( as of 7:10 AM PST)
Stocks are up this morning on the back of a strong earnings report from tech giant Intel. Most economic indicators are coming in below market expectations today but traders are ignoring the data or assuming that the data might be reason for more financial stimulus. Asian markets were down while European markets are up. A press conference by the ECB seems to indicate that its new massive financial stimulus bond buying program is meeting early objectives and is likely to continue full tilt. Two key measures of economic output, the Empire manufacturing report and the industrial production report came in well short of expectations indicating that contraction is occurring in the short term. Gold is close to unchanged while oil continues to rally. Expect trader optimism to dissipate as the effects of the recently concluded ECB meeting fade.
No comments:
Post a Comment