Over the weekend, Italy announced a $30 billion austerity package which helped lift Asian markets The Nikkei rose .8% to 8696, the Kospi edged up .4%, and the ASX advanced by .8%. Tha Hang Seng climbed .7%, while China’s Shanghai Composite lagged the region, dropping 1.2% on weak economic data which dragged down small-cap stocks.
An agreement between French and German leaders concerning the spiraling debt crisis was cheered by European markets. The CAC40 rallied 1.2%, the DAX gained .4% and the FTSE rose .3%. Italy’s MIB index surged 2.9% in response to the new austerity measures.
US markets opened sharply higher, but trimmed their gains later in the day. S&P announced it is placing all 17 Euro zone nations on credit review, due to the spreading debt crisis. The Dow gained 78 points to 12098, the S&P 500 climbed 1%, and the Nasdaq closed up 1.1%.
Stocks Gain, but well off Highs
SAP announced it will acquire SuccessFactors for $3.4 billion. SuccessFactors’ stock soared 51%, while SAP shares slipped 2%.
Currencies
The US dollar eased modestly on Monday. The Euro inched up 9 pips to 1.3398, the Pound rose .3% to 1.5649, and the Yen gained .3% to 77.71. The Australian Dollar posted an outsized gain of .6% to 1.0279, while the Canadian Dollar edged up .2% to 1.0173.
Economic Outlook
Monday’s economic data came in slightly below expectations. The ISM non-manufacturing PMI unexpectedly fell to 52 from last month’s 52.9 reading, and factory orders dropped by .4%, more than forecast.
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Daily Analysis – Equities Gain, Italy Announces Austerity Measures
Published 12/06/2011, 07:11 AM
Updated 05/14/2017, 06:45 AM
Daily Analysis – Equities Gain, Italy Announces Austerity Measures
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