Oct 13, 2011 09:22 AM IST | Source: Moneycontrol.com

Market cues: Slovakia, co earnings, commodities & more

US and europe ended yesterday higher on account of Slovakia's committment to support the rescue fund while a weakening dollar drove crude and gold up on the commodity meter. EM bourses look to facilitate cross-listing and back home, Infosys kick-started a good earnings season. Whats more? Check out.

Market cues: Slovakia, co earnings, commodities & more

Twenty four hours after its parliament voted down a bill to expand guarantees, Europe's bailout fund, the EFSF, Slovakia's top political parties came to an agreement saying they would approve measures by the end of the week. The reason for the breakthrough was the promise of early elections. 

Meanwhile, Greece's budget deficit widened 15% in the first nine months of the year. That is narrower than Athens' recently revised forecast. Nonetheless, Germany's finance minister has called for greater measures to reduce Greece's debt, including bigger participation by private investors. 

Responding to the cues, the Wall Street logged gains, but ended off-highs following a report that European banks may shrink to meet higher reserve targets. European markets finished higher as Slovakia reaches a deal to strengthen the euro zone rescue fund.

There is news that US Securities and Exchange Commission is now seeking comment on implementing the so-called Volcker rule that would restrict banks from trading on their own account and also from investing in hedge funds. An action a little too late, but lets wait and watch if the move can help the economy recover there. 

Asia opened trade on a positive note today with Nikkei and Kospi up a percent.  

In commodities, it is a quite session for crude as the black gold holds steady at USD 111 levels while gold inches higher following the weakness in dollar to USD 1680. 

Meanwhile, the euro trades near a four-week high on banks recapitalization plan and Slovakian agreement to ratify the bailout plan. It is up at 1.37 to the dollar.

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