Monday, December 10, 2012
U.S. stocks continued their relatively quiet December as investors sat on the sidelines waiting for some form of catalyst to move stocks out of their current range, either to the positive or negative. The S&P 500 was fractionally higher while the NASDAQ gained 0.3%.
Oil fell 0.4% to $85.56, gold gained 0.5% to $1714.40 while silver added 0.7% to $33.38.
The DAX in Germany and the CAC-40 in France both gained 0.2%, while shares in the FTSE 100 advanced 0.1%.
- Italian shares dropped as Prime Minister Mario Monti said he would resign later this month. Monti's technocrat government, which until last week was backed by a broad coalition of Italian political parties, has raised taxes, cut spending and introduced reforms in a bid to control Italy's soaring debt, which stands at some 130% of gross domestic product.
Japan gained 0.1% while Chinese shares continued their recent hot streak, up 1.1%.
- Industrial output, the key monthly measure of China's growth, rose 10.1% year-to-year in November, up from 9.6% in October and the strongest since March. Electricity production, a widely watched proxy for China's economic activity, accelerated to 7.9% growth from 6.4%.
- Chinese consumers paid 2% more for goods and services in November than they did a year ago, the government's National Bureau of Statistics reported. That's up from a 1.7% annual increase in October. Food prices rose 3% year-over-year; fresh vegetables rose the most, up 11.3% over a year ago.
- Revised figures from Japan's Cabinet Office show the economy contracted at an annual rate of 3.5% from July to September. GDP for April to June, previously rated as a small expansion, was revised lower to an annual contraction of 0.1%.