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Daily Analysis – Equities Trade In Narrow Range, Bonds Slide

ByBinary Options Strategy
Published 08/16/2012, 06:54 AM
Updated 05/14/2017, 06:45 AM
Equities

Asian markets retreated on Wednesday. The Hang Seng fell 1.2% to 20052, and the Shanghai Composite sank 1.1% to 2119, after China Life Insurance missed earnings forecasts, pressuring financials. The Nikkei eased 5 points to 8925, and the ASX 200 declined .3% to 4281 as miners skidded more than 1%. Korean markets were closed for a holiday.

In Europe, stocks closed moderately lower. The FTSE fell .5% to 5833, the DAX slipped .4% to 6497, and the CAC40 closed down 1 point to 3449. Mining stocks fell after UK-listed Kazakh tumbled nearly 9% following a weak earnings report.

US indexes ended mixed, after trading in a narrow range. The Dow eased 7 points to 13165, the Nasdaq advanced .5% to 3031, and the S&P 500 edged up .1% to 1405.

Deere sank 6.3% and Staples tumbled 14.6% after missing earnings forecasts. In contrast, Abercrombie & Fitch surged 9% after earnings beat expectations.

Currencies
The Dollar traded mostly mixed against global currencies on Wednesday. The Euro slid .3% to 1.2286, and the Pound ticked up fractionally. The Canadian Dollar advanced .3% to .9892, and the Australian Dollar rose .1% to 1.0505. The Yen declined .2% to 78.86.

Economic Outlook
The Empire State manufacturing index unexpectedly contracted to -5.9 from last month’s 7.4 reading. On a brighter note, CPI was flat, below forecasts for a .2% increase, and the NAHB housing market index rose to 37, beating forecasts of 35.

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