Chinese stocks rallied for a second day, despite a drop in trade data, amid hopes the government would pursue a looser monetary policy. The Shanghai Composite climbed 2.7%, and Hong Kong’s Hang Seng advanced 1.8%. Australia’s ASX 200 gained 1.1%, and the Kospi settled up 1.5%. The Nikkei returned from a holiday to close up .4%, as Olympus shares soared 20% on news the company would not be delisted.
European markets surged, led by banks and materials stocks. Shares in Italy’s UniCredit jumped 7%, and the regional banking index climbed 4.5%. The CAC40 rallied 2.7%, the DAX advanced 2.4%, and the FTSE rose 1.5%. An upbeat outlook from Alcoa helped lift materials stocks by 3.4%.
US markets continued to rise, as the Dow gained 70 points to 12462, the Nasdaq climbed 1%, and the S&P 500 advanced .9%.
Cirrus Logic shares rocketed up 15.7% after raising its outlook for the quarter. Similarly, Lululemon shares rallied 12% on a stronger outlook.
On the negative side, Tiffany shares tumbled 10.5% after lowering its outlook. WebMD plunged 28.5%, after the company’s CEO resigned.
Currencies
The Dollar traded mostly lower against world currencies, as the market traded in a narrow range. The Australian Dollar and Canadian Dollar were the biggest gainers, climbing .7% to 1.0319 and 1.0168, respectively. The Euro inched up 10 pips to 1.2774, and the Pound gained .1% to 1.5478. The Yen and Swiss Franc settled little changed.
Economic Outlook
Wholesale inventories rose a mere .1%, less than the .5% forecast, which suggests buying is beginning to outstrip production. The small business optimism index rose to 47.5 from 42.8, exceeding forecasts.
Overseas, French industrial production increased by 1.1%, far better than the .1% forecast by analysts.
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Binary Options Daily Analysis – Resource Stocks
Published 02/05/2012, 12:02 AM
Updated 05/14/2017, 06:45 AM
Binary Options Daily Analysis – Resource Stocks
Equities
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