Nov 15, 2012

The market is down 36. SFE Futures were down 185 this morning.

Dow Jones down 185. The Dow was up 42 at best and down 214 at worst. US markets were off to a good start despite retail sales coming in below forecasts. The Dow then tracked down all day. The FOMC meeting minutes were released at around 2pm, which then led the Dow down a further 132 points. The minutes saw a number of board members suggesting the Federal Reserve needs to step up its bond purchases — US bond yields down and gold up slightly. Worst US sectors — Industrials (-2.3%), Financials (-1.8%) and Basic Materials (-1.8%). European markets mixed — UK FTSE down 1.11%, German DAX down 0.94%, France down 0.89%, Spain down 0.27%, Italy down 0.52% and Greece up 2.45%. Austerity measure concerns overshadowed some better-than-expected company results. Strikes in Spain and Portugal shut transport links across the Iberian Peninsula. The Stoxx Europe 600 index down 0.9% with Energy (-1.3%) and Basic Materials (-1.3%), Utilities (+0.2%) and Technology (+0.2%). Metals mixed — Copper down 0.56%, Nickel up 0.64%, Aluminium down 0.94% and Lead up 0.97%.

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