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Morning Market Report

The market is down 8. SFE Futures were up 6 this morning.

Dow Jones down 29. The Dow was up 30 at best and down 74 at worst. The Dow continued its weekly fall in a volatile session after US jobless claims came in higher than expected and a disappointing third quarter earnings report from Wal-Mart dented hopes for a consumer led recovery. US weekly jobless claims were up by 78,000 in one week in the wake of Hurricane Sandy, which interrupted reporting and forced people out of work in the northeast. YonY core CPI figures came in a bit higher than expected at +0.2%. President Obama reiterated his call for Congress to pass an extension of the Bush-era tax cuts for the first US$200,000 of annual income for individuals and $250,000 for married couples. He again pushed for tax rates on earnings above those levels to rise when the cuts expire at the end of 2012.

The Eurozone has slipped into recession in the third quarter, with the eurozone economy shrinking 0.1% compared with the three months to June when it contracted 0.2%. Recession is defined as two consecutive quarters of decline, putting the eurozone technically in recession. CPI came in at 2.5% which was in line with the forecast and unchanged from the previous reading.

European markets mixed  — UK FTSE down 0.77%, German DAX down 0.82%, France down 0.52% Spain up 0.29%, Italy down 0.59% and Greece down 0.84%. The Stoxx Europe 600 index down 1.0% with technology (-1.4%), consumer services (-1.3%) and health care (-1.2%).

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Categories: Markets, Morning Market Report

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