Market Commentary: Markets Open Up on Mixed Economic Reports

November 27th, 2013
in Gary's blogging, market open

Written by

Opening Market Commentary For 11-27-2013

Gary is off today, and the opening market commentary comes from our syndication partner

U.S. stocks opened higher in thin trade on Wednesday, ahead of the Thanksgiving holiday as markets eyed the release of upcoming U.S. data after investors shrugged off mixed economic reports released earlier in the day.

Follow up:

During early U.S. trade, the Dow Jones Industrial Average inched up 0.05%, the S&P 500 index added 0.11%, while the Nasdaq Composite index rose 0.27%.

The Department of Labor said the number of individuals filing for initial jobless benefits last week declined by 10,000 to a seasonally adjusted 316,000. Economists had forecast an increase of 4,000.

A separate report showed that U.S. durable goods orders fell 2% in October, worse than expectations for a 1.9% decline, while core durable goods orders were down 0.1%, compared to expectations for a 0.5% increase.

The mixed data did little to shift expectations that the Federal Reserve will start to taper its stimulus program at one of its next few meetings, while trade volumes remained thin ahead of the U.S. Thanksgiving holiday on Thursday.

European stocks remained higher on Wednesday, after the release of upbeat German consumer climate data, while markets eyed a string of U.S. economic reports due later in the day.

During European afternoon trade, the EURO STOXX 50 gained 0.37%, France’s CAC 40 rose 0.31%, while Germany’s DAX 30 advanced 0.31%.

Sentiment found support after the forward looking Gfk index of German consumer climate rose to a six year high of 7.4 for December from 7.1 in November.

Investors were eyeing preliminary euro zone inflation data, due out on Friday, amid expectations that the annual rate of inflation would rise to 0.8% in November, from October’s four year low of 0.7%.

Concerns over mounting deflationary pressures in the euro area prompted the European Central Bank to cut interest rates to a record low 0.25% at its November meeting.

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Written by Gary


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