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

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news