Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


While you were sleeping: Home Depot brightens outlook

While you were sleeping: Home Depot brightens outlook

Nov 14 (BusinessDesk) – A bright outlook from Home Depot, which lifted its expectations for full-year results, underpinned the mood on Wall Street.

The home improvement giant posted third-quarter results that beat forecasts and provided an optimistic picture for the coming months—for its own future and that of the housing industry in general. Shares gained 3.9 percent.

"Our third-quarter results were better than we expected and reflected, in part, what we believe is the start of the path toward the healing of the housing market," Home Depot Chief Executive Officer Frank Blake said in a statement. The housing market is becoming "an assist to growth, rather than an anchor."

In afternoon trading in New York, the Dow Jones Industrial Average gained 0.38 percent, the Nasdaq Composite Index rose 0.50 percent, while the Standard & Poor's 500 Index eked out a 0.03 percent gain.

Shares of Microsoft suffered, last down 2.8 percent, after the company said Windows President Steven Sinofsky was leaving. Microsoft had grown concerned over Sinofsky’s ability to get along with other executives, including Ballmer, a person with knowledge of the matter told Bloomberg News.

In Europe, the Stoxx 600 Index finished with a climb of 0.4 percent from the previous close. France’s CAC 40 advanced 0.6 percent, the UK’s FTSE 100 added 0.3 percent, while Germany’s DAX rose 0.1 percent.

Rumours that the Spanish government is preparing to ask for a full financial rescue soon supported stocks and bonds. The yield on Spain's10-year bond fell four basis points to 5.85 percent.

Meanwhile the handwringing over Greece continued. Euro zone finance ministers agreed that the beleaguered country facing a crucial repayment this week needs more time to reduce its debt to gross domestic product ratio, suggesting the deadline for lowering it to 120 percent should be moved to 2022, from 2020.

IMF Managing Director Christine Lagarde failed to appreciate that call. “Debt sustainability of Greece has to be measured in 2020,” she said, according to Bloomberg. “We clearly have different views. What matters at the end of the day is the sustainability of the Greek debt.”

EU finance ministers won't decide until later this month on releasing the next tranche of bailout funds for Greece.

And there was another piece of evidence of the mounting toll of the sovereign debt crisis as German investor confidence suffered a surprise drop in November.

An index of investor and analyst expectations slid to minus 15.7 from minus 11.5 in October, according to the ZEW Center for European Economic Research.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news