Equities
Monday opened the week on a down note in Asia, as concerns overItaly’s debt burden pressured stocks. The Nikkei fell .4% to 8767, the Kospi declined .5% and the ASX 200 eased .2%. InChina, the Shanghai Composite fell .7% and the Hang Seng slumped .8%.
European markets recovered from steep losses to close modestly lower, boosted by rumors that Italy’s Prime Minister Silvio Berlusconi might resign. The CAC40 and DAX both closed down .6% and the FTSE shed .3%. Italy’s MIB index rallied 1.3%, overcoming early losses.
US stocks gained, with the Dow closing up 84 points to 12068. The Nasdaq rose .3% and the S&P 500 gained .6%. Healthcare shares rallied, after Amgen announced a $5 billion stock buyback plan. Amgen shares surged 5.9% higher.
Currencies
The Swiss Franc tumbled 1.6% to 1.1098 after a Swiss government panel recommended the Swiss National Bank lift the EURCHF exchange floor from 1.20 to 1.30. The EURCHF rate is currently 1.2413. A strong Franc is threatening to push Switzerland into recession as it struggles to compete with its Euro-based peers.
The Dollar traded mixed against the other major currencies, as the Euro eased .1% to 1.3776, while the Pound rose .2% to 1.6054. The Australian Dollar overcame an early loss of nearly 1% to close down fractionally at 1.03711, and the Canadian Dollar gained .6% to 1.0128.
Economic Outlook
Consumer credit was stronger than forecast climbing by $7.1 billion, after last month’s sharp drop of $9.7 billion.
Monday opened the week on a down note in Asia, as concerns overItaly’s debt burden pressured stocks. The Nikkei fell .4% to 8767, the Kospi declined .5% and the ASX 200 eased .2%. InChina, the Shanghai Composite fell .7% and the Hang Seng slumped .8%.
European markets recovered from steep losses to close modestly lower, boosted by rumors that Italy’s Prime Minister Silvio Berlusconi might resign. The CAC40 and DAX both closed down .6% and the FTSE shed .3%. Italy’s MIB index rallied 1.3%, overcoming early losses.
US stocks gained, with the Dow closing up 84 points to 12068. The Nasdaq rose .3% and the S&P 500 gained .6%. Healthcare shares rallied, after Amgen announced a $5 billion stock buyback plan. Amgen shares surged 5.9% higher.
Currencies
The Swiss Franc tumbled 1.6% to 1.1098 after a Swiss government panel recommended the Swiss National Bank lift the EURCHF exchange floor from 1.20 to 1.30. The EURCHF rate is currently 1.2413. A strong Franc is threatening to push Switzerland into recession as it struggles to compete with its Euro-based peers.
The Dollar traded mixed against the other major currencies, as the Euro eased .1% to 1.3776, while the Pound rose .2% to 1.6054. The Australian Dollar overcame an early loss of nearly 1% to close down fractionally at 1.03711, and the Canadian Dollar gained .6% to 1.0128.
Economic Outlook
Consumer credit was stronger than forecast climbing by $7.1 billion, after last month’s sharp drop of $9.7 billion.
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