US markets climb on optimistic budget talk

17 Nov 2012 Evaluate

The US markets climbed on Friday, trimming weekly slump as optimistic words followed the opening round of negotiations on averting automatic spending cuts and tax increases set to begin on January 1. The White House is in advanced internal discussion on a plan to replace spending reductions in the so-called fiscal cliff with a smaller package of cuts and tax hikes. After meeting with President Obama, House Speaker John Boehner and Senate Majority Leader Harry Reid voiced optimism that they have a framework for a deal and they viewed the meeting as constructive. Boehner’s remarks spurred optimism that lawmakers would reach an agreement to avoid a $607 billion deficit-cutting package known as the fiscal cliff. Separately, Dennis Lockhart, the president of the Atlanta Federal Reserve Bank stated that, aggressive Federal Reserve easing will still be appropriate and justified for some time even if Congress avoids sending the economy over the fiscal cliff. On the economy front, industrial production in the US unexpectedly fell in October as super storm Sandy took out power in the northeast, with output at factories, mines and utilities declining 0.4% last month. The production at factories, mines and utilities dropped 0.4% after a revised 0.2% increase in September that was smaller than previously estimated, Federal Reserve data showed.

In Europe, international Monetary Fund Managing Director Christine Lagarde is scheduled to meet euro zone leaders in Brussels on November 20 where talks about Greece and Spain would be in focus. According to a survey, the Britain’s economy may shrink this quarter and the risk has increased that the country will succumb to its first triple-dip recession since records began almost six decades ago. Besides, the euro zone trade surplus increased to €9.8 billion in September following a €5.2 billion surplus in August, Eurostat reported. Exports dropped 1.1% in September from a month ago reversing the 3.3% rise in August. Imports slipped 2.7% in September after increasing 2.3% in August.

The Dow Jones Industrial Average gained 45.93 points, or 0.37 percent, to close at 12,588.30, the S&P 500 finished up by 6.55 points, or 0.48 percent at 1,359.88, while the Nasdaq ended higher by 16.19 points, or 0.57 percent to settle at 2,853.13.

Indian ADRs closed mixed on Friday, Infosys was up 0.69%, HDFC Bank was up 0.36% and Dr. Reddy’s Lab was up 0.12%. On the other hand, ICICI Bank was down 0.76% and Tata Motors was down 0.21%.

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