Business Morale Climbs, Housing Starts Down

This morning in Europe we are seeing business morale climbing again for the second month in a row which is encouraging and has markets over there trading higher by about a half a point.

In the US we got November housing starts and the number was down 3% vs. 2.5% estimated.  A bit of a blow but again the Sandy factor plays into it somewhat.  Interestingly, the building permits number for the month was higher by 3.6% vs. 0.8% estimated. US equity futures are showing a higher opening this morning up about a quarter point.

Staying in the US, the Government is selling off its stake in GM at a small loss but is giving the company back to the shareholders.

We are seeing Gold moving lower once again this morning after the big drop yesterday and oil is up about three quarters of a point.

Courtesy of:

Kenneth A. Dick, BA, CIM, CFP, FCSI
Portfolio Manager & Branch Manager
Independent Wealth Management