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Global Market Wrap-Up - November 26, 2012

Monday, November 26, 2012
Mark Hanna
U.S. stocks finished mixed Monday as investors returned from a holiday shortened week; the S&P 500 fell 0.2% while the NASDAQ gained 0.3%. In terms of America's shopping mania:
  • A survey by the National Retail Federation showed a record 247 million shoppers visited stores and websites over the Black Friday weekend, up from 226 million last year. U.S. retail sales jumped an estimated 12.8% on the previous year over the four-day holiday weekend.
After the market close the IMF and EU agreed on terms for the next tranche of bailout funds for Greece.
  • The deal includes lower interest rates for Greece, and more time for the debt-laden country to repay its rescue loans. The measures could help cut Greek debt to targets of 124% of GDP by 2020 and lower than 110% in 2022. The meeting between the eurozone finance ministers and IMF officials, which dragged on for around 10 hours in Brussels, was the third round of talks in recent weeks.
  • The agreement moves Greece toward the release of a 44 billion euro bailout to be paid in several installments beginning in December. Much of the bailout funds will be used to recapitalize Greek banks in a bid to revive lending to companies and households.
Oil slipped 54 cents to settle at $87.74 a barrel. Gold lost $1.80 to settle at $1,749.60 an ounce while silver added $0.02 to $34.14.

Britain's FTSE fell 0.6%, the CAC 40 in France slid 0.8%, and the German DAX dropped 0.2%.
  • The Bank of England named Canadian central bank chief Mark Carney its next governor, taking the reins from outgoing Governor Mervyn King.
The Shanghai Composite lost 0.5% while Japan's Nikkei added 0.2%.