“Emerging-market stocks fell, snapping a seven-day rally, as a drop in technology companies overshadowed signs of a recovery in Chinese manufacturing growth.

Largan Precision Co. (3008), a lens supplier for Apple Inc., sank 6.9 percent in Taipei on speculation shipments are slowing, dragging a gauge of technology stocks to its steepest loss in a month. Hon Hai Precision Industry Co. retreated the most since April after Macquarie Group Ltd. downgraded the stock on weaker demand for iPhone 5. The Shanghai Composite Index (SHCOMP) rose the most since 2009 on bets state-backed institutions were buying shares. Turkiye Garanti Bankasi AS, a Turkish lender, headed for its highest level in two years.

“There’s a lot of speculation that iPhone shipments in the first quarter will be weak so related suppliers slumped,” Parker Wu, who helps oversee the equivalent of $98 million at Agriculture Bank of Taiwan, said by phone in Taipei today. “China’s PMI adds to evidence the economy is bottoming.”

China’s factory production may expand at a faster pace this month, based on a report today by HSBC Holdings Plc and Markit Economics. Data today may show consumer prices in the U.S. fell last month and factory output edged up as President Barack Obama and Republicans remain deadlocked over the budget. ”

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“Asian stocks rose, with the regional benchmark index extending its longest rally in more than three years, as Japanese exporters advanced after the yen fell to an eight-month low versus the dollar.

Canon Inc., the world’s biggest camera maker, climbed 3.1 percent in Tokyo as the weaker yen boosted the outlook for exporters. Mitsubishi UFJ Financial Group Inc. rose 2.1 percent as Japan’s No. 1 lender is poised to announce the purchase of Bank of America Corp.’s stake in their Japanese private banking venture. Chimei Innolux Corp., Taiwan’s largest maker of liquid- crystal displays, jumped 6.9 percent in Taipei on a report it will return to profit next year as sales increase.”

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The Nikkei

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U.S. equities sold off a small rally this morning after Boehner made some cold water comments over fiscal cliff negotiations.

The Markets managed to rally right into the FOMC meeting by noon and has just hit the highs of the day, (+65 DOW points,) as the Fed announces more stimulus.

Currently, Bernanke is speaking about potential exit programs from monetary policy at the right time. Don’t worry the punch bowl has been restocked for more gorilla cocaine risk on trades.

For now rates remain low, and inflation is expected to be in check for the foreseeable future.

Gold is up $5 sticks while oil is up $ $1. The Yen, Euro and the Sterling are up against the dollar for the moment.

Market update

3 D heat map 

[youtube://http://www.youtube.com/watch?v=58z-eRUFt_E 450 300]

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INTC, AMD, QCOM, ARMH, MU, SNDK, BRCM, MRVL, NVDA, TXN, AMAT, SMH,

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“As the country gets closer to falling off the fiscal cliff, sales of U.S. gold coins have already shot up in a rocket.

Sales of American Eagle gold coins soared 131 percent in November, rising sharply after the election, according to the Financial Times.

The reason: Fear and disenchantment with Washington. The coin buyers see more gridlock in Washington as the fiscal cliff approaches and more quantitative easing from the Federal Reserve. ”

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“Shanghai resident Grace Tng buys almost everything she needs online, from groceries to makeup, as she finds it more convenient than going to a store.

The 29-year-old arts curator who moved to the Chinese city 18 months ago from Singapore says she shops on the internet a lot more now than when she was living in the city state.

“In China, I think almost anything can be found online,” Tng told CNBC. “Here there are little shops all along the streets and I may not be able to get everything at one go, so shopping online is actually more convenient for me.”

Tng is one of millions of shoppers in China who are turning to the web, fueling a booming $64 billion online retail market.

Increasing internet subscribers and mobile phone users along with rising incomes and an influx of foreign consumer products into China have led to a rapid expansion of the e-commerce market, which was virtually non-existent half a decade ago.

An example of this boom is Tmall, China’s business to consumer or B2C website, which according to market research firm Euromonitor International, will overtake U.S. online retail giant Amazon in sales to become the world’s largest internet retailer by 2016. Tmall sales are projected to hit $100 billion that year, compared to $94 billion for Amazon.

Tmall, run by China’s second-largest Internet company Alibaba Group, has already overtaken popular consumer to consumer (C2C) portal or online auctioneer, eBayin sales this year, according to Euromonitor. Tmall’s sales are projected to hit $32.5 billion in 2012, compared to $27.7 billion for eBay.”

