Despite greater optimism now apparent on the European front, brokers continue to acknowledge the longer term damage in another series of forecast reductions. It’s not all bad news, however.
Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.
A brief look at important company events and economic data releases next week.
FOREX.com’s Kathleen Brooks notes the rally in risk has not been sustained, raising the question of profit taking or something more serious developing in coming sessions.
Concerns over Chinese financial integrity and a weak trade balance added to a poorly received result from JP Morgan last night. But Wall Street remained resilient. Dow down 40.
The EFSF is now officially a reality but Wall Street bounced off the top of its range last night. Dow up 102.
It was a quiet session on Wall Street ahead of results from Alcoa and Slovakia. Dow down 16.
FOREX.com does not believe this month’s rally is sustainable, predicting USD strength and commodity and equity market weakness into year-end.
Market analysts at FXCM explain the EFSF proposal in Europe, how it compares to the TARP program in the US and how it may affect the euro.
Merkozy’s unqualified declaration of a plan to save Europe was well received offshore last night. Dow up 330.