S&P 500 rallies on new housing starts

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Source: Dukascopy Bank

Standard and Poor's 500 Index jumped 2.98% or 35.95 points on Tuesday and closed at 1,241.30 led by banks, network companies and constructing companies. Recovery in US markets was fuelled by higher-than-expected housing starts, improved German business confidence and successful Spanish bond auction.US benchmark had the best day since November 30 and narrowed its annual loss to 1.3% as all 10 industries within the index appreciated. Morgan Stanley added 4.52%, Citigroup Inc. climbed 4.55% while J P Morgan Chase & Co gained 4.92%. First Solar advanced 7.80% and Cabot Oil & Gas Corp. surged 7.04%.

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Wed, 21 Dec 2011 13:49:58 GMT

Italian GDP shrinks

Italy's economy declined in the 3rd quarter indicating the nation may face a new recession. GDP lost 0.2% compared to 2nd quarter when it gained 0.3%. Consumer spending and investment dropped 0.2% and 0.6% respectively. Exports added 1.6% whereas imports edged down 1.1%. Threat to economic growth is fuelled by planned austerity measures which will face final vote tomorrow.

Wed, 21 Dec 2011 10:45:38 GMT

US urge Iraq to solve political disputes

Joe Biden, US Vice-President, urged leaders of Iraq to solve the political dispute caused by arrest of Tariq al-Hashemi accused of terrorism. The arrest increased concerns over fragile political stability in Iraq after the US solders left the Iraqi territory. Meanwhile, Tariq al-Hashemi denies any wrongdoing and his political bloc continues to boycott the parliament.

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