Monday, November 12, 2012
U.S. stocks finished Monday with very little movement versus Friday as volume was light due to the Veterans Day holiday. The S&P 500 was fractionally higher and the NASDAQ fractionally lower.
- The International Energy Agency said U.S. oil output is positioned to exceed that of Saudi Arabia’s in the next decade, putting the U.S. on track to become a net exporter.
Oil fell 50 cents to settle at $85.57 a barrel. Gold finished unchanged at $1,730.90 an ounce while silver dropped $0.077 to $32.52.
Britain's FTSE 100 closed slightly in the red, while the DAX in Germany gained 0.1% and France's CAC 40 fell 0.35%.
- In Greece, lawmakers passed a new austerity budget, and the country's international lenders drafted a report saying it had made progress in righting its finances. Greece is hoping the other euro countries will give it another $40 billion in bailout loans.
Japan's Nikkei lost 0.9%, while the Shanghai Composite added 0.5%.
- China’s export growth rose to a five month high above 11%, topping estimates.
- Japan's economy shrank 3.5% in the July-September quarter. It was in line with gloomy forecasts after Japan's territorial dispute with China hammered exports that were already weakened by feeble global demand. Consumer spending fell 0.5% in the third quarter, as subsidies for auto purchases expired, and corporate capital spending fell 3.2%. Spending on reconstruction from the country's March 2011 tsunami and nuclear disasters has also weakened.