US mkts rallied post encouraging eco data – 6th Nov 09

US markets rallied post encouraging economic data ahead of all important October job report. Senate voted to extend first-time homebuyer’s tax credit through April 30. Dow Jones ended up 204 points or 2.08% at 10,006, S&P 500 gained 20 points or 1.92% at 1,066.6 and Nasdaq rose 50 points or 2.4% at 2,105.3. Dow Jones closed above 10,000 for the first time since October 22.

Asian markets gained in the opening trade. Hang Seng was up 1.9%, Straits Times was up 1.45%, Nikkei 225, Taiwan Weighted, Kospi were up 1% and Shanghai Composite was up 0.5%. In Europe, CAC was up 1%, DAX was up 0.67% and FTSE was up 0.35%. CBOE VIX was down 8.2% at 25.4.

US economic news:

3Q non-farm productivity up 9.5% in its preliminary report, highest pace in 6 years. Initial jobless claims down 20,000 at 512,000, 10-month low. Continuing claims at 5.75 million down from 5.82 million in the previous week. US October retail chains sales rebounded from the lows in the previous year.

Global Movers & Shakers:

In Indian ADRs, Patni Computers was up 7.3%, MTNL was up 6.3% and Tata Communication was up 3.4%. Indian Connection: Caraco was up 4.9%, Vestas was up 5.2%, Aditya Birla Minerals was up 6.6% while Indiabulls Property was down 6.7%.

Global news:

BoE, ECB keeps interest rates unchanged. Australia’s central bank said that GDP will rise 1.75% in 2009 and 3.25% in 2010, against August forecast of 0.5% and 2.25%.

Commodities:

Reuters CRB was down 1%. Gold gains $ 2.5 at $ 1087.3 an oz, rallied for a fourth day. Crude was up 1% at $ 79.6/bbl, up 4% this week. Copper declines 1% to $ 6530/ton.

Currencies:

US Dollar Index was up 0.1%. US dollar was up 10 bps Vs Euro at 1.486. Yen was up 15 bps Vs USD at 90.6. Korean Won was down 57 bps Vs USD.

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