Morning everyone
SPI futures up 58 pts at 5369
U.S Stocks surged, sending the Standard & Poor’s 500 Index to its biggest gain in a year and Dow to a triple-digit gain as investors speculated the European Central Bank will boost economic stimulus and Apple Inc. forecast record sales.
The S&P 500 climbed 2 percent to 1,941.24, its best gain since October 2013. The equity gauge is up 4.2 percent since Oct. 15 in the biggest four-day rally since January 2013.
The DJIA climbed 215.33 points, or 1.3 percent, to 16,615 today.
The Nasdaq 100 surged 2.6 percent, the most since January 2013.
Trading in S&P 500 stocks was 14 percent above the 30-day average.
Quantitative Easing
Bank of America Merrill Lynch strategists said in a report today that another 10 percent decline in U.S. stocks might spark speculation of a fourth round of quantitative easing from the Fed. That would mimic how the Fed acted following equity declines of 11 percent in 2010 and 16 percent in 2011.
ECB Stimulus
The ECB entered the 2.6 trillion-euro ($3.3 trillion) covered bond market after President Mario Draghi unveiled plans last month to bolster companies’ and households’ access to financing. Draghi, who also included asset-backed securities in the program, intends to expand the bank’s balance sheet by as much as 1 trillion euros to stave off deflation in the euro area
In Europe
Euro Stoxx 50 +2.2%
FTSE +1.7%
CAC +2.3%
DAX +1.9%
Commodities
Spot gold up 0.2% to $US1249.17 an ounce
Brent oil rises 0.9% to $US86.19 per barrel
Iron ore adds 0.3% to $US81.83 per metric tonne
AUD at 87.81 US cents
News Today
Australia consumer price index
Westpac-Melbourne Institute Leading Indexes of Economic Activity
Commonwealth Bank Business Sales Indicator for September
US consumer prices.
Have a good day guys, should be another nice rally
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