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FusionCharts.
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| Market Index | Last (Pts) | % Chg |
|---|---|---|
| US | ||
| Dow Jones Ind. | 10,567.3 | 0.0% |
| S&P 500 | 1,145.6 | 0.5% |
| NASDAQ | 2,359.0 | 0.8% |
| Europe | ||
| FTSE 100 | 5,640.6 | 0.7% |
| DAX 30 | 5,936.7 | 0.9% |
| Asia | ||
| NIKKEI | 10,563.9 | 0.0% |
| HANG SENG | 21,208.3 | 0.0% |
All data above as of close 10/03/2010
- Banking and technology stocks were the strongest performers overnight, helping major indices edge higher. The Dow ended trading up 3pts to 10567pts, the S&P 500 rose 0.5% to 1145.6pts and the NASDAQ closed up 0.8% to 2359pts.
- On the Dow, Bank of America (+1.9%) and JPMorgan (+1.2%) led the charge, helping eliminate losses in the health-care and material sectors – Merck (-1%) and Chevron (-0.4%). Citigroup (+6.1%) surged higher, up more than 12% in the past five sessions. The bank plans to issue up to US$2 billion to improve its capital position, while also boosted by news its real estate unit may be purchased by Apollo Management.
- The Wall Street Journal reported that Barclays is considering acquiring a US retail bank, helping build the British banks presence. Some names said to be considered include Fifth Third, PNC, SunTrust (+2.5%) and Comerica. Meanwhile Royal Bank of Canada is also interested in US banks with more than US$10 billion in assets to help build its consumer lending business according to the banks CEO.
- The market was boosted by some positive economic data that showed an unexpected decline in wholesale inventories (-0.2%), with economists expecting as much as a 0.2% increase. Thursday will see the release of international trade data and on Friday retail sales numbers.
- The US dollar traded lower against most currencies – AUD/USD +0.1% to US$0.9145 and EUR/USD +0.3% to US$1.3642. Crude oil was boosted by news that inventory stockpiles were lower than expected, rising +0.4% to US$81.8/bbl. Gold fell 1.3% to US$1108.2/oz, while on the LME base metals were soft – Copper -0.9%, Nickel -3.3%, Aluminium -1.2%.
- In Europe, the FTSE 100 (+0.7%), DAX 30 (+0.9%) and CAC 40 (+0.9%) closed higher. Bank of Scotland (+3.6%) and Lloyds (+3.9%) posted strong gains, while miners BHP (+1.1%) and RIO (+1.8%) closed higher. In Asia, China reported a 45.7% rise in exports and a 44.7% increase in imports through February. The Nikkei (-0.04%) and the Shanghai Composite (-0.7%) edged lower yesterday.
11/03/2010
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Evans and Partners will always look for, and promote, the simplest investment solution for each individual client. We promote our investment strategy ideas through three regular publications, the weekly View from the Outer, monthly Financial Engineer and monthly Investment Chartbook keep clients up to date with our key investment themes and ideas.
The US economy expanded at an annual rate of 4.0% through the second half of 2009. The stronger economy, however, did nothing to resurrect gasoline consumption which continues to contract. The US is currently consuming the same amount of gasoline as it was in mid-2004. Energy efficiency is surging around the world. It will remain a material cap on energy prices for at least the next year or two.
