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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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