CFD Markets News and Forecasts — 29-09-2011

• SNB Already Holds Shares As Part Of Its Investment Holdings
• Emerging Mkts Are Robust, But Not Isolated From Industrialized Economies
• Central Bank Expects Jobless Rate To Rise In Switzerland
• CHF Strenght Is Affecting Margins Of Ever More Swiss Companies

European stocks climbed for the fourth time in five days as U.S. employment and growth data exceeded forecasts and German lawmakers backed an enhanced euro- region rescue fund.

BNP Paribas SA and UBS AG (UBSN) led gains in banking shares, rallying more than 3 percent. Hennes & Mauritz AB (HMB) surged 6.8 percent after Europe’s second-largest clothing retailer reported earnings that beat estimates. Swatch Group AG (UHR) led luxury-goods makers lower as a Bloomberg survey showed most global investors predict Chinese growth will slow to less than 5 percent by 2016.

The Stoxx Europe 600 Index climbed 0.7 percent to 228.9 at 4:43 p.m. in London after swinging between gains and losses at least 15 times. The measure is heading for its worst quarter since 2008, having fallen 16 percent amid concern global economic growth is slowing and policy makers are struggling to contain the European debt crisis. The gauge has dropped 3.6 percent this month following a 10 percent slump in August.

National benchmark indexes climbed in 16 of the 18 western European markets. Germany’s DAX and France’s CAC 40 advanced 1.1 percent. The U.K.’s FTSE 100 declined 0.4 percent as mining companies fell.

U.S. stocks rose, sending the Standard & Poor’s 500 Index higher for the fourth time in five days, as economic data eased concern about a slowdown and Germany approved changes to a European bailout fund.

U.S. stocks slid yesterday, halting a three-day rally for the S&P 500, on concern that European leaders are divided over how to handle Greece’s debt crisis. A four-day rout last week erased $1 trillion from U.S. equities amid concern Greek insolvency is inevitable and Europe can’t contain the damage.

Dow 11,170.86 +159.96 +1.45%, Nasdaq 2,495 +3.33 +0.13%, S&P 500 1,162.24 +11.18 +0.97%

Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM) climbed 3.3 percent as European lenders soared. General Electric Co. and Hewlett-Packard Co. gained at least 2.8 percent as jobless claims fell more than forecast and the U.S. economy grew more than estimated in the second quarter. Advanced Micro Devices Inc. (AMD) slid 12 percent after cutting its forecasts.

Spot gold and silver prices rose for the second time in three days as equities rallied and the dollar dropped, increasing the appeal of the precious metals as alternative investments.

Gold for immediate delivery rose $3.08, or 0.2 percent, to $1,611.88 an ounce at 10:33 a.m. New York time. Earlier, the price dropped as much as 1.6 percent.

Before today, the metal slumped 16 percent from a record $1,921.15 on Sept. 6 as sovereign-debt woes in Europe drove equities and commodities lower.

Gold futures for December delivery fell $2, or 0.1 percent, to $1,616.10 on the Comex in New York, swinging between losses and gains.

Oil rose in New York as the U.S. government reported that the economy grew faster than previously estimated in the second quarter and German lawmakers approved an expanded European bailout fund.

Futures gained as much as 3.3 percent after the increase in gross domestic product beat economists’ expectations. Consumer spending also rose more than expected in the quarter and jobless claims dropped last week. Germany’s lower house of parliament agreed to extend the European Financial Stability Facility endorsed by Chancellor Angela Merkel.

Crude for November delivery gained $2.46, or 3 percent, to $83.67 a barrel at 9:55 a.m. on the New York Mercantile Exchange after tumbling 3.8 percent yesterday amid concern that Europe’s debt crisis would trigger another global recession.

New York futures are down 5.8 percent this month and dropped 12 percent since the end of June, the biggest quarterly loss since the last three months of 2008.

Brent oil for November settlement rose $1.75, or 1.7 percent, to $105.56 a barrel on the London-based ICE Futures Europe exchange.

Data:

EUR/USD 

Resistance 3: Y77.30 (Sep 15 high) 

Resistance 3: Chf0.9140 (Sep 26 high)

Resistance 3: $ 1.5800 (Sep 16 close price)

Resistance 3: $ 1.3800 (Sep 21 high)

European stocks are mixed  before a vote in Germany on expanding the remit of the euro region’s rescue fund. 

Company news:

Shares of Hennes & Mauritz AB climbed 4.2% as company reported earnings that fell less than analysts expected.