Dec 10, 2012
Dow Jones was up 81. The Dow was up 83 at best on Friday and was up 130 points for the week (0.99%). The Dow closed near its highs of the session as non-farm payrolls came in at 146.000 which was better than the consensus forecast of 93,000 and the US unemployment rate fell to 7.7% from 7.9%. The Dow made its lows early in the session on the back of the Michigan consumer sentiment index coming in at 74.5 which was under the forecast of 82.4; the implication is that US consumers are concerned about economic growth and the impending fiscal cliff. Financial stocks were the best performers last week after Citigroup announced that they were cutting 11,000 jobs on Wednesday, Citigroup finished up 8.88% for the week. Chinese industrial production was announced at the weekend along with PPI, CPI and Retail sales. Industrial production was up 10.1% against forecasts of 9.8%. It was a small improvement on the previous month’s 9.6% and continues to feed the concept of a slowdown in the Chinese economic slowdown. Metals mixed — Copper up 0.42%, Nickel up 0.15%, Aluminium down 0.14% and Zinc was up 0.21%. Spot iron ore up $2.60 to $121.00. Spot iron ore was up $5.40 last week.
European markets mixed – UK FTSE up 0.22%, German DAX down 0.22%, France up 0.11%, Spain down 0.79%, Italy down 0.86% and Greece was up 1.09%. The Bundesbank has slashed its 2013 German GDP growth forecast to just 0.4%, from its last prediction of 1.6% issued in June. It now expects German economic growth of just 0.7% in 2012.
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