Mar 10
2
Morning Call by Greg Secker
International Report
The FTSEurofirst 300 rose 1.2% at 1,019.59 points. The Dow Jones industrial average jumped 0.76%, to close at 10,403.79. The Standard & Poor’s 500 Index gained 1.02%, to close at 1,115.71. The Nasdaq Composite Index jumped 1.58%, to close at 2,273.57. The Nikkei jumped 49.78 points to close at 10,221.84. The Topix gained 0.4 % to close at 902.71.
In France, Italy and Spain the February car sales rose rapidly as the scrappage schemes lifted business. However European carmakers may have tougher times ahead as the governments start to phase out these incentives. Yesterday, the European Union urged Greece to take extra austerity measures within days to tackle its debt problems. According to the Spanish government, European Union members remain divided over rules that are being planned for hedge funds and private-equity companies. In January, US consumer spending increased at a faster than expected rate and the US manufacturing sector also grew. The Commerce Department stated that spending rose to 0.5%. According to industry reports, in February the US manufacturing sector grew at a lower than expected rate.
Due for release today is the CAD BOC Rate Statement, CAD Overnight Rate and AUD GDP q/q.
by Greg Secker
