Australian Stock Report - Market Pulse

Morning Market Analysis: Santa Comes Early

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Publish date: Wed, 21 Dec 2011, 10:00 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.

Finally the international bulls got their act together overnight, sending European and US markets sharply higher.

Strong economic data out of both regions prompted the rally across equity and commodity markets.

In Europe the FTSE added 55 points (+1%) to settle at 5419, whilst the CAC (+2.7%) and DAX (+3.1%) enjoyed even stronger gains.

European stocks posted their biggest rally this month as banks climbed after a report showed German business confidence unexpectedly rose for a second month.

Stateside, the Dow Jones surged 337 points (+2.9%) to settle at 12104, whilst the S&P 500 (+3%) and Nasdaq (+3.2%) enjoyed even stronger gains.

Better-than-estimated housing starts added to expectations the world's largest economy will weather Europe's debt crisis.

Our dollar extended yesterday's gains, rising back above parity to settle at just short of the US$1.01 handle at this morning's NY close.

The Canadian dollar gained the most in a month against the greenback on the back of a rally in crude oil and equities.

Commodities were stronger with copper (+2.1%), crude (+3.6%) and gold (+1.3%) all posting solid gains.

In company news, Transurban has signed a much-anticipated agreement with the NSW government to upgrade the M5 South West Motorway.

Today's session will bring data in the form of the Melbourne Institute leading index, slated for release at 10:30am, AEDT.

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Morning Market Analysis: Santa Comes Early is a post from: Australian Stock Report Market Pulse Blog

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