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

 

While you were sleeping: Wall Street pauses

While you were sleeping: Wall Street pauses

Jan 29 (BusinessDesk) – Wall Street eased off five-year highs as investors were looking for more evidence that corporate earnings can justify continued optimism.

"The earnings numbers at this point really have to come through and validate where the market is,” Mark Freeman, who oversees about US$14 billion as chief investment officer at Westwood Holdings Group in Dallas, told Bloomberg News. “The market wants to see the numbers if you will.”

Shares of Caterpillar gained, last up 1.6 percent, after the company's earnings topped expectations.

Economic data provided mixed signals today.

US durable goods orders climbed 4.6 percent in December, surpassing expectations for an advance of 1.8 percent. Pending home sales, however, posted a surprise drop, sliding 4.3 percent last month, though the National Association of Realtors blamed the decline on a shortage of supply.

"The supply limitation appears to be the main factor holding back contract signings in the past month," Lawrence Yun, NAR chief economist, said in a statement. "Still, contract activity has risen for 20 straight months on a year-over-year basis. Buyer interest remains solid."

Investors are eying Wednesday's gross domestic product report. Analysts polled by Reuters forecast the US economy grew at a 1.1 percent annual rate in the fourth quarter, down from a 3.1 percent rate in the previous three months.

Last week's 12 percent slide in Apple shares drew buyers, pushing the stock up today 2.9 percent. Not everyone is seeing the upside, however.

"I think there is more downside in Apple if you did get a broad market pullback," Richard Ross, Auerbach Grayson's global technical strategist, told Reuters. "I'd be patient unless you're a trader. It might not be the most attractive entry point."

In afternoon trading in New York, the Dow Jones Industrial Average edged 0.08 percent lower, while the Standard & Poor's 500 Index slipped 0.12 percent. The Nasdaq Composite Index gained 0.31 percent, reflecting Apple's bounce.

In Europe, the Stoxx 600 Index finished the day with a 0.1 percent decline from the previous close. Stocks in London and Paris rose, up 0.2 percent and nearly 0.1 percent respectively, while Frankfurt fell, down 0.3 percent.

The European Union is considering a one-year delay to the deadline for lenders to disclose whether they meet a key debt ratio, Bloomberg reported, citing three people familiar with the discussions. EU nations may seek to push the start date for mandatory disclosure of this so-called leverage ratio from January 1, 2015, to January 1, 2016.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: