EQUITIES
The equities have seen some correction last week. The Dow corrected nearly 2.5% on the back of bad economic data including personal income and durable goods. Though the economy grew by 3.5% p.a. in the third quarter, concerns over personal spending and housing market still prevails. Also, bankruptcy filed by CIT is another concern which might grip the financial stocks going forward. This week, the eyes would be glued on to the Manufacturing ISM (today), FOMC Meeting (Wed) and the NFP (Fri).
The Asian equities too have corrected sharply last week. The Shanghai closed 3.6% lower last week and Nikkei nearly 2.5% lower. The Sensex (15896.28), too, has seen some major correction last week. It crashed nearly 5.5% and has found some Support near 15800. We shall have to see, if this Support continues to be honoured. Else, the next prominent Support is at 15000. Today, the stock markets in India are closed on account of Guru Nanak Jayanti.
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