Markets

Dec 7, 2012

Morning Market Report

The Dow was up 42 at best and down 27 at worst with jobless claims a bit better than expected and no major news on US fiscal cliff negotiations.

The market is up 43. SFE Futures were up 13 this morning.

Dow Jones was up 40. The Dow was up 42 at best and down 27 at worst with jobless claims a bit better than expected and no major news on US fiscal cliff negotiations. The Dow jumped 34 in the last 30 minutes of the session ahead of their Nonfarm Payroll numbers tonight. Apple bounced 1.6% after its 6.4% fall yesterday. The ECB left rates unchanged but discussed cutting them and they downgraded eurozone GDP numbers for 2013 to -0.3% from the previous forecast of +0.5%. Fiscal cliff talks continued, with both sides moving slightly closer with hints at a compromise. President Obama said there could be a quick deal to avert the fiscal cliff if Republican leaders agree to raise taxes for those making more than $250k a year. Best sectors — Technology (+0.9%) and Consumer Services (+0.4%). Worst sectors — Utilities (-0.2%) and Telecoms (-0.1%). Chinese industrial production numbers are out this weekend (along with CPI, PPI and retail sales) and the US jobs numbers are tonight. Suggestions in The Australian Financial Review (denied by Gillard this morning) that the government are going to dump their budget surplus forecast.

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