Daily Market Outlook by ForexTactics
Daily Market Outlook by ForexTactics
Global Exchanges
US Markets
Wall Street eked out small gains on Thursday in another uninspiring session on Wall Street, with worries about weak business spending keeping investors wary. Apple Inc, the most valuable public company in the United States, posted quarterly earnings that fell short of expectations. Apple's earnings per share came in at $8.67, compared with Wall Street's estimate for $8.75 a share.
European Markets
European stocks edged higher on Thursday led by miners after China said factory output was set to accelerate, but profit warnings hit WPP and Daimler. The FTSEurofirst was up 3.26 points, or 0.3 percent at 1,096.86, as shares stabilized after sharp losses on Tuesday. The index has been trading in a tight 30-point range since early September with recent stimulus action by central banks capping the downside while fragile global economic growth has curbed upside momentum.
Asian Markets
Asian stocks are mixed to flat except for the Nikkei 225 Stock Average paring a third-monthly advance, after the yen strengthened from a four-month low and companies including Canon Inc. reported disappointing earnings.
The Nikkei 225 fell 0.9 percent to 8,969.81 in Tokyo, heading for a weekly drop of 0.4 percent. The broader Topix (TPX) Index slid 1 percent to 743.93 after rising as much as 0.2 percent. The nation’s central bank will open a policy meeting on Oct. 30.
Daily Market Outlook by ForexTactics.com
Global Exchanges
US Markets
US stocks closed mostly lower yesterday after investors found little to like in weak corporate earnings reports and news of only tepid growth in the US economy in the third quarter. The Dow Jones industrial average managed a gain of 3.53 points to close at 13,107.21 after spending much of the day in the red.
The Standard & Poor’s 500 index fell 1.03 points to 1,411.94 and the Nasdaq composite rose 1.83 points to 2,987.95. Stocks rose in the morning before a mild midday sell-off, and then recovered somewhat in the afternoon. The morning gains came after the Commerce Department estimated that the US economy expanded at a two per cent annual rate from July through September.
European Markets
European shares eked out small gains on Friday after better-than-expected US economic growth figures helped outweigh the impact on investor sentiment of yet more gloomy corporate outlooks. The FTSEurofirst 300 provisionally closed up 0.2 percent at 1,097.94, after a choppy session that had initially been weighed by fresh concerns over the outlook for regional corporates. Spain said its unemployment rate had reached 25 percent for the first time, traders said. London's FTSE 100 index of top companies fell by 0.86 percent to stand at 5,804.94 points in early afternoon deals.
Frankfurt's DAX 30 slipped 0.58 percent to 7,158.49 points and in Paris the CAC 40 lost 0.50 percent to 3,394.34. Madrid's IBEX 35 tumbled 1.10 percent to 7,693.50 points.
Asian Markets
Asian markets were lower on Friday as dealers looked ahead to the release later in the day of US economic growth figures, while Hong Kong eased on profit-taking after posting 10 straight days of gains. The Nikkei was also hit as the dollar eased back after hitting four-month highs against the yen, which has come under pressure owing to expectations for fresh monetary easing by the Bank of Japan and upbeat US data.
Tokyo fell 1.35 percent, or 122.14 points, to 8,933.06 and Sydney closed 0.84 percent, or 38.1 points lower at 4,472.4.Hong Kong slipped 1.21 percent, or 264.66 points, to 21,545.57, bringing an end to a run that had been fuelled by huge inflows of foreign cash. Shanghai tumbled 1.68 percent, or 35.57 points, to 2,066.21 with weak Chinese corporate earnings dragging on mainland sentiment. Seoul lost 1.72 percent, or 33.07 points, to close at 1,891.43 after data showed South Korea's economy grew in the third quarter at its slowest pace in three years
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Global Exchanges
US Markets
U.S. Stocks wiped out their earlier gains to close lower for a second session Wednesday, after the Fed's policy meeting announcement and as investors remained cautious following some weak corporate guidance. Americans bought new homes in September at the fastest pace in two years, another sign the industry whose decline was at the heart of the recession is bouncing back. Federal Reserve Chairman Ben S. Bernanke says he’ll stoke the economy until the job market recovers “substantially.” That promise may force him to keep buying bonds until the final months of his term ending in January 2014
European Markets
European shares halted a three-day slide on Wednesday as encouraging Chinese data fueled a rebound in oil and mining stocks, while strong earnings boosted tech shares. European authorities are pushing Bankia (BKIA) group to impose losses on junior debt holders as part of Spain’s bank bailout by swapping their securities for stock in the nationalized lender
Asian Markets
Asian stocks rose, as sales of new homes in the U.S. climbed to a two-year high, helping to support what the Federal Reserve described as modest growth in the world’s biggest economy. Japanese benchmark index Nikkei 225 rose 40.55 points, or 0.45%, to trade at 8,994.85. Hong Kong’s Hang Seng index advanced by 28.89 points, or 0.13%, to trade at 21,792.67