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By BinaryOptionStrategy.com
Equities
The Nikkei continued its advance, closing at 10082, its highest level since March’s devastating earthquake. In Korea, Hyundai Heavy Industries rallied 6.4%, pulling the Kospi up .4%. Chinese banks fell, weighing on the region’s markets. The Shanghai Composite fell .2%, and the Hang Seng sank 1%. In the afternoon, China raised interest rates by .25%.
View attachment 122659
Nikkei Reaches its Highest Level Since March Quake
In Europe, the major indexes closed moderately lower, as .Moody’s 4-notch downgrade of Portugal’s debt revived investor anxiety. The FTSE and CAC40 fell .4%, and the DAX eased .1%, Major Portugal banks fell as much as 7% in response to the cut.
In contrast, US markets rose, despite disappointing ISM data. The Dow added 56 points to 12626, the Nasdaq gained .3%, and the S&P 500 inched up .1%. Financial stocks fell after Moody’s warned that many European banks have performed poorly in stress tests, and may need additional funds.
Treasuries and Commodities
Bonds rose moderately, as investors faced renewed sovereign debt concerns in Portugal. 10-year notes edged up 7/32 to yield 3.10%, and 30 year notes gained 10/32 to yield 4.35%.
Natural gas tumbled 3.2% to 4.223 on expectations for moderate weather across the US for the coming week. US crude slipped .3% to 96.60, while gasoline futures rose .7% to 2.9982.
Precious metals moved higher, with gold advancing 1.1% to 1529.20 and silver up 1.6% to 35.985. Palladium tumbled 5.8% to 729.50, and copper eased .4% to 4.33.
Agricultural futures closed mostly lower, as wheat dropped 1.3%, and cotton fell 1.8%.
Currencies
The Euro dropped for a second day, shedding .8% to close at 1.4310, after trading as high as 1.4467. The safe-haven currencies advanced slightly, as the Swiss Franc and Yen both gained .2%. The Pound slid .4% to .15996, and the Canadian dollar eased .2% to .9654.
Economic Outlook
The ISM non-manufacturing index eased slightly from last month, and came in slightly below estimates.
The ADP employment report is due on Thursday, and is generally seen as a good indicator for Friday’s official non-farm payroll report. Also due tomorrow are chain store sales, weekly jobless claims, and weekly oil inventories.
Earnings season begins next week.
Equities
The Nikkei continued its advance, closing at 10082, its highest level since March’s devastating earthquake. In Korea, Hyundai Heavy Industries rallied 6.4%, pulling the Kospi up .4%. Chinese banks fell, weighing on the region’s markets. The Shanghai Composite fell .2%, and the Hang Seng sank 1%. In the afternoon, China raised interest rates by .25%.
View attachment 122659
Nikkei Reaches its Highest Level Since March Quake
In Europe, the major indexes closed moderately lower, as .Moody’s 4-notch downgrade of Portugal’s debt revived investor anxiety. The FTSE and CAC40 fell .4%, and the DAX eased .1%, Major Portugal banks fell as much as 7% in response to the cut.
In contrast, US markets rose, despite disappointing ISM data. The Dow added 56 points to 12626, the Nasdaq gained .3%, and the S&P 500 inched up .1%. Financial stocks fell after Moody’s warned that many European banks have performed poorly in stress tests, and may need additional funds.
Treasuries and Commodities
Bonds rose moderately, as investors faced renewed sovereign debt concerns in Portugal. 10-year notes edged up 7/32 to yield 3.10%, and 30 year notes gained 10/32 to yield 4.35%.
Natural gas tumbled 3.2% to 4.223 on expectations for moderate weather across the US for the coming week. US crude slipped .3% to 96.60, while gasoline futures rose .7% to 2.9982.
Precious metals moved higher, with gold advancing 1.1% to 1529.20 and silver up 1.6% to 35.985. Palladium tumbled 5.8% to 729.50, and copper eased .4% to 4.33.
Agricultural futures closed mostly lower, as wheat dropped 1.3%, and cotton fell 1.8%.
Currencies
The Euro dropped for a second day, shedding .8% to close at 1.4310, after trading as high as 1.4467. The safe-haven currencies advanced slightly, as the Swiss Franc and Yen both gained .2%. The Pound slid .4% to .15996, and the Canadian dollar eased .2% to .9654.
Economic Outlook
The ISM non-manufacturing index eased slightly from last month, and came in slightly below estimates.
The ADP employment report is due on Thursday, and is generally seen as a good indicator for Friday’s official non-farm payroll report. Also due tomorrow are chain store sales, weekly jobless claims, and weekly oil inventories.
Earnings season begins next week.