16 Mar 2012: Market bulls consolidate, India budget criticised

  • Bulls consolidate, Commodities in demand but Gold down: Markets see strong optimism today. FTSE All-World is at a fresh 7-month high. This has been helped by the finalisation of the Euro 1 trillion Greek restructuring. US joblessness is at a 4 year low.
  • Stocks: FTSE All World is up 0.3%, FTSE Eurofirst is up 0.7%; S&P 500 opens 0.2% higher; FTSE 100 flirts with the 6000 mark, currently at 5980
  • Currencies: Euro up 0.3% and is at $1.3119
  • Commodities: Brent Crude gains a full 1.1% after its crash earlier in the day and is sitting at $123.93/barrel; Copper gains 0.8% to sit at $3.93/pound; Gold is back below its 200-day moving average at $1682/ounce
  • Other news, briefly
  • Petrol stretches US inflation: US CPI rose 0.4% in Februaury; this is the fastest it has risen in about 10 months. 80% of this is being attributed to oil price rise.
  • Pranab Mukherjee criticised over ‘nowhere’ Indian budget: India’s finance minister has been criticised over a ‘timid’ budget that failed to reign in public spending and failed to attract investors. He envisages a fiscal deficit of 5.9% as comapred to the 4.6% target.
  • Deutsche Bank confirms new board

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