SamTrader1
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Equities
Asian markets enjoyed another day of sizable gains, with the Hang Seng once again leading the pack, posting gains of 1.4%. Both the Nikkei and Shanghai Composite rose .9%. South Korea’s Kospi stood alone, dropping 1.2% as LG shares sank more than 5%, weighing on the index.
European shares ended mixed, as the FTSE eased .1%, while other European markets rallied. HSBC shares tumbled after the company cut profit forecasts, pulling down the FTSE. The Dax ended 1.2% higher, and the CAC40 rose 1%.
US indices rose, this time with the Dow leading the gains, as the index rose 96 points to 12226. The S&P gained .6%, while the Nasdaq ended just fractionally higher.
Salesforce.com shares dropped 4.7%, while Humana shares rallied 3.9%. Amazon shares fell more than 2%, after being downgraded by UBS.
Treasuries and Commodities
Bonds closed little changed, as investors await this week’s economic data. 10-year notes ended down 1/32 to yield 3.42%, while 30-year notes rose 2/32 to yield 4.49%.
Oil dropped 1% to 96.90, as Saudi officials confirmed they had increased output to compensate for the loss in supply tied to Libya. Natural gas rose .7% while gasoline dipped .6%.
Silver gained an impressive 2.6%, closing at 33.755, and copper rallied 1% to 4.4795. Gold’s allure waned, with prices rising just .2% to 1411.90.
Silver Continues to Rally Strongly
Cotton jumped 7.2%, hitting the daily limit, as data showed a drop of 6% in China’s cotton supply.
Currencies
The US dollar was mixed on Monday, with sizable losses against the Canadian Dollar and Pound. The CAD gained .6% as GDP data exceeded analyst estimates, extending Friday’s gains. The Pound climbed .8% to 1.6260, and the Euro rose .4% . The dollar posted narrow gains of .1% against the Swiss Franc and Australian Dollar, and rose .2% agains the yen.
Economic Outlook
The increase in oil supply from Saudi Arabia has helped calm world markets, but that is merely a band-aid to the overall Middle East issues.
Pending Home Sales fell 2.8%, significantly more than expected (2.2%), as the housing market continues to show weakness, even as the economy slowly recovers. On a brighter note, Chicago PMI rose to 71.2, better than forecast, and Personal Income rose more than double analyst estimates (1% vs. .4%).
Tuesday’s reports will include the ISM Manufacturing Index, Auto Sales, and Construction Spending. Fed Chairman, Bernanke, will be speaking to Congress on Tuesday and Wednesday.
Asian markets enjoyed another day of sizable gains, with the Hang Seng once again leading the pack, posting gains of 1.4%. Both the Nikkei and Shanghai Composite rose .9%. South Korea’s Kospi stood alone, dropping 1.2% as LG shares sank more than 5%, weighing on the index.
European shares ended mixed, as the FTSE eased .1%, while other European markets rallied. HSBC shares tumbled after the company cut profit forecasts, pulling down the FTSE. The Dax ended 1.2% higher, and the CAC40 rose 1%.
US indices rose, this time with the Dow leading the gains, as the index rose 96 points to 12226. The S&P gained .6%, while the Nasdaq ended just fractionally higher.
Salesforce.com shares dropped 4.7%, while Humana shares rallied 3.9%. Amazon shares fell more than 2%, after being downgraded by UBS.
Treasuries and Commodities
Bonds closed little changed, as investors await this week’s economic data. 10-year notes ended down 1/32 to yield 3.42%, while 30-year notes rose 2/32 to yield 4.49%.
Oil dropped 1% to 96.90, as Saudi officials confirmed they had increased output to compensate for the loss in supply tied to Libya. Natural gas rose .7% while gasoline dipped .6%.
Silver gained an impressive 2.6%, closing at 33.755, and copper rallied 1% to 4.4795. Gold’s allure waned, with prices rising just .2% to 1411.90.
Silver Continues to Rally Strongly
Cotton jumped 7.2%, hitting the daily limit, as data showed a drop of 6% in China’s cotton supply.
Currencies
The US dollar was mixed on Monday, with sizable losses against the Canadian Dollar and Pound. The CAD gained .6% as GDP data exceeded analyst estimates, extending Friday’s gains. The Pound climbed .8% to 1.6260, and the Euro rose .4% . The dollar posted narrow gains of .1% against the Swiss Franc and Australian Dollar, and rose .2% agains the yen.
Economic Outlook
The increase in oil supply from Saudi Arabia has helped calm world markets, but that is merely a band-aid to the overall Middle East issues.
Pending Home Sales fell 2.8%, significantly more than expected (2.2%), as the housing market continues to show weakness, even as the economy slowly recovers. On a brighter note, Chicago PMI rose to 71.2, better than forecast, and Personal Income rose more than double analyst estimates (1% vs. .4%).
Tuesday’s reports will include the ISM Manufacturing Index, Auto Sales, and Construction Spending. Fed Chairman, Bernanke, will be speaking to Congress on Tuesday and Wednesday.
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