U.S. consumer sentiment misses analysts’ forecast . . . . . . . . . . U.S. consumer sentiment dropped in October more than analysts’ projection on the back the back of the partial government shutdown and woes regarding U.S. default. Thomson Reuters/University of Michigan final consumer sentiment index retreated to 73.2 this month from 77.5 in September, coming below both preliminary and expected readings of 75.2 and 75.0. Household confidence is mainly affected by the political conflict between Republicans and Democrats, which garroted the world’s biggest economy into its first partial shutdown in 17 years and raised default woes. Although the Congress managed to pass a legislation to raise the U.S. debt ceiling, the increase is only temporary, or, in other words, a delay to default threats till early next year. The economic conditions gauge slipped to 89.9 from 92.6 while the economic outlook measure plunged to 62.5 from 67.8. Investors, meanwhile, are carefully watching economic data from the U.S. to detect the time at which the Fed would unwind stimulus. As of 14:15 GMT, the dollar index, which tracks the dollar movements versus a basket of major currencies, traded around 79.25 after hitting a low of 78.84. #egyptyard
Posted on: Fri, 25 Oct 2013 14:51:18 +0000
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