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Binary Options Daily Analysis – European Shares Rally on Hopes for Greek Debt Plan

ByBinary Options Strategy
Published 02/04/2012, 11:36 PM
Updated 05/14/2017, 06:45 AM
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Asian markets traded mostly higher, encouraged by the Fed’s commitment to keep interest rates unchanged through 2014. The Hang Seng soared 1.6% as Hong Kong’s markets returned from the Lunar New Year Holiday, although volume was light, since China’s markets will remain shut until Monday. The Kospi edged up .3% despite weak 4th quarter GDP data. Meanwhile, the Nikkei skidded .4% to 8849, and markets in Australia were closed

European markets posted strong gains on hopes that Greek debt negotiations were progressing. The DAX surged 1.8%, the CAC40 climbed 1.5%, and the FTSE gained 1.3%. Shares in retailer, Carrefour, jumped 7.5% on rumors of a change in management, and Nokia shares rallied 3.1% on strong earnings data.


Germany's DAX Jumps 1.8%

US stocks pared early gains to close lower. The Dow slipped 22 points to 12735, the Nasdaq dropped .5%, and the S&P 500 fell .6%.

Netflix shares surged 22% to 116.01 after announcing subscriber growth which exceeded forecasts. AT&T fell 2.5% on weaker than expected profits.

Currencies
Currencies traded in narrow ranges, as the dollar fell modestly. The Australian dollar, Japanese Yen, and Canadian dollar all gained .3%, and the Pound edged up .2% to 1.5691. The Euro inched up 6 pips to 1.3106, while the Swiss Franc rose .2% to 1.0865.

Economic Outlook
Thursday’s economic data was mixed. Weekly jobless claims were 6K more than expected, rising to 371K from last week’s 351K reading, and new home sales fell to 307K from last month’s 314K. On the bright side, durable goods orders rose 2.1%,, and core durable goods order jumped by 3%, both better than forecast.

Friday’s reports will include advance GDP, which is expected to indicate growth of 3%. Also due is consumer sentiment from the University of Michigan.

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