Australian Stock Report - Market Pulse

Morning Market Analysis: Losing Streak Snapped

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Publish date: Fri, 16 Dec 2011, 09:59 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.

After a couple of tough sessions, international markets bounced a touch last night.

In Europe, the FTSE added 34 points (+0.6%) to settle at 5401, whilst the CAC (+0.8%) and DAX (+1%) also posted solid gains.

Stateside, US stocks snapped a three-session losing streak as jobless claims and manufacturing data signalled a strengthening economy.

The Dow Jones added 45 points (+0.4%) to settle at 11869, whilst the S&P 500 (+0.3%) and Nasdaq (+0.1%) recorded slightly more modest gains.

The Canadian dollar advanced from almost its lowest level in two weeks amid the solid US economic reports whilst the euro pared an earlier advance after the IMF's Lagarde said the debt crisis was escalating.

Oil continued its recent slide, shedding US$1.08 to US$93.87 a barrel amid concerns about the slowdown in Europe.

Gold fell again, down S$15.80 (-1%) to US$1,570.60 an ounce.

In company news, Bendigo and Adelaide Bank has announced a $120 million capital raising to help fund the purchase of Bank of Cyprus' Australian division.

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

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Morning Market Analysis: Losing Streak Snapped is a post from: Australian Stock Report Market Pulse Blog

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