Yields for Italy, Spain, France, and Germany …
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Market Update
U.S. equities pared small early morning losses. As Speaker Boehner pointed out in a press conference, plan B was an agreement that many Dems voted for two years ago and expects that everything should be acceptable today. Based on this Boehner would like to see a bipartisan deal that allows members of congrss to go home for the holidays knowing they did the right thing for America.
Currently the DOW is up 43 bones. The dollar is down, oil is flat, treasuries are seeing big outflows, and gold is receiving a minor homo hammer.
[youtube://http://www.youtube.com/watch?v=mDsqpeiTqg8 450 300] Comments »FLASH: NYSE & ICE Merge
developing….
Comments »Emerging Markets Drop on Slow or No Resolution on the Fiscal Cliff
“Most emerging-market stocks fell, pushing the benchmark index from an eight-month high, as signs of an impasse in U.S. budget negotiations dragged down technology companies.
Taiwan Semiconductor Manufacturing Co. (2330), which got 59 percent of its revenue from America in 2011, slid to a three- week low. OAO Novatek, Russia’s non-state gas producer, headed for the highest close since Oct. 24 after a report that Russian ministries support its bid to end OAO Gazprom’s liquefied natural gas export monopoly. Adani Enterprises Ltd. (ADE), India’s biggest coal importer, tumbled 7.1 percent in Mumbai, the steepest decline in the developing-nation gauge, ahead of a share sale by the company’s founders tomorrow.
The MSCI Emerging Markets Index (MXEF) fell less than 1 percent to 1,052.56 as of 12:30 p.m. in London, snapping a two-day advance. Officials from U.S. President Barack Obama’s administration told leaders of business and financial services groups that negotiations with House Speaker John Boehner have deteriorated in the past 24 hours, a person familiar with the meeting said. Obama and Republicans are seeking to avert more than $600 billion in tax increases and spending cuts set to start on Jan. 1.
“The U.S. budget negotiations are on top of everybody’s mind and that will have a bearing on the near-term outlook for equities,” Aneesh Srivastava, who oversees $470 million as the chief investment officer at IDBI Federal Life Insurance Co. in Mumbai, said by phone. “A deal would definitely be reached. But until such time, investors are going to remain cautious.”
The 21 nations in MSCI’s developing-nations gauge send about 17 percent of their exports to the U.S. on average, data compiled by the World Trade Organization show…”
Comments »Global Markets Trade Unch, U.S. Futures Reflect the Sentiment
Markets Take a Step Back
U.S. equities took a step back today with the DOW off by 98 bones.
S&P down 11
NASDAQ 10
Oil maintained its upside while gold went nowhere. More squabbling over the fiscal cliff probably gave traders an opportunity to schnitzel some recent gains.
[youtube://http://www.youtube.com/watch?v=gPRh472pMtk 450 300]
Market Update
U.S. equities opened flat and has remained so until now. Despite a flat market technology managed to shine thanks to $ORCL earnings last night and as window dressing is probably underway.
The dollar remains weak with the Yen and Euro adding to earlier gains. Gold pared earlier losses and WTI was up $1.94. WTI is now up $1.10 as Oil Vol is down 1%.
Europe ripped into the close.
The bulls should be quite happy with digestion after a few days of triple digit rallies….
[youtube://http://www.youtube.com/watch?v=I85ApzR43jU 450 300] Comments »
World Stock Indices Index Hits 17 Month Highs
“Stocks rose to a 17-month high and the yen weakened on speculation U.S. leaders will reach a budget deal and Japan’s central bank will expand stimulus. The euro strengthened after German business confidence increased.
The MSCI All-Country World Index (MXWD) gained for a third day, up 0.5 percent at 1:05 p.m. in London, to the highest since July 2011. Futures on the Standard & Poor’s 500 Index advanced 0.2 percent. Japan’s Topix Index rallied 2.8 percent for the biggest jump in 21 months, while 10-year government note yields rose 2 basis points. The yen depreciated against 15 of its 16 major peers, while the euro reached a seven-month high against the dollar. Lead climbed to a 15-month high.”
