Equities
Asian markets advanced on Monday, as expectations for new stimulus plans from the US and Europe grew. The Nikkei climbed .8% to 8635, the ASX 200 rallied .9% to 4246, and the Kospi gained .8% to 1844. Fujifilm reported strong earnings, lifting the company’s shares more than 6%. The Hang Seng outperformed, jumping 1.6% to 19584, as heavyweight HSBC gained 1.7%. The Shanghai Composite slumped .9% to 2110, as it continued to move independent from the regional trend.
The stimulus rally continued in Europe for a third day, led by banking shares which climbed 3.9%. The DAX advanced 1.3%, while the FTSE and CAC40 rallied 1.2%. Air France surged 18.6% after managing to sharply cut operating losses.
The Federal Reserve will hold a 2-day meeting beginning on Tuesday, and the ECB and Bank of England will issue rate decisions on Thursday, providing a golden opportunity to announce a new stimulus plan. The excitement began on Thursday when ECB president Mario Draghi pledged to do whatever it takes to secure the euro’s stability.
US stocks took a breather, as the major indexes closed moderately lower. The Nasdaq slipped .4% to 2946, the Dow eased 3 points to 13073, and the S&P 500 fell less than 1 point to 1386.
Supervalu shares surged 12.6% after the company fired its CEO in response to poor earnings.
Chicago Bridge & Iron slumped 14.2% after announcing it would purchase Shaw Group for $3 billion. Shaw Group shares skyrocketed 55% on the news.
Currencies
The Euro pulled back from its recent gains, declining .6% to to 1.2257, and the British Pound slipped .3% to 1.5711. The yen rose .4% to 78.15, while the Australian Dollar and Canadian Dollar closed little changed.
Economic Outlook
The Dallas Fed’s manufacturing survey unexpectedly tumbled to -13.2 from last month’s 5.8, way below forecasts for a reading of 3.0.
Tuesday’s busy economic calendar will include Personal Income & Spending, the employment cost index, Chicago PMI, the Case-Shiller home price index, and the Conference Board’s consumer confidence report.
Asian markets advanced on Monday, as expectations for new stimulus plans from the US and Europe grew. The Nikkei climbed .8% to 8635, the ASX 200 rallied .9% to 4246, and the Kospi gained .8% to 1844. Fujifilm reported strong earnings, lifting the company’s shares more than 6%. The Hang Seng outperformed, jumping 1.6% to 19584, as heavyweight HSBC gained 1.7%. The Shanghai Composite slumped .9% to 2110, as it continued to move independent from the regional trend.
The stimulus rally continued in Europe for a third day, led by banking shares which climbed 3.9%. The DAX advanced 1.3%, while the FTSE and CAC40 rallied 1.2%. Air France surged 18.6% after managing to sharply cut operating losses.
The Federal Reserve will hold a 2-day meeting beginning on Tuesday, and the ECB and Bank of England will issue rate decisions on Thursday, providing a golden opportunity to announce a new stimulus plan. The excitement began on Thursday when ECB president Mario Draghi pledged to do whatever it takes to secure the euro’s stability.
US stocks took a breather, as the major indexes closed moderately lower. The Nasdaq slipped .4% to 2946, the Dow eased 3 points to 13073, and the S&P 500 fell less than 1 point to 1386.
Supervalu shares surged 12.6% after the company fired its CEO in response to poor earnings.
Chicago Bridge & Iron slumped 14.2% after announcing it would purchase Shaw Group for $3 billion. Shaw Group shares skyrocketed 55% on the news.
Currencies
The Euro pulled back from its recent gains, declining .6% to to 1.2257, and the British Pound slipped .3% to 1.5711. The yen rose .4% to 78.15, while the Australian Dollar and Canadian Dollar closed little changed.
Economic Outlook
The Dallas Fed’s manufacturing survey unexpectedly tumbled to -13.2 from last month’s 5.8, way below forecasts for a reading of 3.0.
Tuesday’s busy economic calendar will include Personal Income & Spending, the employment cost index, Chicago PMI, the Case-Shiller home price index, and the Conference Board’s consumer confidence report.