Nov 7, 2012
The market is up 10. SFE Futures were up 13 this morning.
Dow Jones up 133. The Dow was up 178 at best. US markets started off the session well with the Cincinnati Enquirer website posting that Romney had a considerable lead over Obama in Ohio; the newspaper later retracted the claim, and said that the page accidentally showed a template with nominal data. Energy and Material stocks performed well with a rebound in the oil price and some better then expected earnings from Martin Marietta, Texas Industries and Vulcan Materials. Best sectors — Energy (+1.6%), Financials (+1.2), Industrials (+1.2%) and Basic Materials (+1.1%). The US 2 year bond yield was flat at 0.286% and the US 10 year yield was up 4pts to 1.742%. European markets up — UK FTSE up 0.79%, German DAX up 0.70%, France up 0.87%, Spain up 0.24%, Italy up 0.90% and Greece up 3.30%. Trading volumes were thin ahead of the US Presidential election and Greek parliament vote on the austerity package. The Stoxx Europe 600 index up 0.6% with Financials (+1.1%), Technology (+0.9%), Telecoms (+0.9%) and Industrials (+0.9%). The only Stoxx 600 sector to fall on the day was Utilities. The Greek parliament is headed for another austerity measures-related vote that could go either way. Greece has already collected €240bn of bailout cash from the EU and IMF since 2010 and is putting its hand out for more in exchange for further belt tightening. Adding to the political tensions in the country, a 48 hour general strike commenced Tuesday. Germany’s MonM factory orders came in at -3.3% which was well below the forecast of -0.5% and the previous reading of -0.8%.
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