Post by hurricanemaxi on Nov 28, 2011 2:32:22 GMT -6
Stocks advanced, helping the MSCI All Country World Index snap a 10-day drop, while U.S. equity futures and commodities climbed amid speculation European policy makers are taking steps to stem the debt crisis and as America’s Thanksgiving retail sales jumped to a record. Treasuries fell.
MSCI’s All Country World Index added 0.7 percent at 8:04 a.m. in London. Standard & Poor’s 500 Index futures rallied 1.8 percent, signaling the U.S. gauge may halt a seven-day losing streak. Treasury 10-year yields increased three basis points to 2 percent and the Dollar Index (DXY) headed for the biggest decline in more than two weeks. New Zealand’s dollar strengthened 1.6 percent after Prime Minister John Key was re-elected. S&P’s GSCI Index of raw materials rebounded from a five-week low.
About $4.6 trillion has been wiped out from global equity values this month as concern Europe’s crisis will spread spurred a surge in Italian borrowing costs. German Finance Minister Wolfgang Schaeuble urged fast-track treaty changes to tighten budget discipline to calm markets. U.S. retail sales during Thanksgiving climbed 16 percent to a record.
There are “a lot of good things going on that’s not recognized by the market right now,” John Vail, chief global strategist and head of asset allocation at Nikko Asset Management, said in a Bloomberg Television interview from Tokyo. “It’s not all bad news. We’re still overweight equities.”
Stocks (MXWD) Rebound
Industry groups tracking mining and financial stocks were the best performers on MSCI’s All Country World Index, helping the gauge rebound from a 10-day, 9 percent slump. The gauge is valued at 11.1 times estimated profits, compared with a five- year average multiple of 13.6 times, according to data compiled by Bloomberg.
The Stoxx Europe 600 Index increased 0.9 percent and the MSCI Asia Pacific Index rose 1.9 percent, set for the largest jump since Nov. 4. Japan’s Nikkei 225 Stock Average climbed 1.6 percent, Australia’s S&P/ASX 200 Index gained 1.9 percent, and South Korea’s Kospi Index added 2.2 percent.
LG Electronics Inc. (066570) surged 8.6 percent and Li & Fung Ltd. (494) rallied 11 percent, pacing gains among companies that export to the U.S. Qantas Airways Ltd. (QAN) advanced 3.4 percent, the first gain in eight days, after Australia’s biggest carrier predicted profit that beat analysts’ expectations.
S&P 500 futures expiring in December signal the equity index may rebound from a seven-day, 7.9 percent slump that was its longest losing streak since August. Retail sales totaled $52.4 billion during the holiday weekend and the average shopper spent $398.62, up from $365.34 a year earlier, the Washington- based National Retail Federation said yesterday, citing a survey conducted by BIGresearch.
‘Mild Recovery’
The retail sales data proved the U.S. is “in a mild recovery, and consumer’s purchasing power isn’t something to be pessimistic about,” said Naoki Fujiwara, who helps oversee $6 billion at Shinkin Asset Management Co. in Tokyo.
The Dollar Index, which tracks the U.S. currency against those of six trading partners, dropped 0.5 percent, set for the largest slump since Nov. 11. The greenback slipped 0.1 percent to 77.68 yen and weakened 1.4 percent to 98.47 cents against its Australian counterpart.
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MSCI’s All Country World Index added 0.7 percent at 8:04 a.m. in London. Standard & Poor’s 500 Index futures rallied 1.8 percent, signaling the U.S. gauge may halt a seven-day losing streak. Treasury 10-year yields increased three basis points to 2 percent and the Dollar Index (DXY) headed for the biggest decline in more than two weeks. New Zealand’s dollar strengthened 1.6 percent after Prime Minister John Key was re-elected. S&P’s GSCI Index of raw materials rebounded from a five-week low.
About $4.6 trillion has been wiped out from global equity values this month as concern Europe’s crisis will spread spurred a surge in Italian borrowing costs. German Finance Minister Wolfgang Schaeuble urged fast-track treaty changes to tighten budget discipline to calm markets. U.S. retail sales during Thanksgiving climbed 16 percent to a record.
There are “a lot of good things going on that’s not recognized by the market right now,” John Vail, chief global strategist and head of asset allocation at Nikko Asset Management, said in a Bloomberg Television interview from Tokyo. “It’s not all bad news. We’re still overweight equities.”
Stocks (MXWD) Rebound
Industry groups tracking mining and financial stocks were the best performers on MSCI’s All Country World Index, helping the gauge rebound from a 10-day, 9 percent slump. The gauge is valued at 11.1 times estimated profits, compared with a five- year average multiple of 13.6 times, according to data compiled by Bloomberg.
The Stoxx Europe 600 Index increased 0.9 percent and the MSCI Asia Pacific Index rose 1.9 percent, set for the largest jump since Nov. 4. Japan’s Nikkei 225 Stock Average climbed 1.6 percent, Australia’s S&P/ASX 200 Index gained 1.9 percent, and South Korea’s Kospi Index added 2.2 percent.
LG Electronics Inc. (066570) surged 8.6 percent and Li & Fung Ltd. (494) rallied 11 percent, pacing gains among companies that export to the U.S. Qantas Airways Ltd. (QAN) advanced 3.4 percent, the first gain in eight days, after Australia’s biggest carrier predicted profit that beat analysts’ expectations.
S&P 500 futures expiring in December signal the equity index may rebound from a seven-day, 7.9 percent slump that was its longest losing streak since August. Retail sales totaled $52.4 billion during the holiday weekend and the average shopper spent $398.62, up from $365.34 a year earlier, the Washington- based National Retail Federation said yesterday, citing a survey conducted by BIGresearch.
‘Mild Recovery’
The retail sales data proved the U.S. is “in a mild recovery, and consumer’s purchasing power isn’t something to be pessimistic about,” said Naoki Fujiwara, who helps oversee $6 billion at Shinkin Asset Management Co. in Tokyo.
The Dollar Index, which tracks the U.S. currency against those of six trading partners, dropped 0.5 percent, set for the largest slump since Nov. 11. The greenback slipped 0.1 percent to 77.68 yen and weakened 1.4 percent to 98.47 cents against its Australian counterpart.
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