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:
The fiscal cliff drags markets down: FTSE -0.3%, DAX -0.4%; US opened higher but fell further S&P -1.2%, Dow -0.9%: a three-month low.
Sentiment bounced overnight with the US election, hoping for an end to the empasse on Capitol Hill.
We should open flat today after a mixed session, Europe down -0.5% with uncertainty in Greece; US started down then rose well, S&P +0.4%, Dow +0.2%
Our Futures -0.1% with Europe up, but not massively so, the US opened strongly then fell to lose all the previous day's gains - despite all the indicators being good. S&P -0.9%, Dow -1%
October's Manufacturing ISM came in 51.7 up from September's 51.5 with concensus expecting it to fall to 51.0.
Chicago PMI came in lower than expected but the Manufacturing ISM should still be in expansionary territory.
We should open up as Europe did well: FTSE +1%, DAX +1.1%; US still closed due to Hurrican Sandy.
There is not much to report today as the US share market was closed due to hurricane Sandy. The European and FTSE were both down slightly.
Earnings held the market back while the economic data was supportive: S&P and Dow close to flat, both significantly down for the week.
September homesales expected to +2.5% but actual +5.7%; seasonally adjusted, that's 389,000 (concensus was for 385,000).
Richmond Fed Manufacturing Index was 4 in Sept, Concensus: 5, October actual: -7.
We'll start badly as the week ended poorly - FTSE -0.33%, DAX -0.8%, S&P -24 points (-1.7%), Dow -205 points (-1.5%) - worst since late June for the US.
Weekly jobless claims 388,000 but skewed by California's seasonal adjustment. October Philly Fed manufacturing index, up to +5.7 from -1.9 (concensus: +1)
We should open +0.4%. Europe boyuyed by a Moody's reviosn of Spanish debt - FTSE +0.7%, DAX +0.25%. S&P +0.4%, Dow flat - despite housing starts rising 15%, highest since July 2008.
ASX likely to go through 4500 as markets are finally up again - FTSE +0.2%, DAX +0.4% - no major news out of Europe but US retail sales rose 1.1% in September, Dow +0.6%, S&P +0.8%
