Daily FNArena News - FYI

Election? What election? Another burst of private equity bidding has seen the Dow spectacularly shake off any thoughts of either election or correction.

Tuesday is a big day in Australia, when bets will be placed, fingers will be crossed and nerves will be tested. Oh, and there’s the Melbourne Cup too.

Technically and fundamentally, US equity indices are due for at least a short term correction, while economic data continues to cause concern.

Weekly musings from your editor.

Short term US equities might be running into resistance, but Morgan Stanley sees further growth in the year ahead.

Poor manufacturing and housing numbers have sent the Dow into retreat, while gold shakes off the oil price and reacts firmly to the US dollar.

Due to a busy meeting schedule today Rudi On Thursday will be published tomorrow. So will this month’s edition of the Australian Super Stock Report.

Professor Nouriel Roubini maintains a firm conviction the market might be too optimistic in its current approach to US economic developments. He sees a strong similarity with 2000-01. Back then reality proved the market wrong. Is history about to repeat?

The RBNZ has held official interest rates steady as inflation pressures are easing, though any cut to rates is still seen as some way off.

The Fed stayed on hold last night as the battle between a slowing economy and inflation suggests a stalemate on rates.