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Global Market Wrap-Up - September 12, 2013

Thursday, September 12, 2013
Mark Hanna
U.S. stocks finished down for the first time in September as a very short term overbought market needed a rest. The S&P 500 fell 0.3% and NASDAQ 0.2%. Precious metals were hit hard as tensions in Syria perhaps are receding; and investors look ahead to next week when the Fed is anticipated to begin to cut back quantitative easing. The 10 year Treasury yield was unchanged at 2.91%.
  • Weekly jobless claims fell 31,000 to a seasonally adjusted 292,000, but the data was incomplete as 2 did not process all the claims they received during the week.
  • Export prices declined 0.5% in August, falling for the sixth straight month. Economists had expected export prices to rise 0.1% last month.
  Oil gained 1% to $108.60, but gold dropped 2.4% to $1330.60 and silver sunk 4.4% to $22.15.

British stocks were fractionally higher while German stocks were fractionally lower; France fell 0.3%.
  • European Union industrial production data for July showed a 1.5% drop on a monthly basis, worse than the 0.1% increase expected
Japan fell 0.3%, while China gained 0.6%.  
  • China's Premier Keqiang said the government will push on with economic and financial reforms as it targets steady growth.
  • Japan's core machinery orders for July, a key indicator of capital expenditure, came in unchanged from the previous month, casting doubt on whether Prime Minister Shinzo Abe's stimulus policies have encouraged corporates to increase spending.