Market Outlook - 5th - 9th Dec

Market Outlook

- WALL STREET:
US indices gained over 7% last week. On the US economic data front, November jobless rate fell to 8.6% vs 9% for the previous month. Also, 11 of its 12 regional Federal Reserve Banks reported an increase in economic activity since the latest Beige Book while consumer confidence index jumped to 56.0 in November from 40.9 the previous month. Looking at corporate news, AMR Corp announced that it filed voluntary petitions for Chapter 11 reorganization in New York. In addition, S&P's downgraded LT credit ratings by one notch on some US banks, including Bank of America, Goldman Sachs and Citigroup. All sectors rallied last week. Automobiles, banks and diversified financials, energy were the top performing sectors. Technically, the S&P500 bounced off from its support base, and also broke above its 50D MA last week. The index should challenge its next resistance at 1270 in sight.

- EUROPE:
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