Your morning market update includes ups all round.
– Stocks have had a good night with IBM announcing a $15 billion buyback, Dell now private once more and BP getting a few traders excited over in the UK. Apple was under a little pressure though and Nokia Phone’s earnings were lower than expected – but hey, they are part of Microsoft now, so it’s not too much of a worry.
– Index-wise, stocks in the US have been stronger all day with the Dow up 111 points or 0.71%, the Nasdaq up 0.30% and the S&P 500 up 10 points to 1772 closing on its high for a gain of 0.56%.
– Across the Atlantic, the FTSE was 0.73% higher, the DAX is getting comfortable above 9000 with a rise of 0.48% and the CAC was 0.62%. In Milan, stocks were 2.27% higher while the IBEX in Spain rose 1.31%.
– On the Sydney futures exchange, it has been another solid night for the SPI 200 contract up 21 points to 5429 bid after yesterday’s weakness on the local market. On the bond boards overnight, the 3’s were 2 points higher while the 10’s rose 1.5 points. These slight gains reflect the moves on overseas bond markets, with US Treasuries at 2.51%, Bunds at 1.74% and Gilts at 2.44%.
– On Forex markets, it was a night of general US dollar strength, but that’s not to undersell Glenn Stevens’ verbal intervention in the Aussie dollar yesterday morning. That hit the mark with the Aussie falling to a low of 0.9469 – roughly 110 points below the high yesterday before the RBA Governor gave his emphatic message to the bulls of an eventual “material” shift lower. 94 cents seems more likely now.
– Elsewhere, the euro (1.3742) slipped back a little. GBP did likewise and it’s back near 1.60 trading at 1.6040 this morning. USDJPY was higher also, reflecting the overall US dollar stronger tone. It sits at 98.16 this morning.
– On commodity markets, it was fairly quiet day-on-day with Nymex crude down 0.42% at $98.27 Bbl. Gold is still in the $1350’s, closing at $1359 oz, Copper closed at $3.28 lb and even the Ags were quiet. Bitcoin, however, continues to rally and it is back up at $213 this morning.
On the data front, in the US overnight the Case Shiller Index was a bit stronger than expected, printing a 12.8% year-on-year gain. Retail sales printed as expected – once autos were removed – with a rise of 0.4%. Unsurprisingly though, consumer confidence fell to 71.2 from 80 last.
Looking at the data over the next 24 hours, the Fed’s FOMC decision is the key tomorrow morning, but before that we see Korean and Japanese industrial output, German unemployment, EU business confidence and climate before ADP employment in the US along with US CPI.
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