Daily Market Update

Daily Market Update

Daily Market Update Global shares largely higher on positive US data and ECB bet
News that the US economy grew at a faster rate than predicted and a narrow escape from recession for Germany has helped lift most of the major markets Wednesday. Yesterday’s figures from the Commerce Dept. showed that GDP rose by 3.9 per cent for Q3; forecasts were for 3.5 per cent. Despite a slight retreat from record highs on the Dow and S&P the sentiment on the world’s biggest economy has spread to Asia where all but Tokyo closed higher. Europe has also been lifted by US data but is also watching domestic matters with Germany avoiding recession and bets that the ECB will announce new stimulus measures. US stock futures are mixed while gold is lower and oil is slightly higher.
 
Today’s data
Another busy day for data with the markets closed tomorrow for Thanksgiving.
MBA Purchase Applications at 7am ET
Durable Goods Orders at 8.30am ET
Weekly jobless claims at 8.30am ET
Personal Income and Outlays at 8.30am ET
Chicago PMI at 9.45am ET
Consumer Sentiment at 9.55am ET
New Home Sales at 10am ET
Pending Home Sales at 10am ET
EIA Petroleum Status Report at 10.30am ET
Astro-Med and Digipath are among those reporting today.
 
Saudis predicted to back cut in OPEC output
The leading member of OPEC could back a cut in oil production when the cartel meets tomorrow. That’s the opinion of analysts and strategists polled by CNBC who believe that despite historic opposition to curbing supplies the Saudis will now join nations such as Brazil and Iran in calling for lower output. The meeting is set to be highly divisive and there are some analysts who say the decision may be delayed until next year. Many OPEC members are dependent on a barrel price of $100 or more and are already struggling to balance budgets.
 
Samsung announces $2 billion buyback
The world’s largest manufacturer of mobile phones has announced that is to buy back $2 billion in shares. Samsung Electronics’ parent group has disposed on chemical and defense businesses and wants to use some of the cash for the buyback from Feb. 26 next year. It’s seen as a sign that the company wants to focus on its strengths and will certainly help with its battle against Apple for dominance in the smartphone market.
 
Twitter to buy Shots?
After its CFO accidentally tweeted what appeared to be plans for an acquisition on Monday, Twitter has been linked with a possible acquisition of selfie app Shots. The app, which is backed by Justin Bieber, has around 3 million users with women under 24 making up the biggest group. No official statement on the deal has been made by either party.
 
Taxpayers conned out of $70 million by prisoners
Fake tax returns made by prisoners have conned taxpayers out of $70 million. According to figures from 2012 tax returns the total cost of fraudulent refund claims could have been $1 billion but the IRS managed to detect most of them. Stolen identities and bogus figures were among the scams used by prison inmates.