MARKET NEWS

US indices closed slightly up Monday helped by gains in the banks, semiconductors and consumer durables & apparel sectors. The S&P 500 (1280.7) remains above its 20d moving average (1250.9) and its 50d moving average (1241.6).

European markets are expected to start on a flat to higher note.

WALL STREET
63% of S&P500 constituents traded higher yesterday.
77% trade above their 20D MA vs 79% Friday (above the 20D moving average).
52% trade above their 200D MA vs 50% Friday (above the 20D moving average).

The VIX index added 0.44pt to 21.07.

The 10yr yield was unchanged to 1.96% (above its 20D MA). The 2yr-10yr spread fell 1.2bp to -171bps (below its 20D MA).

EUROPE
The Euro STOXX 50 lost 0.53% to 2286.45. Stocks from the bank, financial services and insurance sectors lost ground. Whereas stocks from the food & beverage, personal & household goods and travel & leisure sectors rose.

65% of STOXX 600 stocks traded lower yesterday.
71% trade above their 20D MA vs 77% Friday (above the 20D moving average).
33% trade above their 200D MA vs 34% Friday (above the 20D moving average).

The Euro Stoxx 50 Volatility index eased 0.38pt to 30.18.

The 10yr Bund yield fell 1bp to 1.85% (below its 20D MA). The 2yr-10yr spread fell 1bp to -170bps (above its 20D MA).

Outside the euro zone, the FTSE 100 closed down 0.66% to 5612.26. Health Care, banks and telecom shares fell most in London on Monday. Glaxosmithkline dropped 4.14% to 1435p and HSBC 1.36% to 491.4p.

In Switzerland, the SMI lost 0.44% to 5987.54. Novartis lost 1.19% to SF54.05 and UBS 3.52% to SF10.7.

FOREIGN EXCHANGE
US Dollar slid against most of its major counterparts on Monday. On the US economic data front, consumer credit increased by $20.374B ($7.000B expected) in November, the largest increased since November 2001.

COMMODITIES
After the close of Wall Street, WTI Crude Future (FEB 12) was about flat to $101.39. The contract was above its 20D MA (@ $98.81) and above its 50D MA (@ $97.65).

Gold was down $6.8 to $1611.2. The precious metal was above its 20D MA (@ $1596) and below its 50D MA (@ $1679).

Copper Future (MAR 12) on Comex was about flat to 341.5c/lb. The contract was below its 20D MA (@ 341.51c) and below its 50D MA (@ 346.7c). In Europe, the London Metal Exchange reported its copper inventories decreased 1225 tons to 366900 tons.

UK : Dec RICS House Price Balance, exp.: -19%
FR 08:30: Dec Bank of France Bus. Sentiment, exp.: 95
FR 08:45: Nov Manufacturing Production MoM, exp.: -0.4%
FR 08:45: Nov Industrial Production MoM, exp.: -0.2%
US 13:30: Dec NFIB Small Business Optimism, exp.: 94
US 16:00: Jan IBD/TIPP Economic Optimism
US 16:00: Nov JOLTs Job Openings
US 16:00: Nov Wholesale Inventories, exp.: 0.5%

Indices	Last	1D	% YTD
FTSE 100	5,612	-37.42	0.72
FTSE 250	10,251	5.27	1.47
FTSE techMARK Focus	2,089	7.52	1.20
Dow Jones	12,393	32.77	1.43
Nasdaq 100	2,351	-5.52	3.20
S&P 500	1,281	2.89	1.84
Euro STOXX 50	2,286	-12.20	-1.30
Dax	6,017	-40.69	2.02
Cac 40	3,128	-9.67	-1.02
SMI	5,988	-26.29	0.86
Nikkei 225	8,418	27.98	-0.44
Hang Seng	18,970	104.03	2.90
S&P/ASX 200	4,153	47.50	2.37

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