US markets close flat ahead of Jackson Hole meet
The US equity markets were in consolidation mode on Monday ahead of Jackson Hole meet, amid thin newsflow. Apple hit a fresh record after victory against Samsung.
August 28, 2012 / 08:51 IST
By Gautam Broker, Research Analyst at CNBC-TV18
The US equity markets were in consolidation mode on Monday ahead of Jackson Hole meet, amid thin newsflow.European Union data was weak; German IFO Business Climate index declined at 102.3 in August as against 103.3 in previous month while analysts' forecast stood at 102.7. IFO contraction has been indicating 0.5% QoQ GDP contraction in third quarter, which was 0.3% in second quarter.German representative on ECB board says ‘ECB intervention to be conditional on fiscal austerity’.Intervention will be parallel with EFSF/ESM and automatic intervention based on a yield target is unlikely.US data inconsequential: Dallas Fed manufacturing index for August stood at minus 1.6, but was better than minus 13.2 in previous month.Apple hit a fresh record after victory against Samsung.US volumes were 33% below yearly average, but Volatility Index was up 7.7% at 16.3 as against 15.2 on Friday.US markets at close: Dow Jones fell 0.3% to 13,124.7 and S&P declined 0.05% to 1,410.4. Nasdaq Composite was up 0.1% European markets at close: DAX gained 1.1% and CAC was up 0.9%. FTSE was shut yesterday. Spain advanced 1.2% and Italy rose 0.9%Asia Today Shanghai and Straits Times were flat Kospi went down 0.1%Nikkei and Hang Seng were down 0.2%Taiwan Weighted was down 0.8%SGX Nifty went up 0.1% to 5,379 CurrenciesEuro was largely unchanged yesterday, but was mildly weak today.Euro hit a low of 1.249 to the US dollar yesterday, which was down 0.2% at 1.247 today morning Dollar Index gained 0.2% at 81.8 as against 81.6 yesterday Australian dollar hit a fresh low at 1.035 to the US dollarYen was unchanged at 78.7 to the US dollar Commodities Crude saw significant volatility yesterday.Brent crude hit a high of USD 115.5 a barrel yesterday on worries around Storm Isaac.But crude settled down over 1% at USD 112.3 a barrel.WTI crude touched a session high of USD 97.7 a barrel, which settled down 0.8% at USD 95.5 a barrel yesterdayRefinery closures due to Isaac seen hitting crude demand; Storm is expected to hit Gulf coast tonight.Talk of strategic reserve release also weighed on crude oil pricesSpot Gold hit a 4.5-month high at over USD 1675 an ounce yesterday Gold saw profit booking today; futures fell 0.7% at USD 1660 an ounceWhat to watch out forGermany consumer sentiment Eurozone Money Supply, M3 US Case Shiller Home Price Index US Consumer confidence Richmond Fed Manufacturing Index Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
