FOLLOW MARKETMOVES

Market Comment (26th Oct 2010, 06:45)

In the US overnight, stocks finished the session firmer, and at their highest levels since April despite a late-session sell-off, triggered by continuing concerns over the mortgage foreclosure crisis.

Once again, the technology-laden NASDAQ was the top performer, up 0.5% while the Dow Jones Industrial Average and broad-based S&P 500 could only manage gains of 0.3% and 0.2% respectively.

Across Asia, regional markets are mixed in afternoon trade despite modest gains on Wall Street. As at 06:10, the Nikkei turned around from earlier lows as the yen weakened throughout the cash session and is up 0.3%. The Shanghai composite continues to push higher, up 0.3% and at 52-week highs. The Hang Seng is the laggard lower by 0.1%.

In Australia, the ASX 200 closed 0.5% weaker at 4687, just off its session lows of 4685. After yesterday’s M&A-fuelled outperformance the local market cooled its heels today with investors seemingly wary of regulatory impediments derailing offshore interest in local stocks. Yesterday’s unexpected gains have also left the market a little susceptible to short-term profit taking with 4700 again proving a level of resistance. Losses for the session have been relatively broad based with the financials, consumer staples, energy and industrial sectors among the worst performers.

Turning to the currency markets and once again we saw the equity markets react negatively to the stronger USD with markets closing off their high. The euro once again proved it really struggles to hold the 1.40 level, with sellers emerging to push it down to 1.3907 in Asian trade.

Looking at today's agenda for European trade, the UK preliminary GDP reading for Q3 is likely to headline for many and will be closely watched as there's a risk this could dip. Not only would this mark a sharp deterioration in the country's economy, but it would doubtless instigate another wave of suggestions that a double dip may be on the cards. Of course any suggestion that the BoE should extend its own QE programme may be a shot in the arm for stocks, but gilts and sterling would be left drifting.

Consumer confidence readings from France, Germany and the US will add to key drivers during the coming hours, whilst there's a raft of high-profile earnings due too. UBS kicks things off in Europe, whilst Ford, DuPont, Western Union and Bristol Myers Squibb are amongst the highlights on a busy US reporting calendar. With successive indices ticking off fresh 2010 highs, markets continue to look a little toppy even in light of QE proposals.

Ahead of the open we're calling the FTSE down 11 at 5741, the DAX up 2 at 6641 and the CAC down 7 at 3863.

comments powered by Disqus

All Market Comment News

Trusted Firms

All Reviews
EUR/USD update (16th April 2014, 14:00) 16 Apr 2014

The euro is higher versus the US dollar, after the level of inflation in the eurozone remained unchanged in March.

GBP/USD update (16th April 2014, 13:00) 16 Apr 2014

UK unemployment has now dipped below 7%, the initial threshold level the Bank of England introduced in August but reneged upon last month, which has s...

EUR/USD update (15th April 2014, 15:00) 15 Apr 2014

Having popped its head above the $1.39 level at the tail end of last week, EUR/USD has found itself pulled back.

Market Comment 15th April 2014 15 Apr 2014

European equities are set to open flat as they’re caught between two competing poles of sentiment. 

AUD/USD update (14th April 2014, 18:00) 14 Apr 2014

The Australian dollar is gaining ground against the US dollar, as traders prepare for the latest minutes release from the Reserve Bank of Australia.

EUR/USD update (14th April 2014, 16:00) 14 Apr 2014

The euro is under pressure against the US dollar as tensions in eastern Ukraine weigh on the currency.

Market Comment 14th April 2014 14 Apr 2014

European equities are set to start on the back foot as last week’s negative sentiment remains firmly intact. 

GBP/USD update (11th April 2014, 16:00) 11 Apr 2014

After touching $1.68 yesterday, sterling has dropped back, hit by weaker UK construction output figures.

EUR/USD update (11th April 2014, 16:00) 11 Apr 2014

If we see the euro close above $1.39 today, then it will be the icing on the cake for the currency, which has enjoyed a remarkable week.

Market Comment 11th April 2014 11 Apr 2014

European equities are set to open lower tracking overnight declines in the US. 

EUR/USD update (10th April 2014, 12:00) 10 Apr 2014

Momentum has taken EUR/USD higher as a steady flow of economic data has been released over the week.

Market Comment 10th April 2014 10 Apr 2014

European equities are set to show modest gains on the open due to a dovish FOMC Meeting minutes overnight. 

AUD/USD update (9th April 2014, 19:00) 9 Apr 2014

The Australian dollar has reached a new high for 2014 prior to tonight's Federal Reserve minutes release.

EUR/USD update (9th April 2014, 18:00) 9 Apr 2014

The EUR/USD has pulled back from the $1.38 mark as traders have taken their profits from two days of gains.

Market Comment 9th April 2014 9 Apr 2014

European equities are set to open mixed as traders continue to tread cautiously. 

GBP/USD update (8th April 2014, 14:00) 8 Apr 2014

Today’s strong UK manufacturing and industrial production data has helped sterling gain ground against the US dollar.



Share this with your friends

To:
From:
Your comments:

Market Comment (26th Oct 2010, 06:45)

In the US overnight, stocks finished the session firmer, and at their highest levels since April despite a late-session sell-off, triggered by continuing concerns over the mortgage foreclosure crisis.

Read more »

Connect to successful traders – join Marketmoves.com free now

Log In or Sign up

Facebook User?

You can use your facebook account to sign up with Live streaming sport.

Connect with facebook
Remember me.
Did you forget your password?