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US markets closed for Martin Luther King Day $CLc1
Last Updated on Monday, 05 March 2012 14:47
- Most US markets were closed overnight due to the Martin Luther King public holiday. Attention turned to Europe and how the market would react to the mass downgrades of European debt. The market reacted better than expected with European indexes finishing higher and the vital French bond auction going well
- Despite the rating downgrades, yields on French bonds fell and the yield spread between sovereigns and German bunds fell. The contraction in yield spreads was assisted by the ECB continuing its purchase of Spanish and Italian bonds
- Once the US resumes trading, attention will turn to economic reports on inflation, housing and manufacturing which will indicate if the US economic recovery is continuing or starting to lose momentum
- DOW –0.39%, S&P500 –0.49% and NASDAQ –0.51% (closed)
- The EUR was surprisingly strong despite downgrades in a relatively quiet session as the US was away. AUD remains around 1.0300
- Gold finished slightly higher up 0.3%, Crude rallied on Iran concerns
Published by Spectrum Live Pty Ltd | www.spectrumlive.com
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