Today we are seeing some positive moves across the globe with Asia higher overnight by a quarter point and Europe trading up by almost a point on the positive news out of the US.
US Weekly Jobless claims fell 37000 last week to 335000 vs. estimates of 360000. While the weekly numbers are hard to seasonally adjust, the trend seems to be continuing in the US with employment slowly improving. On the back of this news we also got the Housing Starts for December which were up 12.1% vs. 3.1% estimated. The real estate market continues to improve in the US which in turn continues to fuel capital markets. On this news this morning the US futures are trading higher by about a half a point.
The big US banks continued to come with earnings this morning with both Citi Group and Bank of America reporting. Citi missed by a large margin in earnings and also missed on revenue. The stock is trading lower by about 2% in the pre-market. BOA beat estimates ($0.03 vs. $0.02) but took a big charge in the quarter which reduced profitability. Revenues were below estimates.
Gold is off sharply this morning down about 1% while oil is moving in the opposite direction up about 1% on the positive economic news.
Kenneth A. Dick, BA, CIM, CFP, FCSI