US markets weaker ahead of Obama’s speech $SPY $BAC

Last Updated on Friday, 09 September 2011 13:08

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US Equities consolidated, partially erasing Wednesday’s advance as Federal Reserve Chairman Ben Bernanke disappointed traders by not detailing specific plans to boost economic activity.
An unexpected rise in weekly claims for unemployment insurance also derailed sentiment, offsetting news that the trade deficit narrowed to a 3 Month low as exports climbed to a record.
The US Dollar soared against the Euro as ECB President Trichet said “downside risks” to the European economy intensified.
European Equities advanced, despite volatile trading conditions after the Bank of England and European Central Bank left interest rates on hold.
European financials were stronger Crédit Agricole (€5.86, +1.9%), Deutsche Bank (€24.89, +1.3%) and Standard Charted (1377.00p, +1.3%) climbed, while Germany’s largest bank reiterated its full-year earnings guidance.
US Financials underperformed as Commercial Banks – Bank of America ($7.20, -3.7%), Citigroup ($27.98, -3.5%), JPMorgan Chase ($33.51, -3.8%).
Energy & Materials fell - Chevron ($98.41, -0.9%), ConocoPhillips ($65.88, -2.1%), and Miners – Alcoa ($12.03, -1.8%), Peabody ($47.67, -2.2%).
Dow Jones –1.04% S&P500 –1.06% NASDAQ –0.78%

Published by Spectrum Live Pty Ltd | www.spectrumlive.com

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