December 3, 2007 | Leave a Comment
Attached/linked please find And That’s The Week That Was…the Brounes & Associates market/economic commentary for the week ended November 30, 2007. So what do Donald Kohn and the Abu Dhabi Investment Authority have in common (besides that fact that most people had not heard of either before the week began)? Well, this week the Fed Vice Chair and the state-owned investment pool of Abu Dhabi became huge hits within the US investor community. First, Citigroup received a much-needed injection of capital from its friends in the Middle East; and then a few well-time remarks by Kohn prompted Fed-watcher to predict another rate cut at the December meeting. With oil prices falling from the previously high levels just below $100/barrel, equity investors rejoiced and sent the Dow into a few record-setting days. The other indexes followed suits, though some sour news from techs (thanks Dell) sent the Nasdaq into a tailspin as the week came to a close. Retailers got off to a solid start in the holiday season, though expectations are still mixed and a poor Sears earnings announcement did not help matters.
Coming up in the week ahead: ISM – Manu (Monday), Factory Orders (Wednesday), ISM – Services (Wednesday), Unemployment Rate (Friday), Nonfarm Payroll Additions (Friday)abu dhabi, citigroup, Dow, fed, middle east