[link removed]
[link removed]
Equities
Asian markets closed mostly lower, as concern over the European debt situation continues to weigh on investors nerves. The Nikkei closed down 1.1% at 8519, its lowest close in more than 2 years, and the Kospi tumbled 3.5%. Australia’s ASX 200 fell 1.6% despite a jump in consumer confidence. Markets in China gained, with the Shanghai Composite rising .6%, and the Hang Seng edging up .1%.
In a widely anticipate move, Moody’s downgraded two French banks, Credit Agricole and Societe Generale, due to their exposure to Greek debt. Nonetheless, European markets managed to rally, lifted by assurances from French and German leaders to aid Greece. The DAX jumped 3.4%, the CAC40 gained 1.9% and the FTSE rose 1.3%. Societe Generale tumbled 10.1% following the downgrade.
US markets climbed as well, as the Dow advanced 141 points to 11247 and the Nasdaq rose 1.6%. Dell shares jumped 3.3% after announcing an expansion of its stock buyback plan.
Dow Climbs 141 Points
Avis Budget backed away from a deal to acquire Dollar Thrifty. Shares in competitor Hertz \ jumped 13.5%, on hopes they will pursue the deal.
Treasuries and Commodities
Bonds traded mixed following a $13 billion auction of 30-year notes. 10-year notes eased 2/32 to yield 2.00%, and 30-year notes rose 28/32 to yield 3.29%.
Crude oil dropped 1.4% to 88.91 and gasoline futures eased .5% to 2.7282, despite a larger than expected drop in oil inventories.
Metals closed lower, as gold fell .9% to 1813.30, and silver sank 1.6% to 40.52. Copper declined 1.5% to 3.9115.
Currencies
The Euro rose .5% to 1.3751, recovering from an early drop down to 1.3591. The Australian Dollar sank .7% to 1.0258, but was well of the day’s low of 1.0179. Safe-haven currencies continued to gain, with the Swiss Franc up .5% to .8760 and the Yen up .4% to 76.65.
Economic Outlook
Europe remains the key driving force in the market, as investors continue to doubt the health of the region.
Retail sales came in below expectations, showing no gain in August. Business inventories rose less than expected, and PPI remained unchanged. Weekly mortgage application rose for the first time in a month.
Thursday’s heavy economic calendar will include CPI, the Empire State manufacturing survey, industrial production, the Philly Fed Survey, and weekly unemployment claims.
Earnings are due from Research in Motion and Pier 1.
[link removed]
[link removed]
Equities
Asian markets closed mostly lower, as concern over the European debt situation continues to weigh on investors nerves. The Nikkei closed down 1.1% at 8519, its lowest close in more than 2 years, and the Kospi tumbled 3.5%. Australia’s ASX 200 fell 1.6% despite a jump in consumer confidence. Markets in China gained, with the Shanghai Composite rising .6%, and the Hang Seng edging up .1%.
In a widely anticipate move, Moody’s downgraded two French banks, Credit Agricole and Societe Generale, due to their exposure to Greek debt. Nonetheless, European markets managed to rally, lifted by assurances from French and German leaders to aid Greece. The DAX jumped 3.4%, the CAC40 gained 1.9% and the FTSE rose 1.3%. Societe Generale tumbled 10.1% following the downgrade.
US markets climbed as well, as the Dow advanced 141 points to 11247 and the Nasdaq rose 1.6%. Dell shares jumped 3.3% after announcing an expansion of its stock buyback plan.
Dow Climbs 141 Points
Avis Budget backed away from a deal to acquire Dollar Thrifty. Shares in competitor Hertz \ jumped 13.5%, on hopes they will pursue the deal.
Treasuries and Commodities
Bonds traded mixed following a $13 billion auction of 30-year notes. 10-year notes eased 2/32 to yield 2.00%, and 30-year notes rose 28/32 to yield 3.29%.
Crude oil dropped 1.4% to 88.91 and gasoline futures eased .5% to 2.7282, despite a larger than expected drop in oil inventories.
Metals closed lower, as gold fell .9% to 1813.30, and silver sank 1.6% to 40.52. Copper declined 1.5% to 3.9115.
Currencies
The Euro rose .5% to 1.3751, recovering from an early drop down to 1.3591. The Australian Dollar sank .7% to 1.0258, but was well of the day’s low of 1.0179. Safe-haven currencies continued to gain, with the Swiss Franc up .5% to .8760 and the Yen up .4% to 76.65.
Economic Outlook
Europe remains the key driving force in the market, as investors continue to doubt the health of the region.
Retail sales came in below expectations, showing no gain in August. Business inventories rose less than expected, and PPI remained unchanged. Weekly mortgage application rose for the first time in a month.
Thursday’s heavy economic calendar will include CPI, the Empire State manufacturing survey, industrial production, the Philly Fed Survey, and weekly unemployment claims.
Earnings are due from Research in Motion and Pier 1.
[link removed]