Asian Markets are set to open higher after a positive night on Wall Street on the back of a Conference Board report showed consumer confidence jumped to its highest level since July. Optimism toward a meeting of euro-zone leaders offset a report that Standard & Poor’s may put France’s triple-A credit rating on review for a possible downgrade.

The S&P 500 rose 0.2%t to 1,195.19 at 4 p.m. New York time, rallying 3.2% in two days. The Dow Jones Industrial Average added 32.62 points, or 0.3%, to 11,555.63. The Nasdaq Composite Index retreated 0.5% to 2,515.51. The Russell 2000 Index of smaller companies, which gained 4.

Stocks extended gains today after a report showed that consumer confidence snapped back more than forecast in November as Americans turned less pessimistic on the outlook for jobs. Federal Reserve Vice Chairman Janet Yellen said the central bank has leeway to spur the U.S. recovery by purchasing more assets.

European stocks advanced for a third day as euro-area finance ministers met to discuss insuring a portion of bonds issued by debt-stricken countries.

The EURUSD dropped versus the majority of its most-traded counterparts amid speculation Europe’s effort to expand its bailout fund to 1 trillion euros ($1.3 trillion) is falling short. The euro was little changed at $1.3330 at 4:08 p.m. New York time, after earlier gaining to as high as $1.3442, the strongest level since Nov. 23.

WTI Oil rose for a third day in New York after U.S. consumer confidence climbed by the most in more than eight years and Iranian protesters broke into and vandalized the British Embassy’s compound in Tehran. Crude oil for January delivery rose $1.58 to $99.79 a barrel on the New York Mercantile Exchange, the highest settlement since Nov. 16.

Gold futures climbed for the second straight day amid a commodity rally after the dollar’s drop boosted the appeal of raw materials as alternative investments. Gold futures for February delivery advanced 0.3% to settle at $1,718.90 an ounce at 1:57 p.m. on the Comex in New York.

Source
Bloomberg, Dow Jones News

Asian Markets are set to open higher after overnight markets rose, snapping a seven-day decline in the Standard & Poor’s 500 Index, after Thanksgiving retail sales climbed to a record amid speculation European leaders will boost efforts to end the debt crisis.

The Dow Jones Industrial Average jumped 291.23 points, or 2.56%, to 11523 with all 30 blue-chip components closing higher. The rally followed a 26-point loss Friday and a weekly fall of 4.8% that marked the worst Thanksgiving-week performance since markets began closing in observance of the holiday in 1942.

U.S. retail sales during the Thanksgiving weekend increased 16 % to $52.4 billion, the National Retail Federation said, citing a survey conducted by BIGresearch. The average shopper spent $398.62, up from $365.34 a year earlier. Consumer spending, which accounts for about 70% of the economy, grew at a 2.3% annual rate in the third quarter, the fastest pace in 2011, the Commerce Department said Nov. 22.

European markets finished with a broad rally after news that euro-zone leaders were negotiating a pact to contain the sovereign-debt crisis. An agreement, including measures to curb excessive debt by making budget discipline legally binding, could persuade the European Central Bank to take more action to halt the selloff in debt markets.

The EURUSD advanced Monday as speculation mounted that policy makers will be able to get a grip on Europe’s debt crisis but the dollar fell as risk appetite revived. The Euro found resistance at 1.34, however was up from 1.3224 on Friday. Prices last traded at 1.3312

WTI Oil climbed as Thanksgiving retail sales advanced to a record in the U.S., a signal of economic growth in the world’s biggest crude-consuming country. Crude oil for January delivery increased $1.44 to $98.21 a barrel on the New York Mercantile Exchange, the highest settlement since Nov. 17. Futures touched $100.74 a barrel in intraday trading, the first time since Nov. 18 that they topped $100 a barrel.

Gold rebounded to a one-week high as last week’s selling pressures were replaced with hopes of a stronger effort by euro-zone leaders to stem the spread of the sovereign debt crisis. The most actively traded contract, for December delivery, rose $25.10, or 1.5%, to settle at $1,710.80 a troy ounce on the Comex division of the New York Mercantile Exchange.

