Global Event Update 18.11.2013 U.S. indices climbed on Friday, with the Dow industrials and S&P 500 knocking out a sixth week of record-clearing gains, as investors embraced the notion of continued stimulus from the Federal Reserve. S&P 500 rose 0.4% to 1,798 levels. Prices for U.S. exports unexpectedly fell 0.5% in October, while the costs of imports into the United States also fell as a result of a steep fall in oil prices. New York manufacturing survey, came in minus 2.2 for November, also below estimates and the data also had U.S. industrial production down 0.1% in October. The industrial production report is among those impacted by the government shutdown, so it was discounted by the market. European equities closed higher on Friday, improving on a rally seen in the previous session following dovish remarks from U.S. Federal Reserve Vice Chair Janet Yellen. However, Italian stocks closed down 0.4%, after the country was warned by the EU Commission that its draft budget for next year risked breaking the rules, bringing the focus back on to the countrys high debt level. Meanwhile, Italian Interior Minister Angelino Alfano, former secretary of coalition partner PDL party, on Saturday broke away and formed a group that has pledged to remain in Letta’s coalition government. Alfano’s group, which includes 30 senators and 27 lower house deputies, should ensure enough support in parliament for Letta and help reduce political uncertainty risk for Italy. China late on Friday unveiled bold reform plans from its third plenum, including easing the one-child policy, implementing residence registration reforms, allowing market pricing of key resources and further financial liberalization. Asian markets are trading higher today morning on positive global cues. Brent crude is trading over $108/bbl while gold is trading at $1287/ounce levels. ibis...
Posted on: Mon, 18 Nov 2013 05:30:03 +0000
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