| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3940 Registered: 05-2011 Posted From: 24.164.46.35 Rating: N/A |
World markets giving mixed signals The global equity markets are mixed with US futures off to strong starts. S&P Futures are up about 20 points to around the 4544 area. The market tested the key support area of 4520 early in the session. While the low print was established at 4514.50, buyers successfully defended the zone. Spoos put in the high of 4553.50 at the tail end of the Asian trade. The S&P has settled back into the current level since. In Asia, China slipped 0.1% while Japan gained over 1%. The Shanghai was unable to hold gains despite getting off to a hot start after China cut both its one-year loan prime rate (LPR) and its five-year LPR, with the latter being the first reduction since April 2020. The five-year LPR acts as China's reference rate for mortgages and helped property stocks. This had a greater impact on Hong Kong where the Hang Seng advanced over 3%. In Japan, stocks were in rebound mode. This is particularly true for some of the worst performing sectors from the prior session. Gaming stocks such as Konami and Sony took back 6%. Meanwhile, Toyota managed a 2% rise following its weakness on Wednesday. In Europe, the major bourses are in an early slump. The release of Germany's PPI dampened spirits right out of the gate. The December print rose 5.0%, far exceeding the forecast of 0.8%. Puma is up 2% and among the standouts after the sportswear maker posted better than expected earnings on record sales. |