Source
Bloomberg, Dow Jones News

Asian Markets are set to start the week mixed as U.S. stocks tumbled in the worst Thanksgiving-week loss for the Standard & Poor’s 500 Index since 1932 as concern grew that Europe’s debt crisis will spread and American policy makers failed to reach agreement on reducing the federal budget.

The Dow fell 25.77 points, or 0.23%, to 11231.78 in a shortened session, and finished the week down 4.8%. Increasing sovereign-debt worries in Europe and the U.S. supercommittee’s failure to reduce the deficit were the main drivers for the week’s downdraft. The Dow has lost 7.6% over the last two weeks and finished at its lowest level since Oct. 7. It is down 3% for the year.

The EURUSD (see chart above) slid for a fourth week, its longest losing streak versus the dollar in 18 months, as Germany’s struggle with a bond auction signalled Europe’s debt crisis is touching the region’s most fiscally sound nations. The euro dropped 2.1 per cent to $1.3239 yesterday in New York, from $1.3525 on Nov. 18. However this morning the euro climbed after a report in La Stampa that the International Monetary Fund is preparing a 600-billion euro ($794 billion) loan for Italy in case the country’s debt crisis worsens. The Italian daily didn’t say where it got the information.

WTI Oil rose on speculation that euro-area leaders will do more to fight the debt crisis and on concern that tension in the Middle East will disrupt supply. Crude oil for January delivery gained 60 cents to settle at $96.77 a barrel on the New York Mercantile Exchange.

Gold (see chart above) fell as a fresh set of European credit-rating downgrades sent investors seeking safety in the dollar, pushing gold futures lower for the third time in four sessions.

Source
Bloomberg, Dow Jones News

Asian Markets are set to open mixed after European stocks fell for a ninth consecutive day. Trading volumes were generally light due to the U.S. Thanksgiving Day holiday, but Europe’s problems are still weighing heavily on the markets which are open.

Overnight Euro-zone giants Germany and France vowed to propose changes to EU governing treaties Thursday, but Chancellor Angela Merkel stood by her refusal to widen the European Central Bank’s role. France had urged Berlin to allow the ECB to become a lender of last resort, with the firepower to protect debt-ridden euro-zone members from falling victim to the bond markets, but the German leader stood firm at crisis talks.

The EURUSD (see chart above) fell to a new six-week low against the dollar Thursday after French, German and Italian leaders agreed not to widen the role of the European Central Bank to support weaker euro-zone states. The European single currency sank as low as $1.3316, its lowest since Oct. 6. Prices Last traded at 1.3350.

WTI Oil Futures rose from the lowest price in two weeks after a surprise drop in U.S. stockpiles, and as an unexpected advance in German business confidence countered concern that Europe’s debt crisis will trigger a recession. New York futures gained as much as 1.1%. Crude inventories declined last week to the lowest since January 2010, according to an Energy Department report yesterday. Prices last traded at $97.03/barrel.

Gold were closed the day with little change, prices did fluctuate between $1680 & $1702. Prices last traded at 1698.80

Source
Bloomberg, Dow Jones News

Asian Markets are set to open lower after U.S. stocks fell overnight, driving the Dow Jones Industrial Average down, as the cost of insuring European government debt against default rose to a record on concern the region’s crisis is worsening.

The declines were driven by worrying developments in Europe, where demand at Germany’s auction of new 10-year government bonds was surprisingly weak, bringing the euro zone’s debt fears closer to the core of the region. The disappointing demand lifted yields on Spanish and French government bonds as well.

The Dow Jones Industrial Average fell 236.17 points, or 2.05%, to 11257.50, while the Standard & Poor’s 500-stock index dropped 26.25 points, or 2.21%, to 1161.79. The technology-oriented Nasdaq Composite fell 61.20 point, or 2.43%, to 2460.08.

