Australian Stock Report - Market Pulse

Morning Market Analysis: October 27

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Publish date: Thu, 27 Oct 2011, 09:23 AM
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Welcome to MarketPulse, the Australian Stock Report's financial market blog. In the MarketPulse blog we aim to provide frequent updates on current events across the financial markets, including market wraps, articles in the news, opinions, reviews, financial education and finally our top tip of the week. The blog is published by the Australian Stock Report research and report editing team together with our very own "Passionate Trader", Carl Capolingua.

International markets bounced back overnight, with eurozone officials reaching an in principle agreement to recapitalise troubled banks.

A Dow Jones Newswire story, reporting that China will buy bonds issued by the EFSE, also provided a boost for markets.

In Europe, the FTSE added 28 points (+0.5%), whilst the (-0.2%) and DAX (-0.5%) lost a little ground.

Stateside, the Dow Jones added 162 points (+1.4%), whilst the S&P 500 put on 1.1% and the Nasdaq added 0.5%.

Better-than-expected earnings results also contributed to last night's gains in the US, with Boeing (+4.5%) reporting a profit result which beat The Street's estimates.

The euro pared its loss against the greenback after EU leaders commented on the bank recapitalisation plan, whilst the Canadian dollar rallied strongly on the back of better-than-expected US durable goods orders.

Crude oil pulled back sharply, dropping the most in three weeks after a government report showed a larger-than-projected gain in US stockpiles. The black gold slumped 3.2% to settle at US$90.20.

Metals didn't perform so badly, with copper adding 2.1% and gold continuing its recent run higher, adding 1.4% to settle at US$1724 an ounce.

There is no major local data due out for today's session.

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