Equities
Asian markets rose on Thursday, ahead of the ECB’s press conference. The Kospi rose .4% to 1881, and the ASX 200 climbed .8% to 4313, as investors ignored an unexpected drop in Australian employment data. Reports of a massive $110 billion railway plan in China lifted stocks, as the Shanghai Composite advanced .7% to 2052, and the Hang Seng edged up .3% to 19209. The Nikkei ended flat at 8681.
European markets surged after ECB president Mario Draghi announced a plan to purchase bonds in the secondary market to lower interest rates for struggling debt holders. Spain’s IBEX jumped 4.9% leading the advance. The CAC40 climbed 3.1%, the DAX gained 2.9%, and the FTSE rose 2.1%.
US stocks rallied sharply as well. The Dow climbed 245 points to 13292, its highest close since December 2007. The Nasdaq advanced 2.2% to 3152, and the S&P 500 jumped 2% to 1432.
Amazon announced its new generation of Kindle Fire tablets, including an 8.9” and 7” model.
Currencies
The Dollar fell, as investors poured into risk. Commodity currencies led the advanced, as the Australian Dollar rallied .9% to 1.0281, and the Canadian Dollar jumped .8% to .9826. The Euro initially fell after the ECB announcement, but quickly reversed, closing up .2% to 1.2632. The Pound and Swiss Franc rose .2% as well.
Economic Outlook
Thursday’s economic data was quite upbeat. Weekly unemployment claims dropped to 365K from 377K, and the ADP employment report showed the economy added 201K jobs last month, blowing past forecasts for a gain of 142K. ISM non-manufacturing PMI ticked up to 53.7 from 52.6.
Asian markets rose on Thursday, ahead of the ECB’s press conference. The Kospi rose .4% to 1881, and the ASX 200 climbed .8% to 4313, as investors ignored an unexpected drop in Australian employment data. Reports of a massive $110 billion railway plan in China lifted stocks, as the Shanghai Composite advanced .7% to 2052, and the Hang Seng edged up .3% to 19209. The Nikkei ended flat at 8681.
European markets surged after ECB president Mario Draghi announced a plan to purchase bonds in the secondary market to lower interest rates for struggling debt holders. Spain’s IBEX jumped 4.9% leading the advance. The CAC40 climbed 3.1%, the DAX gained 2.9%, and the FTSE rose 2.1%.
US stocks rallied sharply as well. The Dow climbed 245 points to 13292, its highest close since December 2007. The Nasdaq advanced 2.2% to 3152, and the S&P 500 jumped 2% to 1432.
Amazon announced its new generation of Kindle Fire tablets, including an 8.9” and 7” model.
Currencies
The Dollar fell, as investors poured into risk. Commodity currencies led the advanced, as the Australian Dollar rallied .9% to 1.0281, and the Canadian Dollar jumped .8% to .9826. The Euro initially fell after the ECB announcement, but quickly reversed, closing up .2% to 1.2632. The Pound and Swiss Franc rose .2% as well.
Economic Outlook
Thursday’s economic data was quite upbeat. Weekly unemployment claims dropped to 365K from 377K, and the ADP employment report showed the economy added 201K jobs last month, blowing past forecasts for a gain of 142K. ISM non-manufacturing PMI ticked up to 53.7 from 52.6.