Asian markets started the week on a down note, as escalating fears over Europe’s debt troubles and signs of a global recession weighed on investors. In Japan, the Nikkei fell 2.2% to 8374, its lowest close since April 2009, as financial shares dropped following Friday’s commodity slide. The Kospi dropped 2.6% to 1653, and Australia’s ASX 200 lost 1%, as miners tumbled. Greater China experienced similar losses, with the Shanghai Composite closing down 1.6%, and the Hang Seng dropping 1.5%.
European markets gained, boosted by efforts to expand the European Financial Stability Fund to better address the debt crisis. The DAX jumped 2.9% to 5346, the CAC40 rallied 1.8% and the FTSE rose .5%. Banks led the advance, with the sector gaining 3.8%. UBS announced a new CEO, after the former-CEO resigned over a $2.3 billion loss by a rogue trader.
Currencies
The currencies markets swung widely on Monday, but ended little changed. The Dollar had initially gained, but news of progress on the European debt front helped reverse those gains. The Euro closed up .2% at 1.3514, recovering from a drop down to 1.3362, and the Pound rallied .7% to 1.5561. The Canadian Dollar closed flat at 1.0282, reversing from 1.0388. The safe havens gained as well as the Swiss Franc gained .4% to .9022, and the Yen rose .3% to 76.45.
Economic Outlook
New home sales fell 2.3%, roughly in line with expectations, putting the annual rate at 295K, down from last month’s 302K.
Tuesday’s economic calendar will include the Case-Shiller Home Price Index, Consumer Confidence, and an auction of 2-year notes.
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Daily Analysis – US Markets Rally
Published 10/25/2011, 05:54 AM
Updated 05/14/2017, 06:45 AM
Daily Analysis – US Markets Rally
Equities
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