Greg Secker – Global Market Update

European stock index futures pointed to a rise in equity markets on Thursday, with investors waiting for rate decisions from the European Central Bank and the Bank of England later in the day. The Dow Jones industrial average dropped 26.30 points, to end at 10,270.55. The Standard & Poor’s 500 Index fell 6.04 points, to end at 1,097.28. On the other hand the Nasdaq Composite Index edged up just 0.85 of a point, closing at 2,190.91. The Nikkei closed down 48.35 points at 10,355.98, while the broader Topix lost 0.5 percent to close at 911.09.

Yesterday, data showed that in January the pace of US job losses in the private sector dampened as employers reported the smallest payroll decline in almost two years, on the other hand the dominant services sector grew marginally. A report by ADP Employer Services showed that last month the US lost 22,000 private sector jobs. The Institute for Supply Management’s non- manufacturing businesses index rose to 50.5 from 49.8 in December.

Due for release today is the AUD Building Approvals m/m, AUD Retail Sales m/m, GBP Halifax HPI m/m, GBP Asset Purchase Facility, GBP MPC Rate Statement, GBP Official Bank Rate , EUR Minimum Bid Rate, CAD Building Permits m/m, EUR ECB Press Conference, USD Unemployment Claims, CAD Ivey PMI, USD FOMC Member Hoenig Speaks.

By Greg Secker

The Dow Jones industrial average rose 41.87 points, to end at 10,236.16. The Standard & Poor’s 500 Index rose 5.33 points, to 1,097.50. The Nasdaq Composite Index jumped 17.68 points, to 2,221.41. The Nikkei climbed 162.21 points to 10,414.29 after earlier rising to 10,462.70. The Topix rose 0.7% to 914.32.

Yesterday, the US Federal Reserve kept interest rates at zero signaling that the economic recovery was gathering strength. Yesterday, Greek government bonds were crushed after the finance ministry denied a report that suggested it had hired Goldman Sachs to promote the sale of more than £20bn worth of Greek bonds to the Chinese.

Due for release today is the USD Core Durable Goods Orders m/m, USD Unemployment Claims, USD Fed Chairman Nomination Vote and NZD Building Consents m/m.

By Greg Secker

The FTSeurofirst 300 closed 0.4 percent higher at 1,022.99 points. The Dow Jones industrial average fell 2.57 points, to 10,194.29. The Standard & Poor’s 500 Index dropped 4.61 points, to 1,092.17. The Nasdaq Composite Index dived 7.07 points, to 2,203.73. The benchmark Nikkei lost 73.20 points to 10,252.08, its lowest close since Dec. 21. The Topix fell 1% to 907.67.

Yesterday, the International Monetary Fund increased its global growth expectations for 2010 and warned that a removal of stimulus packages was the biggest risk for western economies. Yesterday, analysts at the Congressional Budget Office announced that the US budget deficit for this fiscal year has been revised lower to $1.3 trillion (£806bn) in comparison to an earlier estimate of $1.4 trillion posted in 2009. Yesterday, Greece said that in February it will sell more bonds, after its first debt issue of the year was heavily oversubscribed.

Due for release today is the GBP CBI Realized Sales, USD New Home Sales, USD FOMC Statement, USD Federal Funds Rate, NZD Official Cash Rate and NZD RBNZ Rate Statement.

By Greg Secker

The Dow Jones industrial average rose 23.88 points, to 10,196.86. The Standard & Poor’s 500 Index climbed 5.02 points, to 1,096.78. The Nasdaq Composite Index jumped 5.51 points, to 2,210.80. On Tuesday, Japan’s benchmark Nikkei fell 1.8% to a five-week closing low.

Yesterday, growth of Euro zone industrial new orders in November was revised up to 2.7% month-on-month. On Friday, Germany said that the country’s orders rose 2.8% month-on-month, the increase was mainly due to a correction in the volume of investment goods ordered from outside the euro zone. Yesterday, Greece regained market confidence as a large premium on the first Greek bond issue of the year led to strong demand. Demand for the bond rose to more than three times the initial offered size. Yesterday, sales of previously owned US homes fell at the fastest pace on record as the boost from the tax credit faded.

Due for release today is the JPY BOJ Press Conference, EUR German Ifo Business Climate, GBP Prelim GDP q/q, GBP BOE Gov King Speaks, USD CB Consumer Confidence.

The Dow Jones industrial slipped 216.90 points, to 10,172.98. The Standard & Poor’s 500 Index dropped 24.72 points, to 1,091.76. The Nasdaq Composite Index fell 60.41 points, to 2,205.29.The Nikkei slipped 0.7 percent to 10,512.69. The Topx dropped 0.7 percent to 934.59.

Yesterday, the Icelandic media reported that Iceland is approaching governments regarding the possibility of mediating talks over the $5bn its owes to Britain and the Netherlands.Tomorrow, the BoJ will meet it is widely expected to leave rates unchanged and also to leave their lending programs as they are.

Due for release today is the AUD PPI q/q and the USD Existing Home Sales.

By Greg Secker

The FTSEurofirst 300 index of shares fell 1.6 percent to 1,036.07 points. The Dow Jones industrial average dropped 213.27 points, to end at 10,389.88. The Standard & Poor’s 500 Index fell  21.56 points, at 1,116.48. The Nasdaq Composite Index fell 25.55 points, to 2,265.70. The Nikkei 225 dropped 277.86 points to 10,590.55. The Topix fell 1.6 % to 940.94.

According to the World Gold Council, in 2009 Gold appreciated by 25 per cent price this was driven by investors running to take cover from the prospect of rising inflation. According to figures, hedge funds had their greatest performance in a decade and their best rebound since records began. Analyst expectations were outpaced by the rate of recovery. In 2009 83 % of all funds posted positive performance, recouping losses that were incurred in 2008.

Due for release is the GBP Retail Sales and the CAD Core Retail Sales m/m.

By Greg Secker