Here’s your morning market update, including more Bitcoin goodness.
– Interesting last half hour of trade in the US. 30 minutes before the close, the Dow was at 16,114 up 0.26%, the Nasdaq is above 4000 at 4,026 for a rise of 0.79% and the S&P 500 is up 6 points at 1,808. BUT at the close the Dow fell back to 16,074 for a rise of just 0.01% on the day, the Nasdaq fell back to 4,018 up 0.59% and the S&P 500 closed at 1,803 up 0.03% .
The key seems to have been the enduring rise of the Case Shiller house price index, which is now up 13.3% year on year. Also aiding the more positive tone was the big jump in building permits back above the 1 million mark in October. But consumer confidence and the Redbook index both fell.
– In Europe, traders didn’t get the buy telegram and with the exception of the IBEX in Spain (+0.27%) the big bourses of Europe were all lower. The FTSE fell 0.88%, the Dax was 0.11% lower, the CAC fell 0.56% and the FTSE MIB in Milan was just 0.05% lower.
– On the ASX, the SPI 200 contract overnight is down 10 points at 8am AEDT and sits at 5,371 bid. The 3- and 10-year bonds have both rallied again and are up 2 and 3.5 points respectively.
– On currency markets, the Aussie dollar continues to be under pressure, with yesterday’s rally up into the 0.9190 region reversing under heavy selling pressure last night making a low of 0.9086. Perhaps some of the selling was related to Goldman Sach’s bearish outlook for Australia but regardless, the outlook remains one the RBA will be pleased with.
– In other forex pairs, USDJPY is back down at 101.20 from a high of 101.71 yesterday, Euro is a bit higher at 1.3562, while GBP is back above 1.6205.
– On commodity markets, Bitcoin has made a new all-time high this morning at 945 as all the coverage and the discussion amongst central banks has elevated it to the mainstream media. As such, with a limited supply and increased demand, where else can it go? It’s a classic corner in the old style of 100 years ago and it will just keep rising until it stops.
– Elsewhere, more traditional commodities are positively boring, which could be part of Bitcoin’s attraction. Nymex Crude is down 0.4% at $93.71, Gold is largely unchanged at $1,243 oz, Copper is at $3.22 lb, while in the Ags, Corn fell 1.65%, Wheat dropped 0.62% but Soybeans was largely unchanged.
On the data front, in Australia we get construction work done after the Kiwi trade data this morning. Tonight we see consumer confidence in France UK Q3 GDP (huge) and then some big partials in the US with the release of the Chicago Fed national Index, Durable Goods, jobless claims and for crude oil watchers, inventory data tonight will be of great interest.