SamTrader1
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Equities
Asian markets ended mixed, as markets in Korea, Australia and Hong Kong rose, while Japanese and Chinese markets fell. The Kospi gained .4% and the Hang Seng jumped 1%. The Nikkei slipped .4%, and the Shanghai Composite fell 1%, pushing the index down more than 5% this week.
In Europe however, markets climbed, following a report that the Basel III capital requirements would not be as tough as feared. Banks led the gains, as the FTSE rose 1% to 5393, followed by the CAC40 which rose .9%. In Germany, the DAX added .7% to 7163.
US markets also rose, but less substantially. The Dow rose 39 points to 12442, and the Nasdaq advanced .5% to 2797.
Marvell Technologies shares soared 11% after giving a strong outlook, even as profits dropped. In contrast, Omnivision shares tumbled 9% after lowering guidance, even though profits were strong.
Treasuries and Commodities
Bonds eased with 10-year notes down 4/32 to yield 3.07% and 30-year notes down 11/32 to yield 4.24%.
Crude oil rose .4% to 100.59, and natural gas soared 3.6% to 4.518. Rounding out energy, gasoline futures gained 1.4% to 3.092.
Metals rallied, led by copper which advanced 1.8% to 4.186. Gold rose 13.50 to 1536.30, and silver rallied 1.4% to 37.863.
Currencies
The Swiss Franc rallied an incredible 2% against the dollar, hitting a new record of .8464, and settling at .8474. The Euro jumped 1.3% to 1.4321, despite the ongoing sovereign debt crisis, and the Yen gained .9% to 80.63. The Pound rose .8% to 1.6515, and the Australian Dollar rose .5% to 1.0690.
Swiss Franc Hits New Record Against Dollar
Economic Outlook
Pending Home Sales fell 11.6%, much worse than analysts’ estimates and an about-face from last month’s gain of 3.5%. Personal Spending rose less than expected, while personal income rose by .4%, in-line with estimates.
On a brighter note, Consumer Sentiment rose to 74.3 in May, better than anticipated.
US markets will be closed on Monday for the Memorial Day holiday. UK markets will be closed as well for a holiday.
Asian markets ended mixed, as markets in Korea, Australia and Hong Kong rose, while Japanese and Chinese markets fell. The Kospi gained .4% and the Hang Seng jumped 1%. The Nikkei slipped .4%, and the Shanghai Composite fell 1%, pushing the index down more than 5% this week.
In Europe however, markets climbed, following a report that the Basel III capital requirements would not be as tough as feared. Banks led the gains, as the FTSE rose 1% to 5393, followed by the CAC40 which rose .9%. In Germany, the DAX added .7% to 7163.
US markets also rose, but less substantially. The Dow rose 39 points to 12442, and the Nasdaq advanced .5% to 2797.
Marvell Technologies shares soared 11% after giving a strong outlook, even as profits dropped. In contrast, Omnivision shares tumbled 9% after lowering guidance, even though profits were strong.
Treasuries and Commodities
Bonds eased with 10-year notes down 4/32 to yield 3.07% and 30-year notes down 11/32 to yield 4.24%.
Crude oil rose .4% to 100.59, and natural gas soared 3.6% to 4.518. Rounding out energy, gasoline futures gained 1.4% to 3.092.
Metals rallied, led by copper which advanced 1.8% to 4.186. Gold rose 13.50 to 1536.30, and silver rallied 1.4% to 37.863.
Currencies
The Swiss Franc rallied an incredible 2% against the dollar, hitting a new record of .8464, and settling at .8474. The Euro jumped 1.3% to 1.4321, despite the ongoing sovereign debt crisis, and the Yen gained .9% to 80.63. The Pound rose .8% to 1.6515, and the Australian Dollar rose .5% to 1.0690.
Swiss Franc Hits New Record Against Dollar
Economic Outlook
Pending Home Sales fell 11.6%, much worse than analysts’ estimates and an about-face from last month’s gain of 3.5%. Personal Spending rose less than expected, while personal income rose by .4%, in-line with estimates.
On a brighter note, Consumer Sentiment rose to 74.3 in May, better than anticipated.
US markets will be closed on Monday for the Memorial Day holiday. UK markets will be closed as well for a holiday.