Written by Gary
Opening Market Commentary For 01 December 2014
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U.S. stocks fell at the open on Monday as manufacturing growth across Asia and Europe eased in November, while retailers could be pressured as Thanksgiving weekend in-store sales failed to impress.
The Dow Jones industrial average (DJI) fell 44.31 points, or 0.25 percent, to 17,783.93, the S&P 500 (SPX) lost 5.4 points, or 0.26 percent, to 2,062.16 and the Nasdaq Composite (IXIC) dropped 14.15 points, or 0.3 percent, to 4,777.48.
European stocks were mostly higher on Monday, as growing expectations for additional easing measures by the European Central Bank continued to support. During European morning trade, the EURO STOXX 50 added 0.19%, France’s CAC 40 edged up 0.18%, while Germany’s DAX 30 inched up 0.06%. European equities strengthened after data on Friday showed that the annual rate of euro area inflation slowed to a five year low of 0.3% last month, down from 0.4% in October.
The weak data added to pressure on the ECB to step up measures to spur growth and stave off the threat of deflation ahead of its upcoming policy meeting on Thursday. Earlier Monday, Markit research group said that Spain's manufacturing purchasing managers' index rose to 54.7 last month from 52.6 in October. Analysts expected the index to rise to 53.1 in November.
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Written by Gary