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Morning Market Roundup: Presidents’ Day Edition

Feb. 18, 2013 8:44am Becket Adams

Here’s what’s shaking:

Stocks:

Morning Market Roundup: Presidents Day Edition

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After starting the day in negative territory, Europe’s main indexes were mixed around midday as investors cautiously contemplated a further fall in value for the Japanese yen – which sent the benchmark Nikkei index surging more than 2 percent.

Europe’s main indexes were mixed around midday. Britain’s FTSE 100 fell 0.2 percent to 6,318.65. Germany’s DAX climbed 0.2 percent at 7,605. France’s CAC-40 lost 0.2 percent to 3,653.

U.S. stock markets are closed for the Presidents Day holiday.

A lack of G20 criticism for Japanese Prime Minister Shinzo Abe’s economic policy of suppressing the yen appeared to give him a freer hand to pursue Japan’s efforts to jolt its manufacturing sector.

The dollar gained against the yen, after retreating earlier, trading up 0.44 percent to 93.22 yen. The euro was up 0.34 percent to 129.39 yen, and was unchanged against the dollar at $1.34.

Mainland Chinese shares were mixed after a weeklong break for Lunar New Year. The Shanghai Composite Index fell 0.5 percent to 2,421.56. Hong Kong’s Hang Seng fell 0.3 percent to 23,381.94.

Oil:

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The price of oil hovered below $96 a barrel Monday, weighed by data released late last week which showed that U.S. industrial production weakened and Europe remained mired in recession.

By early afternoon in Europe, benchmark crude for March delivery was down 17 cents to $95.69 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.45 on Friday.

Trading volume was lower than usual as floor trading, like U.S. financial markets, was closed for the Presidents Day holiday.

Investor sentiment has been subdued since the Federal Reserve said Friday that U.S. factory production slowed in January, mostly because of a big drop in output at auto factories. Most analysts think the slowdown is temporary, but it was enough to raise concern about the still-sluggish economic recovery.

Traders were also concerned about a deepening recession across the economy of the 17 countries that use the euro. Their combined economic output shrank by 0.6 percent in the final quarter of 2012 from the previous three-month period. The decline was bigger than the 0.4 percent drop expected and the steepest fall since 2009.

Markets were waiting for comments from European Central Bank President Mario Draghi, who is meeting Monday with members of the European Parliament to discuss the financial crisis in the eurozone.

Brent crude, used to price many international varieties of oil, was down 1 cent to $117.65 a barrel on the ICE Futures exchange in London.

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The AP contributed to this report.

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Comments (9)

AbrahamsSheepdog
Posted on February 18, 2013 at 12:49pm
2014 house. 2016 Paul-Carson

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red_white_blue2
Posted on February 18, 2013 at 11:01am
Can’t wait for the Euro to crash. Then people will be slapped up side the head with reality as they won’t be able to ignore the ripple effect hitting their lives. Stupid morons who have their heads up their butts!

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IMCHRISTIAN
Posted on February 18, 2013 at 10:26am
We need profits from Keystone to help pay for all the expenses of multiple vacations, holidays, etc just for the President let alone the needs of the taxpayers. See there is no such thing as “fairness for all” . How many days off does a regular taxpayer get each year? Everything should not be fair it does depend on what success you make for yourself but common sense is needed.

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- doomytram
  Posted on February 18, 2013 at 10:37am
  Borrowing $50,000 per second means we don’t have a spending problem. Barack and Michelle’s vacations create or save 2 jobs. They are stimulating the economy in gov’t.
  
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- IMCHRISTIAN
  Posted on February 18, 2013 at 11:34am
  Oh, sure lol
  
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Cavallo
Posted on February 18, 2013 at 10:16am
An internal memo said that this is the worst Feb in sales that WalMart has seen in nearly a decade. Gas prices are above 5$/Gal in some areas. Payroll taxes are up, eating into people’s and businesses net take home. Hence poor retail sales at WalMart. If WallyWorld is hurting, the rest of the retail world is in for a real kick to the jewels. Now all we need are a few trolls to pop up and tell us how wonderful oppressive fascist centrally controlled economic systems are benefiting them. Remember this is the new Amerika, High unemployment, high energy costs, high regulation, high taxes, decreased standards of living, increased poverty and government dependance.

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- doomytram
  Posted on February 18, 2013 at 10:29am
  Just to play the role of Rahm Dead Fish Emanuel for a moment. Obama, Cloward & Piven and Saul Alinsky all know that they need a monstrosity of a crisis about now. 2013 is ripe for a Communist Takeover of America. These bozo’s may need to take over WalMart so they can feed the poor little obese children Honey Buns, Frozen Pizza, Pop Tarts, Chicken McNuggets et al. Barack has the economic prowess of a gnat.
  
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doomytram
Posted on February 18, 2013 at 10:08am
Obie is pulling for those gas prices to hit $10 / gallon by Recover Summer IV.

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AbrahamsSheepdog
Posted on February 18, 2013 at 10:07am
So to devalue currency is ok!, that’s the elephant that’s in the room. Icing on cake is they can get more revenue in $9/ p/h too.

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