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Morning Market Analysis: Neutral Into New Week

Global markets were mixed and non-committal on Friday night, with gains in Europe countered by weakness in the US.

European markets were broadly higher, with the Stoxx Europe 600 up 0.5% after a report that the European Commission and Spain are working to ensure structural overhauls required for a bailout are in place before the government asks for help.

The FTSE 100 shed two points in London, to settle at 5853, whilst the French CAC (+0.6%) and German DAX (+0.8%) fared much better. Stateside, the Dow Jones gave up 17 points (-0.1%) to settle at 13579, whilst the S&P was flat and the NASDAQ added 0.1%.

US stocks edged lower late in the session, causing the Dow to suffer its first weekly loss in three weeks. For the week, the Dow gave up 0.1% while the S&P 500 fell 0.4%. Earlier this month, stocks had rallied as the European Central Bank and Federal Reserve announced bond-buying programs meant to jolt economic growth.

Crude oil prices rose 0.5%, to settle at $92.89 a barrel, after falling 7.2% over the previous four sessions. Gold prices edged up 0.4%, to settle at $1,775.50 an ounce. The US dollar inched lower against both the euro and yen. The yield on the 10-year Treasury note declined to 1.760%.

There is no major local data due out during today’s session.


Morning Market Analysis: Neutral Into New Week is a post from: Australian Stock Report Market Pulse Blog

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