*** ECONOMIC DATA *** - (CL) Chile Central bank minutes: Voted unanimously to hold interest rates steady at 0.5% on Dec 15th; expresses concerns over peso appreciation - (BR) Brazil Dec PMI Manufacturing: 55.8 v 55.5 prior; Highest since Nov 2007 - (BR) Brazil Dec Trade Balance: $1.4B v $1.0Be - (SI) Singapore Dec Purchasing Mangers Index: 53.3 v 52.0e; Electronic Index: 52.9 v 51.3 e - (US) Dec ISM Manufacturing: 55.9 v 54.0e; Prices Paid: 61.5 v 58.8e - (US) Nov Construction Spending M/M: -0.6% v -0.5%e
DOW +145 S&P 500 +16 Nasdaq +40
In the first day of equity trade of 2010 indices are showing broad strength across the board with energy and financials leading the way. Morgan Stanley (+4%) after two upgrades and gaming stocks LVS and WYNN were both higher after upgrades at UBS. Better than expected ISM data helped indices move above a 1% gain on the day. Steel stocks are higher (X +5%, AKS +6%, NUE +3%) on positive manufacturing sector data and after India steel firms announced they would raise their prices for the steel used in autos and appliances by 3-5% on rising demand.
Energy futures are higher as the dollar retested two week lows against the Euro. Crude futures are also being helped by improving PMI data reports in the US, China and India. Crude is up 2.5%, natural gas +3.5%. CHK and DNR are both up over +5% after announcing a deal with Total over the sale of certain Barnett Shale assets.
The USD tried to regain its composure after a softer European session as stable/improving European PMI data aided the risk appetite theme. Dealers noted early in Asia that the US yields were likely to set the tone to start the year. The dollar price action mirrored the price action in yields as the two-year yield rose to 1.18 but moved back below the 1.10% level during the European morning.
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