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Market Update

European Markets Rise on Good Earnings, However Gains are Currently Being Pared

 

European (SXXP) stocks advanced, rebounding from their biggest slide in two weeks, as companies from Swiss Re Ltd. to Hermes International (RMS) SCA posted results that exceeded analysts’ estimates. U.S. index futures also rose, while Asian shares slumped.

Swiss Re gained 2.1 percent after saying smaller losses from natural disasters helped net income surge in the third quarter. Hermes climbed 3.3 percent as sales rose because of increased demand in AsiaSiemens AG (SIE) jumped 3.7 percent after Europe’s largest engineering company announced that it plans to cut costs by 5 billion euros ($6.4 billion).”

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Logic: Obama Win Did Not Tank the Markets Today

 

“Well, we hope you are happy with yourself, America: You reelected President Obama and destroyed the stock market.

That’s what a bunch of angry Wall Streeters, who unsuccessfully sunk millions into defeating Obama, would like you to believe, anyway. The truth is a bit more complicated.

The Dow Jones Industrial Average closed Wednesday down 312.95 points, or nearly 2.4 percent, its worst selloff of the year. It closed below 13,000 for the first time in three months. The Standard & Poor’s 500-stock index also tumbled 2.4 percent, and the tech-heavy Nasdaq composite index fell nearly 2.5 percent.

Throughout the election, Wall Street types took to CNBC to sound the dour warningsthat a second Obama term would immediately cause all of your money to catch on fire, because of how much Obama hates business or something. Wednesday’s bloodbath would seem to be their most apocalyptic warnings come to life.

There are just a few problems with their theory.

For one thing, Obama was the perpetual favorite throughout the election, with hisodds on the prediction market Intrade never dropping below 50 percent all year. He consistently led in the polls of key swing states like Ohio and was very seldom behind in measures of the national popular vote. Meanwhile, his challenger, Mitt Romney, spent much of the election shooting himself in the foot. Despite all of these signs of Obama’s impending re-election, stocks managed to rally throughout the year, with the Dow up 6 percent since the end of 2012, even with Wednesday’s loss.

What’s more, the Dow posted a huge, 1 percent gain, on election day, when Obama’s Intrade odds were at 70 percent or better and number-crunchers such as Nate Silver and Mark Blumenthal were calling Obama a 90-percent lock for re-election.”

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Markets Circle the Drain

Well to circle the drain implies you have already gone down pretty badly. The markets have had some resilience in the face of monumental obstacles for the past few months. Today’s start does not bode well for the bulls.

DOW off 200+

S&P off 22

NASDAQ of 45

WTI down $2.64

Market update

 

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FLASH: European Markets Dive

European markets were largely up on a Obama QE future. Mario Draghi makes one comment: “the slowdown has reached Germany.” But we already knew this no ?

At any rate, it only adds to an earlier comment from German economic advisers stating that Germany will not have a turnaround in 2013 due to the crushing weight of the sovereign debt crisis.

European indices  

Did Draghi drop a dime on tomorrow’s ECB interest rate meeting ?

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U.S. Markets Blast Through Resistance, Treasuries and the Greenback Fall

“U.S. stocks and commodities rallied for a second day, while the dollar and Treasuries fell, as investors awaited results of the presidential election. Australia’s dollar rose as the central bank left interest rates unchanged.

The Standard & Poor’s 500 Index increased 0.9 percent to 1,429.92 and the Stoxx Europe 600 Index (SXXP) advanced 0.6 percent at 12:57 p.m. in New York. Treasury 10-year notes snapped a two-day advance, sending yields up two basis points at 1.71 percent, and the dollar weakened against 14 of 16 major peers. Oil and gasoline surged amid forecasts that fuel supplies dropped when Hurricane Sandy forced the shutdown of East Coast refineries.”

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U.S. Retailers Expect Their Best Year since 2007

 

“Leading U.S. retailers expect a 3.7% increase in holiday same-store sales, according to a new survey by BDO USA.

“While we haven’t returned to pre-recession levels of optimism, retailers are gearing up for what looks to be a promising holiday season,” said Doug Hart, partner in the retail and consumer product practice at BDO. “Still, consumers have more choices than ever, and retailers are looking to avoid showrooming by curating a mix of exclusive and top-selling products to get consumers in their door or on their site.”

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The Nikkei Gaps Down

Currently down 0.46%. The Shanghai Composite and the Hang Seng are getting hamhamahmahammered.

Nikkei

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Emerging Markets Enjoy Their Best Week of Upside in Two Months on Good Earnings Reports

“Emerging-market stocks rose, with a benchmark index headed for the biggest weekly gain in almost two months, as earnings at industrial and technology companies beat analysts’ estimates.

Samsung Heavy Industries Co., the world’s second-largest shipbuilder, rallied the most in eight months and Wipro Ltd. (WPRO), India’s third-largest software-services exporter, rose for a fifth day after their profits topped forecasts. OAO Gazprom, the world’s biggest natural gas producer, snapped a five-day decline after quarterly earnings exceeded estimates.”

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