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

 


While you were sleeping: Economic optimism

While you were sleeping: Economic optimism flickers

Nov 22 (BusinessDesk) – Stocks advanced on both sides of the Atlantic amid positive data on the US economy, and the announcement of a ceasefire between Israel and Hamas.

Weighing on the mood, and gains, however was the failure of euro-zone ministers and officials of the International Monetary Fund and European Central Bank to produce an agreement needed to release the next part of international funds to keep Greece from falling into bankruptcy.

The latest reports provided cautious optimism on the state of the world's largest economy, as US manufacturing grew at the fastest pace in five months in November, while fewer people applied for unemployment benefits last week.

Jobless claims dropped by 41,000 to 410,000 in the week ended November 17, according to Labor Department data.

To be sure, the Thomson Reuters/University of Michigan's final November reading on the overall index on consumer sentiment came in at 82.7, up from 82.6 in October, yet down from a preliminary reading of 84.9.

"We're still not exactly going gangbusters," Sarah Watt, an analyst at Wells Fargo in Charlotte, North Carolina, told Reuters. "The data point to modest growth."

In afternoon trading in New York, the Dow Jones Industrial Average rose 0.41 percent, the Standard & Poor's 500 Index gained 0.15 percent, while the Nasdaq Composite Index advanced 0.32 percent.

Egyptian Foreign Minister Mohamed Amr said a ceasefire between Israel and Hamas would take effect at 9pm Cairo time. While supportive for equities, gains in oil were tempered by the announcement.

Crude oil for January delivery was last up 0.4 percent to US$87.09 a barrel in New York, after rising as high as US$87.89 earlier in the session.

Shares of Deere & Co slumped, last down 4 percent, after the farm equipment maker posted a quarterly profit that fell short of expectations.

In Europe, the Stoxx 600 Index finished the day with a 0.2 percent increase on the previous close.

A summit of European Union leaders tomorrow is unlikely to produce agreement on a seven-year budget plan. German Chancellor Angela Merkel told lawmakers in the national parliament in Berlin today that budget talks may slide into next year, according to Bloomberg.

Euro-zone ministers, the International Monetary Fund and the European Central Bank concluded talks without agreement on the way to help Greece overcome its budget shortfall.

Several European officials played down the delay, saying the disagreements were technical and a deal would be reached when they meet again on November 26, Reuters reported.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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