Price moves to note: DJIA (Close 23/10): 16 677.26, (1.31%) S&P 500 (Close 23/10): 1950.77, (1.59%) STI (Close 23/10): 3265.50, (1.05%) EUR/USD (price at 8am SGT): 1.2649(Change since 23/10/14 6pm SGT -0.04%) USD /JPY (price at 8am SGT): 108.16(Change since 23/10/14 6pm SGT 0.41%) AUD /USD (price at 8am SGT): 0.8754(Change since 23/10/14 6pm SGT -0.59%) Themes to note:
  • US stocks rallied overnight, aided by stellar earnings from blue chips like Caterpillar and 3M.
  • Earnings at Caterpillar outperformed unexpectedly while an upgrade to guidance send prices soaring 5% by the close.
  • Often considered a bellwether of the global economy, the company’s optimism for building contracts in 2015 , signal that the global slowdown may not be as bad as feared.
  • 3M jumped close to 4.5% after earnings beat on both the top and bottom lines.
  • With both names being part of the 30 constituents in the Dow, the benchmark index rose 1.3% overnight to erase losses for the year.
  • Part of the overnight bullishness was also attributed to the better than expected manufacturing PMI figures from the Euro zone, helping to dispel talks of a recession in the region.
  • Manufacturing PMI figures in the US fell however. Coming off a really high base, analysts were not immediately concerned.
  • Investors also shrugged off jobless claims figures which edged higher in the last week, as the less volatile 4 week average continues to hover at 14 year lows.
  • Concerns over Ebola in the US may filter through into Asian markets today, after it was confirmed by The New York Times, that a doctor who has recently returned from West Africa has tested positive for the disease.


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