Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

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

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.