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Daily Analysis – Global Equities Rally on Hopes for Italy

ByBinary Options Strategy
Published 12/01/2011, 05:03 AM
Updated 05/14/2017, 06:45 AM
Equities

Asian markets rose on Friday, following Thursday’s steep decline.  The Nikkei ticked up .2% to 8514, whileOlympusshares were placed on a supervisory watch, an initial step towards a possible delisting. Korea’s Kospi rallied 2.8% as Samsung Electronics soared more than 5%, and Australian’s ASX 200 gained 1.2%.  In greater China, the Hang Seng advanced .9% to 19137, and the Shanghai Composite rose fractionally.

In Europe, markets rallied on hopes Italy would soon resolve its political divide.  The DAX soared 3.2%, the CAC40 gained 2.8%, and the FTSE climbed 1.9%. Italy’s MIB index surged 3.7% as the Italian Senate took steps towards implementing a new round of austerity measures.

German xetra dax index gdaxi

European Markets End Volatile Week on an Upnote

US markets rallied for a second day, moving back into positive territory for the year.  The Dow jumped 260 points to 12154, and the S&P 500 and Nasdaq both advanced 2%.

In earnings news, Disney shares soared 6% after beating analyst expectations, and Nvidia climbed 3.5% on strong earnings.

Currencies

The Dollar retreated as currency traders moved back into “risk on” mode.  The Australian Dollar staged an impressive rally, jumping 1.3% to 1.0280 after dropping to 1.0108 in the early morning.  The Euro climbed 1.1% to 1.3750, and the Pound gained .8% to 1.6064.  The Yen’s advance picked up steam, rising .6% to 77.18, and the Swiss Franc closed up .5% to 1.1099.

Economic Outlook

Consumer sentiment data from the University of Michigan exceeded expectations, climbing to 64.2 from last month’s 60.9.

No major economic reports are due on Monday.  Earnings are scheduled for JC Penney, Limited Brands, Lowe’s, and Urban Outfitters.

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