The Dow Jones industrial average was up 36.28 points, or 0.37 percent, at 9,820.20. The Dow hit a new 11-month high.  The Standard & Poor’s 500 Index was up 2.81 points, or 0.26 percent, at 1,068.30. The Nasdaq Composite Index was up 6.11 points, or 0.29 percent, at 2,132.86. The S&P 500 is up 58 percent since it’s March low. Procter & Gamble and major home builders were among the largest gainers. European shares pulled back on Friday, from an 11-month high that was reached on Thursday. Defensive drug makers were the day’s top gainers. The benchmark Nikkei .N225 pared its losses to 73.26 points or 10,370.54 after falling as much as 1.4 percent during the morning, and was down 0.7 percent on the week. Japan’s Nikkei slipped 0.7 percent on Friday, financials were hit. The broader Topix ended flat at 939.44.
According to bankers and industry groups, European commercial property owners face a wave of complex debt refinancing and restructuring, which could pose a threat to that sector. Analysts said last night, that the Federal Reserve to regulate US bank bonuses has made a deal at this week’s G20 summit much more likely, The US shift has significantly reduced the gap with the EU’s position, but other nations and national parliaments would still have to endorse any agreement. The Fed now wants to have the power to veto any compensation structure it believes could be driving excessive risk-taking. The top 25 banks would be most regulated. Obama said yesterday that all signs are pointing to the US economy starting to grow again, however he is concerned that not enough jobs may be created until next year.

Due for release today there is the USD leading indicators, NZD Current Account Balance, NZD Current Account Deficit.

By Greg Secker