Wall Street stable closed yesterday following the upward inclination of the basic agreement of the White House about the extension of tax cuts for the middle class. At the end of the session, the Dow Jones was flat, at 11,359 points, the S & P 500 increased 0.1%, to 1,224 units and the Nasdaq rose 0.1%, to 2,598 integers.
Asian markets operate mixed this morning with tilt downward trend, despite the rise that record the actions of the export sector in Japan, due to the weakening of the yen. In this context, the Tokyo Stock Exchange up 0.8%, Hong Kong down 0.8% and Seoul stock market drops 0.4%. The Kospi in South Korea remains stable and the Shanghai index lost 0.5% in China.
Overnight in Japan reported that factory orders were down 1.4% in October for the second consecutive month. Economists estimated that the decline would be only 0.1%. Against this background, the Japanese yen weakens against the dollar by 0.5% to the level of 83.9 yen per dollar.
The credit rating agency Moody's warned yesterday that the extension of tax cuts the Bush administration, agreed yesterday between United States President Barack Obama and Republicans in Congress could affect the credit rating of U.S. long-term . The Agency added that tax cuts would exacerbate the U.S. budget deficit.
From Europe, the finance minister of Ireland announced yesterday a plan for budget cuts in the total amount of 6,000 million euros, in order to address the debt crisis facing the country. Measurements were taken in parallel with the rescue plan issued by the European Union and the International Monetary Fund. In Europe there is concern that after Ireland received aid to other countries like Portugal, Spain will find it difficult to cope for themselves the burden of debt.