Daily Market Review - 16/11

 

Stocks: U.S. stock indexes opened slightly lower on Monday after recovering most of their weekend losses following Friday's attacks in Paris.

The Dow Jones industrial average (DJI) fell 20.38 points, or 0.12 percent, to 17,224.86, the S&P 500 (SPX) lost 1.98 points, or 0.1 percent, to 2,021.06 and the Nasdaq Composite index (IXIC) dropped 12.21 points, or 0.25 percent, to 4,915.68.

Stocks: Marriott International Inc (O:MAR) will buy Starwood Hotels & Resorts Worldwide Inc (N:HOT) for $12.2 billion to create the world's largest hotel chain with top brands including Sheraton, Ritz Carlton and the Autograph Collection.

The combined company will own or franchise more than 5,500 hotels with 1.1 million rooms worldwide and give Marriott greater presence in markets such as Europe, Latin America and Asia including India and China.

Forex: The dollar held gains against the other major currencies on Monday, despite the release of downbeat manufacturing activity data from New York, as growing expectations for a December rate hike by the Federal Reserve continued to support the greenback.

EUR/USD slid 0.32% to six-month lows of 1.0740.

The Federal Reserve Bank of New York reported that its general business conditions index improved to -10.7 this month from a reading of -11.4 in October. Analysts had expected the index to rise to -6.0 in November.

Japan’s Economy: Japan's economy fell back into a recession in the third quarter, according to official figures released on Monday. The weak data underlined how government policies have struggled to bolster growth in the world’s third-largest economy.

Japan’s gross domestic product shrank by an annual 0.8% in the three months to September, after a 1.2% contraction in the second quarter. Two consecutive quarters of declines mark a technical recession. The data added to pressure on the government and the Bank of Japan to expand a stimulus package championed by Prime Minister Shinzo Abe.

Economic Indicators: The New York Federal Reserve’s index of manufacturing conditions contracted for the fourth straight month in November, dampening optimism over the strength of the economy, official data showed on Monday.

In a report, the Federal Reserve Bank of New York said that its general business conditions index improved to -10.7 this month from a reading of -11.4 in October. Analysts had expected the index to rise to -6.0 in November.

 

 

 

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