Comments »Emerging Markets Hit 8 Month Highs on Growth Outlook
“Emerging-market stocks rose, lifting the main index to an eight-month high, as the World Bankraised its East Asia growth outlook, business confidence in Germany improved and investors anticipated a U.S. budget deal.
New World Resources NV (NWR), the Czech Republic’s largest coal producer, headed for its highest close in almost four months, helping the country’s benchmark PX Index post its longest rally since 2009. OAO Severstal, the steelmaker controlled by billionaire Alexey Mordashov, was set for its longest winning streak since Sept. 12 in Moscow. The zloty reached its strongest level in 10 weeks as a second monthly improvement in German business confidence spurred expectations that Poland’s biggest export market can withstand the euro area’s recession.
The MSCI Emerging Markets Index (MXEF) added 0.6 percent to 1,052.30 as of 12:49 p.m. in London, heading for the highest close since April 3. Developing nations in East Asia will probably grow 7.5 percent this year, compared with a previous 7.2 percent forecast, contributing about 40 percent of global growth, the World Bank said in a report today. House Speaker John Boehneroffered a backup plan that would raise tax rates for Americans making more than $1 million a year, as he seeks compromise between fellow Republicans and the government.
“It’s the rally that we usually get at the start of the new year coming early,” Michael Wang, anemerging-markets strategist at Amiya Capital LLP in London, said by email. “There is optimism that we’re close to an agreement in the fiscal cliff negotiations.”
Russia, Brazil
The 21 countries in the emerging-markets index send about 17 percent of their exports to the U.S., according to data compiled by the World Trade Organization.”
Comments »Global Markets Take a Half Step Higher, U.S. Futures Reach for a Quarter Step
Market Update
U.S. equities have completely stopped caring about the fiscal cliff. While some news broke last night that got foreign markets off to a bull run, more comments have come from Boehner and the W.H. that show clearly that a deal is far from struck. Markets do not care and have rallied up nearly 100 DOW points.
[youtube://http://www.youtube.com/watch?v=xn7boyyKHQA 450 300] Comments »World Markets Lift on Signs That a Fiscal Deal May Be Close
“Stocks (MXWD) extended a three-month high and commodities gained on signs of progress in U.S. budget talks. The yen traded near a 20-month low.
The MSCI All-Country World Index added 0.2 percent as of 8:01 a.m. in London, headed for the highest close since Sept 14. Standard & Poor’s 500 Index futures advanced 0.3 percent. U.S. and Japanese government bonds fell. The S&P GSCI Index of raw materials gained 0.4 percent. The yen was at 83.95 per dollar after touching 84.48 yesterday, the weakest since April 2011.
President Barack Obama proposed a budget plan that would cut about $1.2 trillion in federal spending and raise a similar amount in taxes, according to a person familiar with the talks. European Central Bank President Mario Draghi said ECB policies and governance reforms in the euro area have revived confidence that will help foster a gradual economic recovery.
“Stocks are gathering momentum amid signs of progress on the U.S. fiscal cliff talks,” said Matthew Sherwood, head of markets research at Perpetual Investment, which manages about $25 billion in Sydney….”
Comments »Global Markets Lift, U.S. Futures Look to Have a Modestly Higher Open
Here Comes Santa Claus, Financials Lead the Bulls to Victory
A good risk on day where equities experienced wide breadth with treasury paper selling off.
Hopes for a fiscal cliff deal helped the bulls as Speaker Boehner met with the president this afternoon.
DOW UP 103
NASDAQ UP 39
S&P UP 17
Gold up $2
WTI up $0.69
[youtube://http://www.youtube.com/watch?v=OIF_rXj7mag 450 300]Comments »
Market Update
U.S. equities have the wind in their sails as David Tepper described this morning. The fed is going to put a trillion dollars on the table and everything is going to melt up.
Gold and oil pared early losses despite a stronger dollar.
Equities ignored horrible Empire manufacturing data….grace was allowed for hurricane Sandy.
Big bank stocks, home builders, and technology leads the way higher.
