Week Ahead Market Report: November 23, 2009
Monday, November 23, 10:38 AM ET

Good morning, I’m Justin Shackil, with the “Week Ahead Market Report” for November 23, 2009.

In overseas equity markets this morning, Asian stocks are mixed. Japan’s Nikkei 225 index is down about half a percent today while China’s Shanghai Shenzen index was higher by about one percent. Hong Kong’s Hang Seng climbed 1.4 percent.

European equity markets gained. The German DAX index is up almost 1.7 percent. Britain’s Footsie 100 index is higher by over 1.7 percent.

U.S. equity futures are setting up for a positive day in the markets.

Oil prices are higher by over one percent on Monday morning, with the December light sweet crude contract trading at $78.37 a barrel.

Gold futures rallied on Monday morning, as safe-haven demand helped lift the December contract to a fresh high above $1,160 an ounce. Gold for December delivery climbed as high as $1,162.50 an ounce. Gold prices have soared more than 26 percent since their July low. The yellow metal has risen 16 out of the last 19 weeks.

The Senate voted 60-38 on a procedural vote to advance a sweeping health care reform bill on Sunday. Senators Blanche Lincoln of Arkansas and Mary Landrieu of Louisiana decided to stand with fellow Democrats and vote yes on the 2,074 page bill. Republicans pointed to an additional one trillion dollars of federal spending in opposition to the bill.

On the economic front, existing home sales for October will be released on Monday. It is expected to rise to a seasonally adjusted annual rate of 5.65 million homes sold from 5.57 million in September.

On Tuesday, revised third quarter GDP growth will be released. It was originally estimated at 3.5 percent. The consensus estimate is 3.0 percent for the quarter.

Personal Income and spending data will be released on Wednesday. Personal income is expected to have risen by 0.2 percent in October after being unchanged in September. Personal Spending is expected to increase 0.5 percent, against a 0.5 percent decline last month.

On the earnings front, Hewlett-Packard Co. (NYSE:HPQ) will report on Monday and is expected to report earnings of $1.12 per share.

Campbell Soup (NYSE:CPB) is expected to post earnings of 81 cents a share.

Analog Devices Inc. (NYSE:ADI) is projected to post earnings of 26 cents a share in the fourth quarter.

Tyson Foods(NYSE:TSN) is likely to report earnings of 27 cents a share in the fourth quarter.

On Wednesday, Deere (NYSE:DE) is expected to post EPS of just 5 cents a share, down from 81 cents last year.

This is the “Week Ahead Market Report” for November 23, 2009.   Join us on Friday for the “Weekly Market Roundup” and have a wonderful week.