Global Cues Dec 29 2010

US Market Cues: WEAK

Stocks struggled Tuesday after reports on consumer confidence and home prices fell short of expectations.The Conference

Board's Consumer Confidence Index fell to 52.5 in December from 54.3 in November. Economists had expected the gauge to riseto 56.1.

The S&P/Case-Shiller 20-city home price index, which tracks home values in major U.S. cities, fell 0.8% in October.

Economists had expected prices to increase by 0.1%, according to Briefing.com. In September, the index rose 0.4%, revised from 0.6%.

Consumers' labor market assessment worsened. The "jobs hard to get" index rose to 46.8 percent in December from 46.3 percent last month, while the "jobs plentiful" index dropped to 3.9 percent from 4.3 percent.

Despite the consumer confidence data, U.S. retail sales rose in the week before Christmas as shoppers hurried to finish their gift-buying, putting holiday sales on track to hit the high end of estimates.

Data released on Tuesday by the International Council of Shopping Centers and Goldman Sachs showed retail sales rose 4.8 percent for the week ended December 25 compared to the year-earlier period.

European market Cues:Neutral

European shares closed higher in thin holiday trade on Tuesday, partially retracing the previous session's selloff and adding modestly to the December rally.

Volumes were still extremely low, however, at just a quarter of the 30-day average, with many traders' books closed for theyear, while a UK holiday and bad weather in the U.S. northeast further thinned-out trading floors.

Cheap equity market valuations should continue to support the market heading into the new year, although economic headwinds remain


World Market Cues: Neutral

Hong Kong's Hang Seng and London’s FTSE were closed for holidays. Japan's Nikkei shed 0.6%, while the DAX in Frankfurt was little changed.

Japan's Nikkei average slipped 0.6 percent on Tuesday as falls in Chinese shares and a slightly firmer yen prompted light profit-taking, but it was supported by strong Japanese output data and healthy technical signals.


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