Roundup: Dow +0.35% to 13031. S&P +0.51%. Crude +1.46% to $87.75. Gold +0.53% to $1727.95. Stoxx 50 +1.3%. Italy +2.8%. London +1.15%. Germany +0.78%. France +1.53%.
Goldman Sachs upgraded Indian equities to overweight from market-weight, citing a recovery in external demand and moderating inflation risks. (WSJ) Global investors are looking at India as some kind of an insurance policy and an option if the world were to go into a prolonged slowdown. (ET) Of all the options available, India simply sucks less. But try selling that to the unemployed. [stockquote]NIFTYBEES[/stockquote]
Morgan Stanley dumped 50 lakh shares of Tata Motors DVR on an average price of Rs 161.01. (ET) [stockquote]TATAMTRDVR[/stockquote]
Meanwhile, the Cha-Cha-Cha continues in the parliament. The government bowed to intense opposition pressure and agreed to a vote on its Retail FDI decision, taking a major step towards ending a deadlock that has paralyzed parliament for days. (Reuters)
Citigroup: America Awesome. Europe Doomed. (Telegraph)
There’s too much steel. This year, steel mills around the world have a production capacity of 1.8 billion tons but will take orders for only 1.5 billion tons. And instead of consolidating and becoming more efficient, the industry is building still more capacity. (WSJ) [stockquote]TATASTEEL[/stockquote]
Good luck and have a nice weekend!