| Market Analysis Forex - 23 december 2011 |
 The markets are awaiting a meeting of the European Systemic Risk Board later this morning in which ECB President Draghi and BoE Governor King are scheduled to speak. European stocks received a boost after UK 3Q11 GDP has been revised up to 0.6%% q/q from 0.5% however, 2Q GDP was revised down to 0.0% from 0.1%. Gains in EUR/USD were limited as the yield on 10-year Greek bonds rose +16 bps to 35.94%. Consumer confidence also remains weak given rising job insecurity and negative real wage growth ahead of January’s 10% rise in rail fares.Asian stocks today closed mixed with Japan down -0.77%, China +0.09%, Australia -1.18%, South Korea -0.05%, India +0.82%. Most Asian stock markets weakened after European banks sought a record amount of cash from the ECB and US existing home sales from last year were revised lower, which dampened the earnings outlook for Asian exporters. Japanese technology stocks weakened and led the overall market lower after a 4.5% decline in Advantest, the world's biggest maker of memory-chip testers, when JPMorgan Chase cut its ratings on the stock to "underweight" from "neutral," citing weak orders. Wall Street has seen the Dow and the S&P500 rise for a third day after US data showing weekly claims for jobless benefits hit a 3-1/2 year low, pointing to continued gradual improvement in the economy. DJIA gained 17.33 (+0.14%) to 12,125.07. The S&P500 gained 1.86 (+0.15%) to 1,245.58. The Nasdaq gained 6.45 (+0.25%) to 2,584.42. The weekly report on Initial Jobless Claims is 364,000 v expectations of 380,000 to the lowest since spring 2008. Continuing Claims were down 79,000 to 3.546m for the week ended December 10th. |
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