Stocks are set to rally today after global markets surged on
dovish comments from Ben Bernanke and the spike of US jobless
The government reported today that initial claims for unemployment
insurance spiked by 16,000 last week to 360,000. This is far more
than economists expected, but this indicator might have been
affected by seasonal auto factory retooling, which is often
reflected in the weekly number despite seasonal adjustments. June
import prices rose 0.2% year-over-year and export prices rose 0.8%.
Global markets staged a huge rally after Ben Bernanke reassured the
world that the dreaded "taper" isn't coming any time soon. He said
that the official unemployment count is misleadingly optimistic and
"highly accomodative monetary policy for the foreseeable future is
After his comments, the dollar weakened against the yen and euro.
Shanghai CSI 300
(SHA:000300) index gained 4.61%, just one day after China posted
concerning trade data. Japan's
(INDEXNIKKEI:.NI225) was volatile after the Bank of Japan cut its
GDP and inflation outlook but kept its supportive monetary policy
in place with the key rate at zero-0.1%. Asset purchasing will
continue at the pace of 60-70 trillion yen per year.
European shares are all rallying strongly with the exception of
(INDEXEURO:PSI20), where political turmoil is taking its toll. The
index dropped 1.6% as President Silva said that early elections are
US stock futures are higher this morning after yesterday's mixed
(INDEXDJX:.DJI) futures are up 0.89% to 15,378 while futures
contracts on the
(INDEXSP:.INX) rose 1.03% to 1,665.50 and
(INDEXNASDAQ:.IXIC) futures gained 0.95% to 3,024.75. Gold also
In corporate news, PC market researcher
) reported that PC shipments fell for the fifth straight quarter.
Total worldwide shipments are down 10.9% to 76 million, despite the
slower decline in US sales. With 16.7% market share in the second
(HKG:0992) retook the top spot from
) which had 16.3%.
) was third with 11.8% share. The analysts said that even in
emerging markets countries, inexpensive tablets are supplanting
traditional PCs as the primary computing device. Just as they are
in mature markets, consumers are delaying PC purchases in favor of
) earnings fell in the second quarter as China sales continued to
fall; KFC restaurants are associated with avian flu. Revenue fell
8.3% to $2.9 billion and net profit fell 15% to $281 million,
StatCounter, a Web analytics firm, reported today that
(OTCMKTS:SSNLF) has surpassed
) in mobile Web usage. Samsung users accounted for 25.47% of all
mobile Web traffic worldwide.