US markets managed to close slightly higher overnight after Merril Lynch & Co. said that they have enough capital to weather credit crisis. Markets dipped earlier in the session after jobless claims spiked to a level not seen since September 2005. Most analysts believe that we're actually bottoming out in the credit crisis situation as the markets can now stand bad economic data and still performing well throughout the week. Trading volume was thin last night as investors are waiting for payrolls data to be released later on tonight. More bad news are to come out of the US but markets may take it well as they have more confidence in how the financial institutions handle the situation. The Dow rose 20.20 pts or 0.16% to 12626.03, S&P500 rose 1.78 pts or 0.13% to 1369.31 while Nasdaq rose 1.90 pts or 0.08% to 2363.30.
Asian markets may open flat today with a slight upward bias. Markets may move in a tight trading range today following the recent big rally performed by Asian markets. Some profit taking may take place today ahead of the US payrolls data to be released later on tonight. Crude oil was recently traded around $104.20 per barrel, gold went back up above $900 and was recently traded around $905ish and JPY traded around 102.20ish. Nikkei futures was closed at 13380 in CME overnight compared to the close of 13385 here yesterday.
Kospi may open flat around 228ish today and it may rise slightly but a consolidation and profit taking may take place today. The US markets posted a slight gain last night but the gain was modest and investors may want to wait on the sidelines and wait for more important US economic data to be released later on tonight.
Hangseng market is closed for holiday today.
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