right in line with what everyone expected. Consumer sentiment came in better than expected. New home sales came in MUCH worse than expected. Got that?
- In the end, it was a big win for the bulls all around, and they won with a wire to wire victory.
- Have a great Thanksgiving Americans!
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