WORLD MARKET UPDATES

Asia Market Updates

Japanese Market Ends In Negative Territory The Japanese market ended Wednesday's trading session in negative territory on geopolitical concerns involving North Korea and South Korea. Weaker local currency and the sharp drop in euro also impacted market sentiment, dragging the indices sharply lower at open. However, select buying at lower levels limited the losses in late trading session. The benchmark Nikkei 225 Index fell 85.08 points, or 0.8%, to 10,030, while the broaderTopix index of all First Section issues also fell 8.91 points, or 1.0%, to 867. Light sweet crude oil futures for January delivery ended at $81.60 a barrel in electronic trading, up $0.35 per barrel from previous close at $81.25 a barrel in New York on Tuesday. Exporters ended in negative territory. Sony Corp. declined 2.08%. Sharp Corp. fell 1.59%, Canon Inc. slipped 0.85%, and Panasonic Corp. lost 2.02%. Automotive stocks also ended in negative territory on geopolitical concerns. Honda Motor Co., was down 1.79%, Toyota Motor Corp. shed 0.91%, Nissan Motordeclined 2.11% and Mitsubishi Motor fell 2.52%. Real estate stocks ended in negative territory. Mitsui Fudosan shed 1.69%, Sumitomo Realty & Development lost 1.36%, Mitsubishi Estate lost 1.37% and Heiwa Real Estate slipped 0.87%. Mixed trading was witnessed among the stocks of trading companies. Sojitz Corp.surged more than 9% after the company said that it will soon announce a strategic partnership with Australia's Lynas on supply and development of rare earth materials. The other stocks, however, ended in negative territory. Mitsubishi Corp. declined 1.40%, Toyota Tsusho Corp. shed 1.16% and Mitsui & Co., slipped 0.75%. In the U.S., stocks took a beating on Tuesday in light of news of flaring tensions between North and South Korea and the lack of a resolution to Ireland's debt woes. An upward revision to third quarter U.S. GDP and uneventful minutes from the Federal Reserve did little to alter the day's negative sentiment. The major averages moved roughly sideways in late-session dealing, ending with steep losses on the day. The Dowplunged by 142.21 points or 1.3% to 11,036, the Nasdaq fell by 37.07 points or 1.5% to 2,495 and the S&P 500 slid by 17.11 points or 1.4% to 1,181.

Forex Top Story

Dollar Hits Fresh 2-Month Peak Versus Euro  The dollar continued to rally versus the euro and sterling Wednesday morning in New York, as the markets braced for a deluge of economic data ahead of the Thanksgiving holiday. While Europe was still coping with the fallout from the controversial bailout of Irish debt, the dollar was supported by industry data showing a degree of resiliency in the housing market. US mortgage applications for home purchases rose to their highest level in more than six months, the Mortgage Bankers Association said today. "The increase in purchase applications last week aligns with other incoming data suggesting that consumers are feeling somewhat more confident with their financial situation," said Michael Fratantoni, MBA's Vice President of Research and Economics. The dollar rose to a fresh 2-month high of $1.3283 against the euro, having picked up a full ten cents since hitting a 10-month low near $1.43 three weeks ago. German business sentiment rose in November to its best level in almost 20 years, Germany's Ifo said Wednesday. Germany's relatively robust economy stands in stark contrast to some of its less competitive euro area cousins, fueling talk that the euro may be short lived. Meanwhile, the dollar rose to a new monthly high of $1.58 versus the sterling. Against the yen, the dollar improved to Y83.35, staying within a stubborn trading range. The buck touched a 15-year low of 80.22 three weeks ago, and has stalled in its rebound attempt. The Commerce Department will release its durable goods orders report for the month of October at 8:30 a.m. ET. Economists expect a 0.3% drop in durable goods orders for October, following a sharp 3.5% month-over-month increase in September. The Bureau of Economic Analysis will release its personal income & outlays report for October at 8.30 a.m ET. Economists expect the report to show that personal income rose 0.4% and personal spending increased 0.5% in the month. The Labor Department will release its customary jobless claims report for the week ended November 19th at 8:30 AM ET. Economists expect a small increase in claims to 442,000. At 9.55 a.m. ET, the Reuters/University of Michigan's final report on the consumer sentiment index for November will be released. The consumer sentiment index is expected to be upwardly revised to 69.4 from the mid-month reading of 69.3. The Commerce Department will release its new home sales report for October at 10 AM ET.