Josef Stoulil (Capital Partners)
World markets  |  December 08, 2010 10:18:40

The situation on the U.S. stock markets of 07.12.10



Stock markets on Tuesday continued lackluster performance and showed mixed results. Blue Chips The Dow Jones index fell by 0.03% to 11 359.16 points, the broader S & P 500 rose 0.05% to 1 223.75 points and the Nasdaq Composite Index appreciated by 0.14% to 2 598.49 points.

Shares in the new day came fairly optimistic and major stock indexes climbed to a new two-year highs. The market was supported by news that the tax relief will be extended in the U.S.. The next day, however, the positive mood gradually waned and outweighed concerns about the debt situation in Europe. This was reflected in the currency market, where the dollar began to decline after the initial reinforcing. The turnaround came on the commodity market when oil and gold finally surrendered all the gains of the early trading and closed in the red. Government bond yields sharply strengthened due to concerns that more tax cuts will increase the U.S. budget deficit.

 

On the commodity market price of oil after an initial growth across the border 90 USD per barrel (the highest value for the last 26 months) eventually weakened by about 1%. The price of gold fell by 7.1% to 1409 USD per troy ounce.

 

Ministry of Finance announced the sale of the remaining state shares in a bank Citigroup (C) for 10.5 billion USD (2.4 billion shares). Shares of companies have responded by strengthening the 3.82% of the new seven-month highs $ 4.62.3M (MMM) confirmed the EPS outlook for 2010 and increased the outlook for 2011. The growth should also contribute to activity in mergers and acquisitions. Shares of the company, however, concluding Tuesday's session with a loss of 3.10%.

 

The Irish parliament approved a budget saving as a condition for granting emergency aid from the EU and the IMF for 85 billion.

 

Today will be published in the macroeconomic data: MBA Mortgage Applications, and oil and derivatives from it.

 

On commodity markets, NYMEX WTI crude oil is $ 87.87 per barrel and gold is worth $ 1395.40 per troy ounce. On the cross rates forex EUR / USD 1.3192 moving on the border.
Asian markets are as follows: Nikkei +0,90%, -1.43% HangSeng and Shanghai Comp. -0.95%.

 


J. Stekl

CAPITAL PARTNERS as

This report can be found on www.stockmarket.cz

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