| Global Market Wrap-Up - August 23, 2010 |
August 24, 2010 - 6:43am — mhanna
Mark Hanna, known in the financial community as "TraderMark," provides his insightful daily market coverage in this column, exclusive to Euro Pacific Capital.
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License. Please feel free to repost with proper attribution and all links included.
Monday, August 23, 2010
By:
Mark Hanna
U.S. stocks rallied sharply at the open of the session Monday for no apparent reason, than sold off for much of the day, ending at their worst levels of the day. The S&P 500 fell 0.4% and NASDAQ 0.9%. There was no economic news but looking ahead this week, there will be housing data but Tuesday and Wednesday, durable goods, weekly jobless claims, and the second revision to Q2 GDP.
Interest rates on the 10 year bond remain muted at 2.60%. A quiet day in precious metals as gold fell 30 cents and silver was unchanged.
European shares were up as Britain & France gained 0.8% while Germany gained 0.1%.
- In Britain, BHP Billiton Ltd. and Rio Tinto Group rose amid speculation that a proposed mining tax in Australia may be scrapped or diluted after the ruling Labor party failed to win a majority at the weekend election.
Asian markets were flat to down: Japan -0.7%, China -0.1%, India flat. The strength in the yen continues to weigh on Japanese exporters.
Shares in Australia were marginally lower after national elections on Saturday gave neither of the major political parties an outright majority in parliament. The ruling Labour Party and the opposition Liberal Party-led coalition are now lobbying for the support of independent lawmakers to try to stitch together the nation's first minority government since World War II.
Brazil's Bovespa fell for the 3rd straight session, dropping 1%.
Mark Hanna, known in the financial community as "TraderMark," provides his insightful daily market coverage in this column, exclusive to Euro Pacific Capital.
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License. Please feel free to repost with proper attribution and all links included.
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