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

 

Finance: Major Campaign To End "Gross Overtaxation Of Savings"

The campaign – which includes a special web site through which New Zealanders can e-mail their own and other MPs and party leaders – is backed by Age Concern, Consumer NZ, the Financial Services Council and the Taxpayers’ Union. More>>

ALSO:

Scoop Business: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news