Upside Momentum to Continue Towards 18K

Posted by Indrodeep Banerjee on November 15, 2009

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With no major domestic trigger, the equity market is expected to move with the global markets. But upward journey is likely to continue with positive sentiment.

China’s fiscal revenue for Oct. rises

China’s fiscal revenue for October reached 684.49 billion yuan (100 billion U.S. dollars), up 28.4 percent compared to the same period last year.The fiscal revenue in October was also up 22 percent compared to September’s 560.94 billion yuan.

Weekly jobless claims fall in U.S

The number of people of U.S. filing initial claims for state unemployment benefits fell by 12,000 to a seasonally adjusted 502,000 in the week ended Nov. 7.

Euro-zone Sept IIP up by 0.3%

Industrial production in the 16-nation euro zone saw monthly growth of 0.3% in September. Compared to the same month last year, production declined 12.9%. Eurostat revised up its estimate of August industrial production to show a 1.2% monthly rise and a 15.1% annual decline.

Bank of Korea keeps key rate at 2%

The Bank of Korea held the benchmark interest rate unchanged at 2%, as expected. The bank cut its rate by a total of 325 basis points in the five months through February to support the country’s economy during the global financial crisis.

Australian unemployment up in Oct.

The unemployment rate rose to 5.8 per cent in October from 5.7 per cent in September in Australia.Total employment, though, rose by 24,500- mostly part-time positions.There were 670,100 Australian’s unemployed, an increase of11,100 from September.

U.K. Oct. jobless claims up

U.K. workers claiming government jobless benefits rose by 12,900 in October to 1.64 million, equivalent to 5.1% of the workforce.The unemployment rate in the three months to September rose to 7.8% from 7.7% in the previous three-month period. The total number of unemployed rose 30,000 to 2.46 million in the three months to September.

China’s export down 13.8% in Oct.

China’s exports in October fell 13.8% on yoy basis. China’s trade surplus in October was US$23.99 billion, almost double September’s US$12.9 billion.October’s exports totaled US$110.76 billion and imports amounted to US$86.78 billion.

China’s industrial output surges 16.1% in Oct

China’s industrial output rose 16.1% in Oct on yoy basis.The sales ratio of industrial products in October was 98.02%, or 0.29 percentage points lower than that in the previous month. The total export delivery value of industrial enterprises was 665.9 billion yuan, down by 7.3% on yoy basis.

China’s retail sales up in Oct

China’s retail sales in October rose 16.2% on yoy to 1.17 trillion yuan (171 billion U.S. dollars). The rise was 5.8 percentage points lower than that in October 2008, or 0.7-percentage point higher than that in the previous month of this year.

Japan’s core machinery order rises in Sept.

Core machinery orders in Japan increased in Sept by 10.5% over August.The monthly gain followed a 0.5% increase registered in August but Core machinery orders for the July-September period fell 0.9% compared tothe same quarter last year.

China’s CPI down in Oct.

China consumer price index went down by 0.5% y-o-y in October.The food price went up by 1.6% while the non-food price dropped by 1.6%.The prices of consumer goods went down by 0.3%, and the prices of services down by 1.2%.

German ZEW index slips in Nov.

The German ZEW economic sentiment indicator slipped to 51.1 in November from a reading of 56.0 in October. The ZEW current conditions index fell to -65.6 from -72.2 in October.

Vodafone Group H1 net profit up

Vodafone Group first-half net profit stood 4.8 billion pounds ($8.0 billion), up from 2.14 billion pounds recorded last year.Revenue climbed to 21.76 billion pounds, from 19.9 billion pounds, boosted by exchange rate moves and merger and acquisition activity.

Japan’s current-account surplus up 0.2% in Sept.

Japan’s current-account surplus rose 0.2% in Sept on y-o-y basis.The September surplus widened to 1.57 trillion yen ($17.5 billion).Exports fell 32.1% to 4.8 trillion yen on y-o-y basis.Imports fell 37.7% to 4.2 trillion yen on y-o-y basis.

