Australian Stock Report - Market Pulse

Morning Market Update: Markets Hold Breath

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Publish date: Tue, 13 Nov 2012, 09:57 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 were mixed overnight as concerns continue to mount about the US fiscal cliff and as the eurozone continues its discussion regarding further bailout funds for Greece.

Hopefully we will see some progress in the US soon, as President Obama has invited members of the US Congress to the White House to discuss the fiscal cliff this week.

In Europe, UK's FTSE shed two points to settle at 5767 whilst Germany's DAX gained five points (+0.1%) to settle at 7169. In the US, the S&P was unchanged at 1380, with the Dow Jones also remaining at 12815. The Nasdaq shed just one point to settle at 2904.

In the commodity space, crude oil fell below $86 a barrel due to a reported contraction in Japan's economy, the US fiscal cliff, and the eurozone crisis.

Gold was unchanged due to several factors such as strong demand in India, inflation concerns in Japan, and uncertainties in the US and eurozone.

In the currency space, the Japanese yen rose against its peers as investors once again sought a safe-haven against uncertainty. The euro fell against its counterparts amidst worries in the eurozone.

The US dollar appreciated against the euro for the same reasons the yen advanced. Today will see the release of the NAB Business Confidence Survey (11:30am, AEDT).

Morning Market Update: Markets Hold Breath is a post from: Australian Stock Report Market Pulse Blog

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