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

 

Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news