Global Market Cues Dec 31 2010

Domestic Cues

1.Food inflation at 10-week high of 14.44% , Food inflation stood at 12.13 per cent inthe previous week. This is the fifth consecutive week when the rate of price rise of food items has increased.

2. The growth of six infrastructure industries slowed to 2.3 per cent in November, the lowest in the current fiscal, mainly due to contraction in production of cement and petroleum refinery products. The six core sectors - crude oil, petroleum refineryproducts, coal, electricity, cement and finished steel - had expanded by 5.9 per cent in November 2009.

3.The growth figure for October has been revised upwards to 8.6 per cent from the earlier 7 per cent

4.Inflation for November was at 7.48 per cent, down from 8.58 per cent in the previous month.

5.High food inflation could prompt the Reserve Bank to hike key short-term rates at its policy review next month.

GLOBAL Cues

US Market:

New requests for unemployment benefits fall more than expected. The pace of manufacturing in China slows. Pending home sales are up but still weak.Fears of a global slowdown tempered optimism generated by strong unemployment data from the Labor Department.
The number of first-time filers for jobless benefits fell by 34,000 to 388,000 during the week ended Dec. 25. Economists had expected claims to fall to 416,000.

EU Markets:

European shares closed lower on Thursday, paring some of December's strong gains on the last day of trading in countries including Germany, Spain and Italy, with China growth and euro zone debt concerns weighing on sentiment

Asia pacific:

Japan's Nikkei average ended the year on a sour note on Thursday, pressured by profit-taking as the yen advanced to a fresh seven-week high against the dollar.

Hong Kong stocks were set for a slightly higher open on Thursday as the S&P 500 headed for its best December since 1991, while investors shrugged off fears triggered by China's weekend interest rate rise.


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