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European Markets Fall on Slow Fiscal Cliff Negotiations
“European stocks declined for a third day as concern U.S. lawmakers won’t agree on a budget before the holiday offset the election in Japan of a party that backs more economic stimulus. U.S. futures rose, while Asian shares were little changed.
Royal KPN NV slumped 14 percent as the Dutch phone company partly owned by Carlos Slim’s America Movil SAB scrapped its dividend. UBS AG (UBSN) lost 0.9 percent as the bank may have to pay as much as $1.6 billion to settle claims of Libor manipulation. PSA Peugeot Citroen (UG) gained 3.1 percent as Europe’s second-biggest carmaker said it is close to finalizing a deal with lenders to refinance debt at its banking unit.”
Comments »Concern Over iPhone Sales Send Suppliers and Emerging Markets Lower
“Emerging-market stocks fell, snapping the longest rally since October 2011 for the benchmark index, as Apple Inc. (AAPL) suppliers tumbled on iPhone sale concerns and the U.S. budget standoff reduced risk appetite.
Hon Hai Precision Industry Co. (2317), which assembles iPhones in Taipei, slumped the most since April. OAO Mechel, Russia’s biggest coking-coal producer, headed for the highest close since October 24 after a report signaled manufacturing may expand at a faster pace this month in China. Polskie Gornictwo Naftowe i Gazownictwo SA rose to the highest since April 2008 after UniCredit SpA upgraded the stock.
The MSCI Emerging Markets Index lost 0.3 percent to 1,039.37 at 10:15 a.m. in London, halting eight days of gains. The gauge has jumped 13.4 percent this year. Apple suppliers slumped after Citigroup Inc. cut estimates for iPhone shipments and downgraded the Cupertino, California-based company’s stock rating. U.S. lawmakers haven’t reached a deal with two weeks remaining to avert more than $600 billion in automatic spending cuts and tax increases, known as the fiscal cliff.
“It’s been a good run,” Aurelija Augulyte, emerging- markets strategist at Nordea Bank AB in Copenhagen, said by e- mail. “Fiscal cliff still remains a concern, so investors would rather take profits now.”
Comments »Global Markets Trade Lower, U.S. Futures Reach Higher
Market Update
YAWN! DOW off 11, S&P off 3, NASDAQ off 12, Gold flat, WTI up $0.76
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The Shanghai Composite Jumps 4.3%, The Most Since 2009
“China’s stocks jumped the most since October 2009 on speculation state-backed institutions were buying shares as a manufacturing survey added to optimism the world’s second-largest economy will rebound.
The Shanghai Composite Index (SHCOMP) climbed 4.3 percent to 2,150.63 at the close, with trading volumes more the double the 30-day average. A gauge tracking financial companies surged 6.7 percent as brokerages jumped on signs the government will allow more funds to buy equities. Sany Heavy Industry Co. (600031) led a rally by industrial companies after a preliminary reading for a factory output index rose.
“It looks like institutional investors are re-entering the market and they have to increase their stock positions now in order not to miss the boat,” said Dai Ming, a fund manager at Hengsheng Hongding Asset Management Co. in Shanghai, which manages $190 million. “The economy has stabilized.”
The CSI 300 Index (SHSZ300) surged 5.1 percent to 2,355.86, with all 10 industry groups adding more than 2.4 percent. TheHang Seng China Enterprises Index (HSCEI) of Chinese companies traded in Hong Kong rose 1.4 percent to a nine-month high. The IShares FTSE A50 China Index ETF (2823), which mimics the performance of the 50 biggest A share companies, jumped 4.5 percent in Hong Kong.
The Shanghai Composite advanced 4.3 percent this week, the biggest gain in 13 months and extending last week’s 4.1 percent rally. Shares have rebounded 9.7 percent from an almost four- year low reached on Dec. 3. The gauge is still down 2.2 percent this year, heading for a third straight annual loss.
The 994-member index trades at 11.9 times reported earnings after valuations fell to 10.8 this month, the lowest level since at least 1997, data compiled by Bloomberg show.”
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