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Feb 28

The Before 24…

                     Global market news for your next twenty-four

02.28.12

The View:

Good economic data and a reprieve from higher oil prices helped global markets rally.

ASIA:

Asian markets closed higher in their Tuesday trading session as oil prices recede slightly and investors look toward tomorrow and what news the LRTO will bring to the markets. The Nikkei was added 88.59 points hitting a 7 month closing high. The Shanghai added 4.79 on reports the Chinese government has softened it stand on local government funds. Now allowing banks to lend money to local governments to fund projects.  The Hang Seng rallied 350 points as investors optimism soared with higher corporate earning.

 Europe:

European markets closed lower as the debate continued over the effects of the higher gas prices on the global economy and continued Greek debt issues. Not helping investors jitters comments from Germany Chancellor Angela Merkel saying there is no 100% guarantee a new Greece bailout package would succeed. Shortly after the close Germany’s parliament approved the Germany bailout plan despite Merkel losing part of her “majority” in the  vote.  Investors  jitters increased  as the LTRO ( the European version of the US tarp) edges closer. The last LTRO was held in December and caused risk appetite among investors to die off. Most analyst are predicting the results of this weeks action will give some investors the direction they may have been looking .

European markets traded slightly higher in their early Tuesday morning session as investors wait for the LTRO tomorrow. This despite the news late Monday that S&P has officially down Greece to selective default. investors and the global will have to wait to see if the ISDA, the official body who will decide if it really is a default and cause the CDS (Credit default Swap) to kick in.

US:

The US markets closed mostly flat in their Monday trading session. The Dow closed down for a second day losing 1.44 points and again staying under the illusive 13K number. The trend of mid morning reversals continued. The US markets all opened down, including the DOW by  triple digits rallying back only to rally throughout the session .  A better than expected US housing reading and Dallas February manufacturing active grew faster than in January helped fuel the markets rally.  The S&P rose 1.86 points while the Nasdaq notched it’s third straight day of gains adding 2.41 points.

The commodities picture was mixed on Monday. The WTI  snapped it’s 7 day winning streak closing down. Meanwhile Gold saw a $3.10 gain. Food commodities were all higher Monday. Corn closed in the green despite strength in the dollar and a new “rumor” that the amount of corn acreage planted this spring may increase due to record prices in the last year. Soybeans closed higher for a 6 consecutive day and reached five-month highs. helped by projections of a smaller than expected crop from South America may cause additional export demand for the US. Wheat rode the rally wave Monday  traded higher. Aided by short covering of positions and spillover of supply from it’s best friends corn and soybeans.

The Bond markets were slightly higher across the board as Euro worries and the effect higher gas prices will have on GDP (Gross Domestic Product).

Feb 27

The Before 24…

Global Market news for your next twenty-four

 

02.27.12

The View: Higher oil prices and their effect on the still fragile global economy seems to be the new game in town.

ASIA:

Asian markets closed mixed in their Monday trading session as global market continue to react to higher oil prices. Global investors are becoming increasingly jittery if higher oil prices will choke the economic recovery. The Nikkei lost 13.45 points while the Shanghai gained 7.42 points lead by a rally in the car makers. The Hang Seng was down 189.00 points after investors took profits from the rallying market.

EUROPE:

European markets closed mostly higher on upbeat news from the US. The rally was led by the banking and oil sectors.  Markets seemed to shake off the news out of Germany that it’s economy contracted in the fourth quarter by 0.2%.  After the close Greece announced formally that is launching a bond swap offer to private sector creditors. The Plan will include $134.7 billion debt write down as part of the most recent plan to international creditors.

Europe opened lower  in their Monday session as markets continued feeling the pressure of what part higher oil prices may have on global growth.  Investor were also feeling a bit disappointed from the G20 summit over the weekend which only produced a stern warning that the Euro zone needs to boost it’s bailout fund while inching closed towards a deal on the second global rescue package worth  $2 trillion in April.

US:

On  Friday the S&P closed at  highest level it has seen since 2008. Better than expected home sales and consumer sentiment kept most US markets to close in the green and flat.  Investors got two pieces of good news on Friday as home prices came in slightly better than expected and consumer sentiment rose to 75.3 better then the 73 that was expected.

The S&P gained 2.28 points,NASDAQ  gained 6.77 points and the Dow lost 1.74 points. Markets remain mostly flat as investors and markets are still waiting on the sidelines for signs of direction.

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