BT Three Minute Markets Update
Summary: BT's Chief Economist Chris Caton and our expert product managers provide a recorded regular update on current market conditions. The updates are current, quick and easy to listen to.
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Podcasts:
US January durable goods report -5.2%, down from December's +3.7%, consensus expecting -4.8% - but that's misleading, as it was affected by cuts in military spending, slowdown in aircraft production and the fiscal cliff. Orders ex-transport +1.9%.
US housing data: December Case-Schiller +6.8%, bang on concensus; Q4 national index +7.3%, new home sales in January 2013 highest since July 2008.
Dallas Fed Manufacturing Index dipped to 2.2 from January's 5.5, concensus expecting 3.5, due to weakness all round except for the outlook.
We will rise this morning after a good session on Friday: FTSE +0.7%, DAX +1%, Dow & S&P +0.9% Dow square for the week, S&P -0.3%, which was a good result after the overreaction to the FOMC announcement earlier.
Flat all week and flat on Friday: FTSE flat, DAX -0.5%, S&P -0.1%, Dow +0.1% - US industrial production weaker than expected but consumer sentiment is quite good.
Disappointing GDP reports across Europe led to a risk-off tone in early trade, S&P recovered due to good jobless data, Italian grown -2.7% over the year.
US National Federation of Independent Businesses' report came in at 88.9, up from December's 88.0, with Consensus expecting 89.0; second monthly gain, but a country mile away from October's 93.1.
US National Federation of Independent Businesses' report came in at 88.9, up from December's 88.0, with Consensus expecting 89.0; second monthly gain, but a country mile away from October's 93.1.
A mixed week ended up - FTSE +0.6%, DAX +0.8%, S&P +0.6%, Dow +0.4% - as the balance of trade for December improved significantly.
US initial jobless claims for Febuary 2 were down 5,000, matching consensus; output growth should recover but is coupled with a rise in CPI.
US January Non-manufacturing (services) ISM fell to 55.2 from 55.7, but higher than consensus' 55.0.
We'll start -0.75% with markets down all over world - FTSE -1.6%, DAX -2.5%, S&P -1.1%, Dow -0.9% - Europe the main story with a corruption scansdal in Spain & concerns about the upcoming elections in Italy.
There's more good news to report. The FTSE rose by 1.1% and the German market by 0.7%. In the US, the S&P was up by 1%, and the DOW up by 1.1%. For the Australian market, the Futures market suggests an opening of half a percent higher, and our currency is at 104 US cents.
Some good economic news but not enough to please markets: FTSE -0.7%, DAX -0.5%, US positive early but ended down, S&P -0.3%, Dow -0.4%. SP +5% for the month of January (ASX +4.9%), +15.1% for the year and +121.4% since early March 2009 trough.
Nothing much happened overnight. The FTSE market was down by 0.25%, the German market was down by 0.5%, the Dow down by 0.3%, and the S&P down by 0.4%.
