Jan 29, 2013

The market is up 37. SFE futures were down 3 this morning after rising 29 on Monday — net up 26 over the two days.

US market down 14 after a 70 point rise on Friday. The Dow closed down last night for the first time in 7 sessions. The Dow finished up 1.80% last week with the S&P500 up 1.14% and the NASDAQ up 0.48%. US durable goods orders were up 4.6% in December and above market expectations. Pending home sales were down 4.3% in December, well short of expectations of +0.3%. European markets mixed – UK FTSE up 0.16%, German DAX down 0.32%, France up 0.07%, Spain down 0.60%, Italy up 0.96%. The Stoxx Europe 600 index down 0.1% with Basic Materials (-0.5%), Financials (+0.6%) and technology (+0.3%).  News that 278 Euro zone banks would repay over 130 billion euro of loans to the European Central Bank boosted sentiment. The amount to be paid back was well above the 100 billion euro that markets were expecting. Best sectors – Technology (+0.5%) and Telecoms (+0.2%). Worst sectors – Basic Materials (-1.1%), Financials (-0.5%) and Health Care (-0.4%). Metals mixed – Copper up 0.23%, Nickel up 1.41%, Aluminium up 0.10%, Zinc down 0.27%.  Spot iron ore down 20c to $148.40.

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