(As of 7:15 am PST)
US markets are mixed this morning on the heels of the
G-20 meeting over the weekend. Finance
ministers and central bankers from the world’s 20 largest economies met over the
weekend providing commentary on the global economic outlook. Surprisingly, officials gave implied approval
of Japan’s aggressive stimulus program and encouraged other policy makers in
their efforts to boost economic growth.
The position on Japan sent most Asian markets higher including the
Nikkei which was up nearly 2% on a weakening Yen. European markets followed suit with the broad
market indices all higher. US stocks are
mixed in early trading with the Dow lagging the S&P500 and Nasdaq. Global bellwether, Caterpillar, reported an
earnings miss and cut its full year 2013 outlook for sales and EPS. Gold prices are surging, up over 2% after
falling 7% last week, including the historic 9% one day drop last Monday. Data Friday showed Hedge funds cutting their
“short” positions in Gold and increasing their net “long” positions in the
precious metal after a week of steep losses.
Apple shares are pricing in
expectations of an earnings miss tomorrow, with traders keeping a close eye on
the tech giant, which has tumbled the past 6 months. The economic calendar is thin the rest of the
day but will pick up with reports this week on jobless claims, durable goods,
housing, and Friday’s GDP report.
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