The equity market rally continued in Asia for a 3rd day, amid speculation that new stimulus plans will be announced shortly. The Nikkei and Kospi both advanced .9% to 8881 and 1903 respectively. The ASX 200 rose .5% to 4313, the Shanghai Composite inched up .2% to 2161, while the Hang Seng ended fractionally lower.
European markets settle mixed, as the CAC40 slipped .4%, the FTSE rose .1%, while the DAX ended flat. The Bank of England cut its growth outlook for the British economy from .7% to flat for the year.
US stocks traded mixed as well. The Dow rose for a 4th straight session, inching up 7 points to 13176. The S&P 500 ticked up 1 points to 1402, while the Nasdaq eased .2% to 3011.
Research in Motions shares jumped 4.2% on news the company may license its Blackberry platform to Samsung.
Pricelice tumbled 17.3% and Orbitz plunged 26% after both travel companies issued weak guidance.
Treasuries and Commodities
10-year notes declined 6/32 to yield 1.65%, and 30-year notes dropped 19/32 to yield 2.75%.
Energy traded lower despite a larger than expected drop in crude oil inventories. Crude oil slipped .3% to 93.36, natural gas sank .9% to 2.936, and gasoline declined .7% to 2.9719.
Gold ticked up 2.40 to 1612.10, while silver fell .3% to 28.00, and copper dropped .7% to 3.416.
Corn jumped 2% to 816.50, hovering near multi-year highs. On Friday, the USDA will issue its crop report which is expected to show a very weak corn harvest. July was the hottest month on record in the US, contributing to a severe drought which has pressured corn supplies.
The US Dollar traded mixed on Wednesday. The Pound edged up .2% to 1.5653, and the Canadian Dollar rose .2% to .9948. The Euro and Swiss Franc slipped .3% to 1.2358 and .9719 respectively. The Yen rose .2% to 78.46.
Labor costs blew past forecasts, rising 1.7% versus forecasts for a .5% gain.
Thursday’s reports will include weekly unemployment claims, trade balance, and wholesale inventories.
Earnings are due from Advance Auto Parts, AMC Networks, Devry, Kohl’s, Lions Gate Entertainment, Nordstrom, Nvidia, Royal Gold, and Wendy’s.