11/09/07
| FTSE 100 |
6134.1, -57.1 |
Dow |
13127.8, +14.5 |
| FTSE 250 |
10974.8, -132.9 |
Nasdaq |
2559.11, -6.59 |
| FTSE All Share |
3173.22, -30.58 |
S&P 500 |
1451.7, -1.85 |
| Nikkei |
15765, -357.2 |
Hang Seng |
23999.7, +17.1 |
| Oil (Brent) |
$75.68 |
Gold |
$703.9 |
| Base Rate |
5.75% |
10 Yr Gilt |
4.916% |
| £/$ |
2.0239 |
Euro/Gbp |
0.6807 |
Markets
U.S. stocks closed little changed on Monday as strength in semiconductor stocks tied to Intel Corp.'s higher sales outlook offset lingering concerns about the mortgage market. The Dow Jones rose 14.47 points, to 13,127.85. The S&P was down 1.85 points at 1,451.70 while the The Nasdaq closed 6.59 points lower at 2,559.11. An afternoon rally fizzled when oil shot to within a whisker of a record, sparking fresh worries that high gasoline costs will squeeze consumer spending. Semiconductor stocks stood out on the session after Intel said strong global demand would drive its third-quarter sales above its previous forecast, and technology hardware shares rose with news that Apple Inc. had sold its millionth iPhone. But Countrywide Financial Corp. the largest U.S. mortgage lender, declined 5.5% to $17.21 after UBS slashed its share price target on the stock and cut its 2007 and 2008 earnings estimates.
The Nikkei closed up 0.7% at 15877.67 with Topix also snapping six-day losing streak. Heavily sold real estate stocks lead rebound with machinery order data also lifting precision equipment stocks.
The Hang Seng fell into negative terrotory towards the close dragged down after Chinas CSI 300 stock index closed 4.7% lower its biggest fall since July 5 as inflation hits a decade high.
The FTSE100 opened strongly this morning on a broad based increase with Next leading the charge following a well received H1 update. Miners and recently beaten down financial stocks fill the other top places as the market once again tries to buck the recent trend.
Economics
UK Trade Balance (JUL) 0930BST
A modest improvement is expected in the trade balance as import growth slows by more than export growth on the back of subdued retail spending. -6.2bn is forecast.
US Trade Balance (JUL) 1330BST
The trade deficit is expected to widen to USD60.5bn from USD58.1bn in June. Imports should be driven by a 7% rise in petroleum import price with exports expected to fall despite a 01.2% increase in prices.
US IBD/TIPP Economic Optimism
With sizeable declines from the conference board and University of Michigan last month this weekly ABC/Washington Post survey remains around its lowest since 2005. A fall is expected to 47 from 49.5
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