The EURUSD (see chart above) fell to a six-week low against the dollar after Germany received insufficient bids at a bond auction, adding to concern Europe’s sovereign-debt crisis is driving investors away from the region’s assets. The Euro dropped 1.2 percent to $1.3338 at 4 p.m. New York time and touched $1.3320, the least since Oct. 6. Prices last traded at 1.3349

WTI Oil Futures fell as much as 2.3 percent after Germany failed to get sufficient bids at an auction of benchmark 10-year bunds today to reach its maximum sales target. European services and manufacturing output contracted for a third month in November as the worsening debt crisis pushed the region closer to a recession. Crude oil for January delivery on the New York Mercantile Exchange fell as much as $2.25 to $95.76 a barrel and last traded at 95.84.

Gold eased below $1,700 as investors moved to the US dollar on euro-zone concerns, but futures recovered from their earlier losses as some traders viewed the declines as a good opportunity to buy. Prices last traded at 1695.50

Source
Bloomberg, Dow Jones News

Asian Markets are set to open lower after U.S. stocks fell, driving the Dow Jones Industrial Average to its longest slump in almost four months, as slower-than-estimated economic growth overshadowed signs the Federal Reserve may provide more stimulus.

Stocks fell as revised Commerce Department figures showed that gross domestic product climbed at a 2 percent annual rate from July through September, less than projected and down from a 2.5 percent prior estimate. Equities briefly turned higher as some Fed officials said the central bank should consider easing policy further, according to minutes of their Nov. 1-2 meeting.

The Dow Jones Industrial Average fell 54 points, or 0.46%, to 11493.70, while the Standard & Poor’s 500-stock index dropped 5 points, or 0.41%, to 1188.04. The technology-oriented Nasdaq Composite fell 2 point, or 0.07%, to 2521.28.

The EURUSD rose back towards the day’s highs against the dollar Tuesday after the International Monetary Fund unveiled more tools to improve liquidity and financing needs for its members, a move seen as aimed at stemming contagion of Europe’s debt crisis.

WTI Oil (see chart above) rose for the first time in four days as new sanctions against Iran and protests in Egypt raised concern that supplies will be disrupted. Crude for January delivery gained $1.09 to settle at $98.01 a barrel on the New York Mercantile Exchange. Trading ranged from $96.55 to $98.70.

Gold futures rose the most in a week after mounting debt woes in the U.S. and Europe spurred demand for the metal as a store of value. Gold futures for December delivery gained 1.4 percent to settle at $1,702.40 an ounce at 1:54 p.m. on the Comex in New York, the biggest gain since Nov. 11.

Source
Bloomberg, Dow Jones News

Asian Markets are going to fall on opening as European and US stock markets tumbled overnight as news broke of the failure of the US deficit cutting talked hit the market.

The U.S.12 member congressional committee, charged with reducing the budget deficit by at least $1.2 trillion over the next 10 years or otherwise triggering automatic spending cuts, was facing almost certain collapse, barring an unlikely 11th-hour breakthrough.

The sudden focus on U.S. deficit negotiations came as fears on the euro-zone debt crisis also sharpened. Moody’s Investors Service said it may change its stable outlook on France’s triple-A rating to negative in the coming months, and that German banks have sizable exposures to troubled euro-zone countries.

The Dow Jones Industrial Average closed down 248 points, or 2.11%, at 11547.31. All 30 blue-chip components were in the red. The Dow is also now down for the year after last night’s selloff, the first time since mid-October.

The EURUSD fell on the news from Moody’s over France’s AAA credit rating, falling to as low as 1.3430 before new broke of the failing in Washington. Prices last traded at 1.3504

WTI Oil dropped for the third day, on the news lawmakers wont agree on budget cuts, crude traded down to $94.24 overnight before recovering to close the session slightly down. Crude oil last traded at $97.12

Gold prices fell below $1700/ounce for the first time in four weeks as worries about a potential credit crunch in Europe and budget gridlock in the U.S. spurred traders to sell the precious metal to raise cash.

