Market Flash: Market Up



Breakfast Bites: Equity markets trading to the plus side this morning powered by a business confidence number out of Germany that unexpectedly rose for a second consecutive month and a Housing Start number domestically that rose 9.3%, exceeding the highest estimates of economists surveyed. Short term support and resistance on the S&P looks to be at 100 and 50 day moving averages respectively (1200 / 1229).

  • The German Ifo’s institute’s business climate index, based on a survey of 7,000 executives, rose to 107.2 from 106.6 in November
  • Spain sold 5.64 billion euros of 3 month and 6 month bills, the Bank of Spain said, compared with a maximum target of 4.5 billion euros the Treasury had set for the sale.
  •  Housing starts increased 9.3% to a 685,000 annual rate, the highest level since April 2010
  •  Building Permits rose 5.7% in November to 681,000 vs. consensus 635,000
  • Sweden cuts the repo rate by 0.25 percentage points to 1.75% the first cut since 2009
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