The Dow Jones industrial average gained 65.67 points, at 10,471.50. The Standard & Poor’s 500 Index increased by 4.06 points, at 1,106.41. The Nasdaq Composite Index was down 0.55 point, or 0.03 percent, at 2,190.31. In early trade this morning European shares rose extending their winning streak to three-sessions, as Dubai debt fears eased banks were again the major gainers. The Nikkei edged down 2.19 points to 10,105.68, previously falling as low as 10,009.60.The Topix fell 0.4 percent to 885.08.

According to the US, Iraq’s string of deals with oil majors has boosted its importance ahead of Opec’s next meeting. The oil cartel is set to meet on 22 December, all eyes will be on Iraq following new ambitious output targets set by Baghdad over the weekend. In a new draft budget due to be approved on Wednesday, Germany aims to more than double net new borrowing next year and also increase public spending. The total new debt is expected to approach €100bn. Today, Dubai faces the first hurdle to resolve its debt crisis as the $3.5bn bond by state-owned firm Nakheel expires.

Due for release today there is the JPY Industrial Production, JPY Capacity Utilization, EUR Euro-Zone Employment.

By Greg Secker

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