A weak consumer confidence number put the brakes on a relentless rise in the stock market as the eurostoxx crossed 2900 for the first time since last year.
Short sterling dropped over 15 ticks as Bank of England's King cites that he was unhappy at the market reaction to his recent comments regarding Pound Sterling level. This triggered a sell of the STIRs and a rise against the currency basket after getting smashed in the previous sessions.
Home prices rose for the third month in a row in July, new data Tuesday showed, more proof a fragile housing recover is under way.
The Standard & Poor's/Case-Shiller home price index of 20 major cities rose 1.2 percent from June to a reading of 143.05. Though home prices are still 13.3 percent below July a year ago, the annual declines have slowed in all 20 cities for the sixth straight month. This further aided the resilience of the global equities.
This Fridays US jobless number will be key this week as we see whether the DOW can push pass 10000. Expectations is for another improvement, with some estimating a gain in jobs.
Whilst the economy is slowly picking up the 60% increase in the S&P 500 from the march lows looks likely to continue as cheap money is fuelling more demand for equities and this looks likely to continue until rates start to rise.
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