Jan 17, 2013
Dow Jones closed down 24. SFE Futures up 8. We are having a strong day in the market again today, up 38 at midday. The Dow was down 66 at worst. No big surprises in their economic numbers. The US CPI number came in unchanged at 1.7% for December, US industrial production was up 0.3% for December and net capital inflows into the US were US$27.8 billion for November. Spot iron ore down $7.50 to $145.40. The latest US beige book survey said “from the twelve Federal Reserve Districts economic activity has expanded since the last report (eight reports per year), all twelve Districts are showing growth of either modest or moderate”. Best sectors — technology (Apple up 4.15%), energy. Worst sectors — materials, telecom services, industrials, utilities. Goldman Sachs (+1.92%) and JP Morgan (+1.01%) after both released better than expected earnings numbers. European markets mixed — UK FTSE down 0.22%, German DAX up 0.20%, France up 0.30%, Spain down 0.23%, Italy down 0.73%. Metals mixed — copper down 0.59%, nickel down 0.57%, aluminium down 0.37% and zinc down 0.70%. Commodities down on the World Bank growth downgrades.