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“European (SXXP) stocks were little changed as investors awaited the Federal Reserve’s decisions on interest rates and economic stimulus, and American lawmakers continued talks on a new budget. U.S. index futures were also little changed, while Asian shares climbed.”

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Asian stocks rose, with the regional benchmark index heading for its longest streak of gains in three years, amid speculation the Federal Reserve will step up monetary easing. South Korean shares closed higher even after North Korea launched a rocket.”

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HONG KONG (MarketWatch) — Asia stocks gained Wednesday amid sustained optimism for an agreement on upcoming U.S. tax hikes and spending cuts, ahead of the conclusion of a Federal Open Market Committee that may see it undertake more asset buying.

Japan’s Nikkei Stock Average JP:100000018 +0.47%  rose 0.6%, while Australia’s S&P/ASX 200 index AU:XJO +0.42%  added 0.5%.

South Korea’s Kospi KR:SEU +0.27%  advanced 0.3%, paring gains after reports of a rocket launch by North Korea. Read: North Korea launches long-range rocket: reports

In Chinese trading, Hong Kong’s Hang Seng Index HK:HSI +0.59% advanced 0.6% while the Shanghai Composite index CN:000001 -0.12% traded fractionally higher…”

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U.S. equities fly high. No real reason for the rally, but there is optimism building that the fiscal cliff will be resolved shortly.

Some decent news and good vibes came from Europe to help boost equities. Oil is flat while gold is down slightly.

Market update

3 D heat map

[youtube://http://www.youtube.com/watch?v=j5AUm_xaE9A 450 300]

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Lots of short covering going on today…$T, ISRG, $INTC, $PXD, $CERN, $GILD, $ORLY, $DIS,

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[youtube://http://www.youtube.com/watch?v=8ufy9UXOeMw 450 300]

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A study by $JPM suggests that other indicators would imply a higher VIX, but the index continues to give investors a false sense of calm….

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“European stocks fell from an 18- month high, the euro weakened and Italy’s bonds slid on concern a leadership change in the country will disrupt efforts to curb debt. Commodities gained as China’s factory output and retail sales beat analyst estimates.

The Stoxx Europe 600 Index lost 0.5 percent at 7:20 a.m. in New York, as Italy’s FTSE MIB sank the most in 10 weeks. Standard & Poor’s 500 Index futures slipped 0.2 percent. Italy’s 10-year bond yield had the biggest increase in more than four months. Austrian, Belgian and French borrowing costs slid to record lows while the euro depreciated against the dollar for a fourth day. The Shanghai Composite Index climbed 1.1 percent. The S&P GSCI gauge of raw materials rose 0.4 percent, with copper advancing to a seven-week high.

Italian Prime Minister Mario Monti said he lost support and will resign, while his predecessor, Silvio Berlusconi, announced he will run for the premiership to roll back Monti’s budget rigor.Greece extended the deadline for a bond buyback that will release a bailout payment, the country’s debt agency said today. China’s factory output jumped 10.1 percent in November and retail sales rose 14.9 percent, reports showed yesterday.

“That Berlusconi is coming back clouds up the European political backdrop,” said Louis de Fels, a Paris-based fund manager at Raymond James Asset Management International, which oversees $35 billion worldwide. “This and the fiscal cliff explain the decline we are seeing today.”

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“Japan’s economy sank into recession in the second and third quarters, fueling opposition leader Shinzo Abe’s calls for more stimulus and highlighting the risk that weak growth will derail a planned sales-tax rise.

Gross domestic product shrank an annualized 3.5 percent in the three months through September, the Cabinet Office’s second estimate showed in Tokyo today, matching a preliminary reading. The government revised the previous quarter to a 0.1 percent contraction, meeting the textbook definition of a recession.

Abe, whose Liberal Democratic Party is leading in polls to win elections on Dec. 16, has called for more fiscal stimulus and “unlimited” monetary easing, and has said that economic conditions next year will determine whether the sales tax rise goes ahead. Banks including Citigroup Inc. forecast another contraction this quarter as exports fall and domestic demand stays weak.

“It’s likely that Japan’s economy hit bottom in the last quarter,” said Shuichi Obata, senior economist at Nomura Securities in Tokyo. “The new government will aim to have solid growth by the middle of next year as they have to decide whether to raise the sales tax or not.”

The yen was trading at 82.44 per dollar as of 2:57 p.m. in Tokyo, having weakened about 3.6 percent in the last month. The Nikkei 225 Stock Average was down 0.1 percent, paring gains of as much as 0.6 percent, while the broader Topix index slipped 0.4 percent….”

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