20-Dec-2012

Overseas Market Report

Stocks were finished the session lower as previous optimism for a new budget deal gave way to developments that Congressional leaders and the president continue to disagree on proposals. Both Democrats and Republicans still are searching for common ground in revenue increases and spending cuts to avert the fiscal cliff, but the markets are now less hopeful a deal will be reached before Christmas.

News from the housing sector wasn't entirely positive either, as housing starts fell by 3% in November from October's seasonally adjusted levels, with single-family units decreasing by 4.1%. October's levels saw a downward revision, as well, despite a monthly gain from September. A silver lining of the Commerce Department's report was that total new-home construction was 21.6% higher year over year, and new building permits, which indicate future home construction, improved by 3.6%, ahead of economists' expectations. .. Read More

Research Updates (11)

ENDS