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Markets rally on potential IMF support of Italy $AA:xnys
Last Updated on Tuesday, 29 November 2011 09:56
- Markets were stronger on reports that the IMF may provide support to Italy in the form of a EUR600 Billion loan if required, these reports have been denied. The market was also encouraged by record ‘Black Friday’ sales which should bode well for stronger retail sales
- Investors in the US and Europe were encouraged by officials working towards more radical solutions to stem the worsening debt crisis. Economic data in the US was encouraging with US New Homes Sales moving up 1.3% in October, however it fell short of estimates
- The S&P500 broke a 7 day losing streak with all sectors moving higher. The gains were led by the materials and energy sectors
- Leading the gains on the Dow was AA, CAT, HPQ, CVX and BA which rallied 5.70%, 5.49%, 4.49%, 3.77% and 3.52% respectively
- Dow Jones 2.59% S&P500 2.92% NASDAQ 3.52%
- USD was weaker as risk appetite rose as traders bet on officials moving towards a roadmap to resolve the crisis. AUD tested parity
- Gold climbed the most in three weeks and Oil broke above USD100
Published by Spectrum Live Pty Ltd | www.spectrumlive.com
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