Markets are scurrying as the Spanish debt cut exacerbates the growth issues facing the global economy. In a more accommodative move, South Korea cut interest rates from 3.00% to 2.75%, the second such cut in 2012. Meanwhile in China, passenger auto sales declined for the first time in 8-months as the Yuan moved higher to its strongest level in 19-years against the dollar. Even though Australia added three times the amount of jobs expected, the gain was overshadowed by the rise in the unemployment rate from 5.3% to 5.4%. Equity indices are mixed as the Hang Seng outperforms, rising 0.18% while meanwhile the Australian ASX is unchanged and the Nikkei has fallen -0.16%. AUDUSD is trading at its strongest level since the beginning of October, rising 0.43% to 1.0278.
A Federal Reserve Beige Book announcement yesterday highlighted that the U.S. economy while growing, is still facing serious headwinds to expansion. The comments showed that both consumer spending and unemployment continued to drag on the economy while more positive signs were witnessed in housing and manufacturing. The key word in the report was "modest" versus "moderate" which was used earlier in the year to imply better growth prospects. Good manufacturing data and auto sales continue to buoy the recovering economy. Equity indices closed lower across the board, as the Dow Jones slid -0.95%. The S&P 500 and Nasdaq were also weaker, dipping -0.62% and -0.43% respectively. Gold remains mostly unchanged at $1765.80 while WTI crude oil continues to tick higher, climbing 0.43% to $91.64 per barrel.
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