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Trade the News - U.S. Market Update U.S. Market Update
Dow +172 S&P +20 NASDAQ +51
- U.S. equity markets rally led by technology and financial stocks. Goldman Sachs CEO presented at a Merrill Lynch conference right after the NY open assuring investors that the Co. has no significant write-downs planned. GS +6% LEH +3.5% BSC +3.2% MER +3% XLF +2.4% Several of the bellwether tech names that have been weighing on the NASDAQ in recent sessions are seeing relief rallies. GOOG +3.5% RIMM +3.6% BIDU +9% AAPL +9% Shares of Wal-Mart +6% helped drive gains in the equity futures after the Co. reported earnings before the open and reaffirmed guidance. Some of the metals and mining names are attempting to recover from yesterday's melt down. PCU +4.6% ABX +1% RIO +4% BHP +4% U.S. Treasury markets are moderately lower but futures are off their worst levels. The 10-year is off 4 ticks yielding 4.236%. The Jan fed fund future has backed off a little but still sees close to 90% odds of another rate cut this year. Commodity futures remain under some pressure for the second straight session led by energy. Crude has slipped back towards $92 trading down 2.5% leading to weakness in gasoline -2.7% and heating oil -2%. Dec gold has moved back below $800.
- JPY steadily retraced throughout the Asian and European sessions after Monday's sharp gains. EUR/JPY cross regained a foothold above the 161 handle, GBP/JPY up 300 pips toward 229.00 level and USD/JPY above 110 figure. Carry trade assisted by limited US equity losses from Monday and BOJ policy decision to keep rates steady at 0.5%. BOJ's Fukui noted that the unwinding of the JPY carry trade was advanced and that the Q3 GDP data confirmed Japan's economy is on a sustainable recovery path. Lastly, the BOJ's commented that there is preset schedule in rate hikes. European economic data failed provide additional support for the USD. The UK core CPI came in below expectations while the German Nov ZEW survey was -32.5 v -20 expected. The Yield on the 10-year Gilt broke above the 2-year note for the first time since Nov 28, 2005. ZEW's Schmidt says USD exchange rate was a significant risk to the German economy. And makes Business More Difficult. ZEW noted that the impact of credit crisis has caused downward correction in expectations and now expects clear slowdown in US economy. CAD softened by 90+ pips during the NY morning following Canadian MOF official observed that CAD has borne the brunt of the USD's fall. The official noted that they will discuss global imbalances at S. African G20 conference. SNB Jordan says credit crisis not over yet, impact could be felt on Swiss economy into 2008. European equities recovered from opening level lows and mirrored the US markets
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Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan
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