Markets were weaker overnight as concerns loom about the impending Fiscal Cliff and Manufacturing Data out from The US unexpectedly showed a contraction for the corresponding period.
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Strong Data Offset By Fiscal Uncertainty
US equities advanced for a second day, edging higher as promising economic data, such as very strong new home sales, offset the uncertainty surrounding ongoing budget negotiations in Washington.
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Insights
Equity markets experienced gains last night on the back of renewed optimism spurred by comments from Obama, implying a deal will be reached to avoid the impending fiscal cliff.
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Contrary to Data
European markets rallied overnight after the euro-zone’s finance ministers agreed yesterday to cut the rates on loans made under the first bailout of Greece in May 2010 and suspend interest payments under the second bailout for 10 years. They also outlined a plan for Greece to buy back its debt at distressed rates and authorised the payment of a €34.4 billion loan instalment in December.
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Markets Lower On Fiscal Cliff Concerns
Global equity markets experienced a negative trading session last night as Euro Zone finance ministers discussed Greece’s finances for the third time this month and US congress discussed the implications of the ‘Fiscal Cliff’.
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Strength in short session
Stocks rallied for a fifth consecutive day in Europe and this was followed in the US where stocks rallied 1.3% to cap off a very strong week, although it was only a half day due to thanksgiving. The Dow closed back through the 13000 mark, up 172.89 at 13,009.68.
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Insights
Global equity markets finished higher last night as China showed expansion in manufacturing with PMI data coming in above 50 for the first time since October 2011. Investors also looked favourably on a cease-fire between the Hamas & Israel which pushed crude to two day highs.
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Rally on Cease-fire
Thanks to a cease-fire in Gaza and optimism that Europe will reach a deal on Greece next week, the S&P advanced for a fourth straight session overnight, extending its longest rally in seven weeks. After eight days of fighting and over 100 (mostly Palestinian) deaths, a cease-fire between Israel and Hamas was confirmed overnight.
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Flat Night
Global markets swung between gains and losses overnight as geopolitical conflict, Europe’s debt crisis, US earnings results, and economic data buffeted stocks around.
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Markets Higher on Fiscal Cliff Deal Hopes
Global equity markets showed great strength during last night’s trading session. European and US markets all surged as investors begin to look favourably towards a deal to prevent the US economy from falling over the ‘Fiscal Cliff’.
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