US mkts recovered from day’s low | Asia gains

US markets recovered from days low to end flat, commodities gain as USD pared its early gains. Dow Jones ended down 17.5 points at 9772, recovered 68 points from day’s low of 9704. Nasdaq ended up 8 points at 2057, recovered 26 points from day’s low of 2031. While S&P 500 ended up 2.5 points at 1045, recovered 10 points from day’s low of 1035.

Asian markets gained in the opening trade. Taiwan Weighted was up 1.1%, Straits Times, Hang Seng, Kospi were up nearly 0.5%, Nikkei 225 was flat, Shanghai Composite was down 0.5%. Europe hits 1-month closing low: CAC was down 1.5%, DAX was down 1.4% and FTSE was down 1.3%. CBOE VIX ended down 3.2% at 28.8. FOMC decision today, investors expect the Fed to leave rates close to zero.

Global Movers & Shakers:

Burlington Northern surged 27.5%; Berkshire Hathaway to buy the company for $ 26 billion. Intel was down 2.7%; Morgan Stanley downgraded the stock to “equal-weight” from “overweight”. UBS was down 3.4%; reported its fourth straight quarterly loss. RBS was down 6%; UK treasury said that RBS could still need more money after £ 33.5 billion bailout. Lloyds was up 2.4%; to raise £ 13.5 billion via rights issue, to stay out of the government’s asset protection scheme.

In Indian ADRs, Tata Communication was down 8%, Sterlite Industries was down 2.5%. In Indian connection, Indiabulls Property Inv was down 11%, Caraco was down 4%, Gujarat NRE Minerals was down 4.6%.

Commodities:

Reuters CRB Index was up 1%. Crude oil gains 2% to $ 79.6/bbl. Gold was up 3% at $ 1084.5/ounce, hits all time high at $ 1088.5. Copper was down 1.5% to $ 6460/ton.

Currencies:

Dollar Index ended up 0.2%; was trading up 0.8% in the opening trade. USD was up 15 bps Vs Euro at 1.47, 1 month high. Yen depreciates 45 bps Vs USD at 90.3.

Global economic news:

US factory orders rise 0.9% in September, 5th gain in 6 months. UK consumer confidence was unchanged in October from a month earlier.

Data to watch:

FOMC Meeting Announcement
ISM Services Index
ADP Employment Report
EIA Petroleum Status Report
BoJ Monetary Policy Meeting
Results: Ambac Financial, Qualcomm, Societe Generale

No related posts.