Source
Bloomberg, Dow Jones News

Asian Markets are set to open flat after US stocks ended mixed. The Dow Jones Industrial Average, which measures the US 30 biggest stocks closed slightly higher, while the broader S&P500 index and Nasdaq both Closed slightly lower.

The Dow Jones Industrial Average gained 25.43 points, or 0.22%, to 11796.16, after dropping nearly 400 points over the previous two sessions combined. The blue-chip measure finished the week down 2.9%, its worst weekly decline since Sept. 23. It is down 4.1% this month.

The Standard & Poor’s 500-stock index was down 0.48 point, or 0.04%, to 1215.65, and fell 3.8% for the week. Utility and financial stocks rose, while technology and energy stocks fell. The technology-oriented Nasdaq Composite fell 15.49 points, or 0.60%, to 2572.50. It dropped 4% for the week.

The EURUSD rose as a scarcity of negative news helped stabilize the currency. The Euro traded as high as 1.3522 well from its earlier day lows of 1.3456 and was driven by speculation that the European Central Bank and International Monetary Fund might find a way to collaborate in order to backstop Italy

WTI Oil fell kept below the $100/barrel mark; Prices remained weak despite the mixed returns on the Stockmarket. Nymex crude last traded at $97.67.

Gold stabilized after Thursdays drop, prices last traded at $1723/ounce.

Source
Bloomberg, Dow Jones News

Asian Markets are set to open lower as US Stocks closed the session lower on a volatile night in trade. US stocks opened lower, tumbling nearly 140 points after weak leads from Asian & Europe.

Stocks steadily moved higher in afternoon trade and was in positive territory after reports the Federal Reserve Bank of Boston, Eric Rosengren, said global central bankers could step in with coordinated action to buy bonds. In addition to the statement, continued positive economic numbers continue to buoy with the strongest reading on the housing market from the National Association of Home Builders since May 2010.

The Dow fell 190.11 or 1.58% points to close the session at 11906.05.

The EURUSD fell  below $1.35 as Italian Bonds yields remain in focus. The Euro was trading as low as $1.3430 before rebounding on the news that Greek Prime Minister Lucas Papademos  won a confidence vote to press ahead with the necessary steps to implement austerity measures. Prices continue to trade below the 1.35 level and last traded at 1.3461.

WTI Oil broke through the $100/barrel level, surging above $102 to close at the highest level since July. The market was driven by the news that refiners in the key U.S. Gulf Coast region will be getting better access to benchmark West Texas Intermediate crude. Prices last traded at 101.84

Gold prices fell overnight as the US dollar continued put pressure on prices. Prices last traded at 1762.95.

Source
Bloomberg, Dow Jones News

Asian Markets are set to open slightly higher after US markets reversed earlier declines to close the session higher. Rising Italian bond yields and Eurozone sovereign debt continues to weigh on investor sentiment.

The Dow futures were down as much as 100 points before market open, however markets gathered momentum just before open as a raft of economic data, including positive retails sales number, changed investor sentiment. The better than expected retails sales numbers could point to an improving US economy.

European markets closed their session lower as investors continue to focus on the Italian Bonds, Italian & Greek governments.  Markets may remain jittery up until the Greek parliament vote tomorrow night on accepting further austerity measures.

The Dow gained 17.43 or 0.14% points to close the session at 12096.16.

The EURUSD hit 1.35 on the back of investors worrying over the issues in Europe. The Euro on its current momentum looks to be heading towards its lowest levels in 2 months. Overall on the current market it was the US dollar that was showing strength and investors continue to flock to the reserve currency.

WTI Oil continued it march to $100, trading as high $99.85 as investors continue to be upbeat about the US economy growing. Crude prices have not been above to $100 market since late July, prices last traded at $99.29/Barrel.

Gold closed the session relatively flat as the rising US dollar limited any potential gains. Prices last traded at 1781.03.

Source
Bloomberg, Dow Jones News