Dec 09
15
Morning Call by Greg Secker
At 0835 GMT, the FTSEurofirst 300 index of top European shares was down at 1,017.43 points. European stocks turned negative in morning trade today, halting a three-session winning streak while investors awaited U.S. macro data. The Nikkei .N225 fell 22.20 points to 10,083.48, while the Topix remained relatively flat at 884.63. The Dow Jones industrial average climbed 29.55 points, to end at 10,501.05. The Standard & Poor’s 500 Index jumped 7.70 points, or 0.70 percent, to 1,114.11. The Nasdaq Composite Index climbed 21.79 points, or 0.99 percent, closing at 2,212.10.
According to figures from RICS, the proportion of estate agents reporting an increase rather than a decrease in house prices is at its highest for three years. The Times reports, that 35% of surveyors reported rising rather than declining prices in the past three months, up from 34% in October and the highest quarterly reading since November 2006. ABU DHABI’S $10bn (£6bn) bailout of Dubai has given some breathing space for Dubai to restructure. Yesterday, the Greek prime minister announced a crackdown on corruption and tight controls on spending, however many market-watchers expected more decisive measures to reduce the budget deficit. The FT reports, that George Papandreou stated that public sector workers would receive wage rises next year in spite of Greece’s deteriorating public finances.
According to two sources close to European Union negotiators, support for a global tax or emissions trading scheme in shipping and aviation is growing at the Copenhagen climate change talks.
Due for release today is the GBP RICIS House Price Balance, AUD Dwelling Starts, AUD Reserve Bank of Australia Meeting Minutes, GBP Consumer Price Index, EUR German ZEW Survey, EUR German Zew Survey, EUR Euro-Zone ZEW Survey, CAD Labor Productivity, USD Producer Price Index, USD PPI Ex Food and Energy, USD Industrial Production and USD Capacity Utilization.
By Greg Secker