Germany’s IIP up 2.7% in Sept.

Germany’s industrial production rose 2.7% in Sept on m-o-m basis.Exports from Germany rose 3.8% in Sept from August.
Exports still declined 18.8% on y-o-y basis.

Allianz books profit in Q3

Insurer Allianz Q3 net profit stoods 1.32 bn euros or $1.97 bn from a loss of 2.02 bn euros on yoy basis.Total revenue rose 4.3% to 22 bn euros.

South Koreans PPI down in Oct.

S.Korea’s PPI slipped 3.1% on yoy basis in October. On mom basis the producer prices fell 0.8% in October, in contrast to the 0.1% rise in September and the 0.5% growth in August.

Japan’s foreign reserves $1.06 trillion in Oct.

Japan’s official reserve assets totaled $1.06 trillion by the end of October, up $4.17billion from September and Gold reserves totaled $25.59billion, while SDRs were worth $21.17 billion.

U.S. unemployment rate 26 year high

U.S. unemployment rate climbed to 10.2% in October.Nonfarm payrolls dropped by a seasonally adjusted 190,000 in October, bringing to total number of jobs lost in the recession to 7.3 million.

U.K. manufacturing & industrial output rises in Sept

U.K. manufacturing and industrial output jumped 1.7% monthly while falling 9.3% from the year-ago level. Industrial production saw a 1.6% monthly rise and a 10.3% year-on-year decline.

British Airways net loss extends

British Airways net loss extended to 208 mn pounds in last six months from 42mn pounds on yoy basis.Revenue also fell 13.7% to 4.1 billion pounds.

ECB hold key rate 1%

European Central Bank (ECB) has left its key lending rate unchanged at 1%, as expected.

U.K. new car registration up in Oct.

New car registration in U.K. surged 31.6% in Oct. to 168942 units.October has been this year’s biggest hike in monthly car registration.

Jobless claims drop in U.S

The number of people filing initial claims for state unemployment benefits fell by 20,000 to a seasonally adjusted 512,000 in the week ending Oct. 31 in U.S.

BOE holds rate steady

Bank of England kept its key lending rate unchanged at a record low of 0.5% and it expanded its money-printing, asset-purchase program by 25 billion pounds or US$41bn.

Euro zone Sept retail sales down

The 16-nation euro zone’s retail sales volume fell 0.7% in September unexpectedly.Compared to a year ago, sales fell 3.6%.

Unilever Q3 net profit down

Unilever Ltd Q3 profit slipped 36% to 1.05 bn euros,revenue dropped 2% to 10.2 bn euros.Earnings fell more quickly than sales due to disposals of businesses last year.

U.S. ISM nonmanufacturing index slips in Oct.

The ISM nonmanufacturing index of U.S. fell to 50.6% from 50.9% in September.The new orders index rose to 55.6% from 54.2%. The production index rose to 55.2% from 55.1%. The employment index fell to 41.1% from 44.3%.

Prudential’s Q3 net income rises

Prudential Financial’s Q3 net income in at $1.1 bn or $2.35 per share from a net loss of $118 mn, or 25 cents per common share, a year earlier.After-tax adjusted operating profit shot up 70% to $733 mn.

Fed holds rate at record-low

The Fed kept the target range for its bank lending rate at zero to 0.25 percent and it made no major changes to a program to help drive down mortgage rates.

Euro-zone Sept PPI down 7.7%

September producer prices in the 16-nation euro zone were down 7.7% on yoy basis.Compared to August prices fell 0.4%.Energy prices were down 17.6% on yoy basis and fell 1.9% on mom basis.Excluding energy and construction prices, PPI fell 4.3% on yoy basis.

Euro zone composite PMI up in Oct.

Activity in the euro-zone private sector grew at the fastest pace since December 2007 The composite PMI rose to 53.0 in October from 51.1 in September.

U.K. Oct. service PMI advances

The CIPS/Markit services purchasing managers index of U.K. rose to 56.9, its highest level in 26 months, from a reading of 55.3 in September..