Weekly Trading Update
Markets spooked by Bernanke’s comments
U.S. data yesterday showed the biggest jump in a gauge of business activity in more than three decades and a drop in jobless claims, highlighting the strength in the U.S economy. Additionally, a report today is projected to show American factory output expanded. In a similar fashion to the Asian markets, U.S headline indices are being weighed down by Fed tapering concerns. The S&P 500 slipped 0.4 percent yesterday, breaking a run that has seen the index climb 4.46 percent this month.
The MSCI Asia Pacific Index’s October advance pushed its price-earnings ratio to 13.7 times estimated earnings from 12.7 at the end of August, compared with 15.9 for the Standard & Poor’s 500 Index. Some 51 percent of the 300 companies in the Asia-Pacific measure that reported results this quarter and for which estimates are available have missed analyst estimates for profit.
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