Asian markets dropped following Thursday’s steep slide in the West. Korea’s Kospi was the worst performer, tumbling 5.7%, while the ASX 200 slid 1.6%. Hong Kong’s Hang Seng slid 1.4%, and the Shanghai Composite eased just .4%. Japanese markets were closed for a holiday. Materials stocks were the worst hit, as fears of a global recession hurt the sector.
European markets managed to bounce modestly after Thursday’s rout. The CAC40 rose 1%, the FTSE gained .5%, and the DAX advanced .6%. French banks were boosted on rumors of government assistance. BNP Paribas rallied nearly 10%, and Societe Generale surged 8.8%. Moody’s downgraded 8 Greek banks by two notches.
Similar gains were achieved in the US, in a choppy trading session. The Dow rose 38 points to 10771, the Nasdaq rallied 1.1% and the S&P 500 closed up .6%.
Currencies
The Dollar closed mostly lower after Thursday’s strong advance. The Pound led the pack, rising .7% to 1.5456, while the Euro ticked up .3% to 1.3491. The Yen initially rallied to 76.17 against the dollar, before reversing to end down .5% at 76.69. The Swiss Franc rose .3% to .9056, and the Canadian Dollar inched up .2% to 1.0280.
Economic Outlook
Monday’s reports will include new home sales, the Chicago Fed National Activity Index, and the Dallas Fed Manufacturing Survey. Earnings are due from Cal Maine Foods.
The G20 is meeting over the weekend to address the growing economic uncertainty, and IMF is holding its annual meeting.
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Daily Analysis – Equities Stabilize
Published 10/26/2011, 03:12 AM
Updated 05/14/2017, 06:45 AM
Daily Analysis – Equities Stabilize
Equities
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