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Daily Analysis – Stocks Rally, ECB Cuts Interest Rates

ByBinary Options Strategy
Published 11/24/2011, 07:20 AM
Updated 05/14/2017, 06:45 AM
DE40
1.64%
HK50
-0.20%
Equities

Asian markets dropped on Thursday, despite Wednesday’s rally in Western markets. Korea’s Kospi sank 1.5%, weighed down by LG Electronics, which tumbled 14%. Australia’s ASX 200 slipped .3%, and the Hang Seng lost 2.5%, as heavyweight HSBC dropped nearly 3%.  The Shanghai Composite inched up .2%, bucking the trend, and Japanese markets were closed for a holiday.

European shares rallied, amid hopesGreecewould abandon a plan for a referendum on last week’s bailout package.  The CAC40 rallied 2.7%, the DAX jumped 2.7%, and the FTSE rose 1.1%.  The ECB unexpectedly cut interest rates by .25%.

European leaders pledged thatGreecewould not receive any additional aid if it did not approve last week’s bailout package.

nov-4-dow

Dow Rallies more than 200 Points

Qualcomm shares soared 7.5% after beating analyst forecasts and raising its outlook.  In contrast, Kellogg shares sank 7.6% after issuing a weak outlook.

Currencies

The Dollar remained under pressure despite the ECB’s rate cut.  The Euro rose .7% to 1.3813, recovering from an earlier drop down to 1.3658.  The Australian Dollar rallied 1% to 1.0406, and the Canadian Dollar jumped .8% to 1.0075, as investors flocked to risk.  The Pound and Swiss Franc both rose .7%, and the Yen inched up .1% to 78.05.

Economic Outlook

Weekly jobless claims dropped to 397K, 9000 less than last week, and better than forecast.  Worker productivity jumped to 3.1%, more than expected, and factory orders unexpectedly rose by .3%.

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