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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news