Source: moneycontrol.com
The US markets closed mixed after a volatile session as traders sifted through a slew of headlines from the Eurozone ahead of a key EU summit this weekend.
And on economic data front, weekly jobless claims fell more than expected, slipping 6,000 to a seasonally adjusted 403,000. Adding to optimism, factory activity in the mid-Atlantic area unexpectedly rose to 9.7 in October. However, US existing home sales fell 3% to an annual rate of 4.91 million in September, which more than expected.
Europe's efforts to solve its escalating debt crisis plunged into disarray as Germany and France could not bridge their differences in time for a summit on Sunday, forcing them to call a second meeting.
The offices of French president Nicolas Sarkozy and German chancellor Angela Merkel announced they needed more time after it became clear that they could not agree on the main points of the plan. Both governments said that all elements of the Eurozone's crisis strategy would be discussed on Sunday, so it can be definitively adopted by the heads of state and government at a second meeting on Wednesday at the latest. Both the leaders may be meeting again tomorrow ahead of Sunday's summit.
Greek lawmakers have passed a deeply resented austerity bill that has led to violent protests on the streets of Athens, despite some dissent from one socialist lawmaker.
The new measures include pay and staff cuts in the civil service as well as pension cuts and tax hikes for all Greeks. The bill was passed by majority vote in the 300-member parliament
And in Europe, markets ended lower in a volatile session ahead of uncertainty over the outcome of EU summit.
On to the big international story, the brutal end of one of the world's longest serving dictators – Moammar Quaddafi.
The overthrown Libyan dictator was killed in a gun battle in his home town Sirte. The news brought celebration on the streets of the revolutions main city Benghazi and marks the end of one of the world's most powerful dictators.
In the currency space, euro remains volatile ahead of uncertainties over outcome from the weekend EU summit
In commodities, crude trims its declines…holds steady around USD 109 levels amid speculation that fuel demand may increase.
Meanwhile, gold at USD 1,623 levels hurt by technical selling and anxiety over whether European leaders can reach a deal to boost the region's bailout fund.
And back home, the Nifty pulls back from 5,030 to close just under 5,100…the Sensex ends 150 points in the red.
In key earnings to watch: capital goods major L&T is expected to post 18% surge in its total income on execution of strong order backlog while margins may see slight contraction. And HCC may see some pressure on bottom-line due to escalating interest costs. Also Idea Cellular and JSW Steel will declare their numbers today.
Source: moneycontrol.com
