MARKET ROUNDUP (Source Bloomberg)

European Stocks Decline Amid U.S. Budget Concern; as volume tumbled before the Christmas holiday and concern grew U.S. policy makers won't meet a year- end budget deadline. Exchanges in 10 of the 18 western European nations were shut today, including Germany, Switzerland and Italy. The other markets closed early. The Stoxx Europe 600 Index (SXXP) fell 0.1 percent to 280.6 at 1:40 p.m. London time following a shortened day of trading. The volume of transactions plunged 70 percent. The gauge has still rallied 15 percent this year as European Central Bank policy makers agreed on an unlimited asset-purchase program and the Federal Reserve announced a third round of quantitative easing.
Oil Holds Steady in New York on U.S. Budget Deadlock; amid concern that U.S. lawmakers will miss a year-end budget deadline, threatening to weaken the American economy. Crude oil for February delivery slipped 5 cents to settle at $88.61 a barrel on the New York Mercantile Exchange. The volume for all West Texas Intermediate oil futures traded was down 81 percent from the 100-day average. WTI is the grade traded on the Nymex. President Barack Obama on Dec. 21 urged leaders of both parties to put together an interim bill to keep taxes from rising on middle-income Americans and work on a more comprehensive package. House Speaker John Boehner failed to win support from his caucus for his proposal that would have extended tax cuts on incomes below $1 million. Members of the Organization of the Petroleum Exporting Countries estimate that prices will stabilize above $100 a barrel in 2013 and OPEC will hold an emergency meeting if they fall below that level, Iran's oil ministry said on its website yesterday, citing Oil Minister Rostam Qasemi.

Source: Jupiter Securities Research - 26 December 2012