Wednesday, October 19, 2011

Mid Week News 19 Oct


[BRIEFING.COM] Stocks extended their prior session slide in the opening minutes of trade, but a combination of technical support and leadership from financials led stocks back to higher ground. The effort was extended in response to word that eurozone officials agreed to boost bailout funds, although that story was called into question at the close.
The stock market scored a 2.0% gain today, offsetting a move of similar degree to the downside yesterday. Participants were initially inclined to cut down stocks this morning. Negative sentiment was stirred by news that China, which carries the burden of being the primary supporter of global growth amid tenuous macro conditions, experienced a slowdown in economic growth during the third quarter. The 9.1% growth rate was also less than the 9.3% clip that many had anticipated.
Yields finished the cash market little changed, but they surged in the final hour of trading for equities as the latest rumors of a European rescue plan were floated out by the Guardian. The latest headlines indicate France and Germany have reached an agreement on a EUR 2 trln bailout, however, details remain murky.



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