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Sep 21, 2012, 09.01 AM IST
Global markets continue to consolidate driven by inline to slightly weak data on Thursday. The US equity markets recovered from initial profit booking.
By Gautam Broker, Research Analyst at CNBC-TV18
Global markets continue to consolidate driven by inline to slightly weak data on Thursday.
The US equity markets recovered from initial profit booking; S&P 500 Index was down 0.8% to 1449 at a point, which managed to end flat at 1460.
US jobless claims was slightly weaker-than-expected at 3,82,000 as against consensus 3,73,000.
US flash manufacturing PMI for September stood at 51.5, which was unchanged MoM and largely inline with expectations.
Leading indicators for August declined 0.1% as against rise of 0.4% last month and expectation of no change
Philadelphia Fed Index for September increased to -1.9 from -7.1 in previous month and consensus of -4
Boston Fed President says, open ended QE will result in stronger economic growth and job market recovery.
Technology IPO Trulia saw a stellar listing, rising 41% on day 1.
Spain's bond auction was successful, which raised euro 4.8 billion as against maximum target of euro 4.5 billion.
Spain's 10-year bond yields sold at 5.66%, lowest since January this year. S&P says will not cut Spain to junk status anytime in the near future.
Eurozone data was mixed yesterday. Manufacturing showed improvement but services went down. Germany internals were better.
Eurozone flash manufacturing PMI for September rose to 46 from 45.1 in previous month and expectations of 45.5
But services PMI was at 46 as against 47.2, pulling down composite to 45.9 versus 46.3 MoM.
Germany is far better with manufacturing PMI at 47.3 as against 44.7 and services PMI at 50.6 versus 48.3 during the same period.
Greece was in focus: There are talks of restructuring yet again to secure the next tranche.
European markets at close: DAX fell 0.02% while CAC and FTSE lost 0.6% each. Spain was down 0.1% and Italy declined 1.7%.
SGX Nifty and Asian markets were trading marginally higher today.
Euro continued to drift lower due to weak data, Greece concerns.
Euro hit a low of 1.292 against the US dollar yesterday
Dollar index saw a week high of 79.66 as against recent low of 78.6.
Australian dollar hit a low 1.036 against the US dollar but recovered to 1.043 yesterday.
Crude was in recovery mode yesterday.
Brent crude hit a low of USD 107.1 a barrel yesterday but bounced back from that level.
Brent crude rose 1.6% to close at USD 110 a barrel yesterday, which was at USD 110.5 a barrel today morning
WTI crude October futures settled weak at USD 91.8 a barrel (expired yesterday). But November futures recovered and closed at USD 92.4 a barrel.
Gold was rangebound, hovering around USD 1775 an ounce.
LME Copper was down 1% yesterday at USD 8265 per tonne on China and Eurozone data. It was up 0.6% today
What to watch out for
UK Public Finances
API Inventory report
Tags: Gautam Broker
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