Forex Market Overview Stock markets go on rising
European markets rebounded after the falling observed last week. Such a surge was caused by the investor reaction on positive earnings reports released by major European companies: Carlsberg, Nutreco NV, Fugro NV, Kabel Deutschland and Serco Group Plc. As a result, today Stoxx Europe 600 rose 0.2% to close at 336.05.
S&P 500 hit the weekly high amid expectations of positive earnings reports and added 0.1%. A similar growth was demonstrated by DJI index. This week we expect the data released by 16 companies listed in S&P 500, including Cisco Systems Inc. and Wal-Mart Stores Inc. Excellent results were shown by the companies which have already published their reports: 80% of them have outperformed the profit expectations, 60% exceeded the expected sales turnover.
China announced the opening of Shanghai and Hong Kong exchanges for foreign investors: the asset capitalization traded on the stock exchange amounts to $4.2 trillion. The program starts on November, 17. Currently, Shanghai and Hong Kong indices upped 0.8%. Note that the market liberalization program is designed to attract additional investment funds and reduce China’s dependence on exports. The country will partially re-focus its markets on domestic consumption.
Gold continued to fall on the London exchange. The investor expectation that the US economy boosting would result in loans amount increase was not justified. In general, the market of precious metals grew on November 7, after the US labor market data release. Non-farm Payrolls was below the outlook: 214000 jobs vs. the expected 235000.
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