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

 


World Week Ahead: Data may help extend rally

World Week Ahead: Data may help extend rally

By Margreet Dietz

Nov. 25 (BusinessDesk) – The Wall Street party is poised to continue as investors head into a Thanksgiving-shortened week culminating in Black Friday which will show if the American consumer is confident enough of the outlook to spend big this holiday season.

In the past five days, the Standard & Poor’s 500 Index rose 0.37 percent, the Dow Jones Industrial Average climbed 0.65 percent, and the Nasdaq Composite Index added 0.14 percent.

Both the S&P 500 and the Dow closed at record highs on Friday; the S&P 500 finished above 1,800 points for the first time.

“More and more people are discounting that the potential tapering is not going to totally derail this market,” Daniel Genter, president and chief executive officer of Los Angeles-based RNC Genter Capital Management, told Bloomberg News. “There is life after tapering.”

Indeed, US Federal Reserve policy makers have been at pains to make clear that they won't abandon their easy money stance, even as they start to rein in a US$85 billion monthly bond-buying program.

"We are going to remain very accommodative for quite some time, in all likelihood a number of years," Atlanta Fed Bank President Dennis Lockhart told CNBC on Friday.

In the past 12 months, the Dow has gained 25 percent while the S&P 500 has added 29 percent, and the month of December might have more gains in store.

"The market finally feels comfortable about not having a meaningful correction [this year], that it's OK not to, as we enter a traditionally strong time of the year," Ryan Detrick at Schaeffer's Investment Research told Reuters.

US markets will be closed on Thursday and part of Friday for the Thanksgiving holiday.

The coming days will offer a slew of economic data including the latest on the real estate market.

The pending homes sales index is due on Monday, followed by housing starts, the FHFA house price index, and the S&P Case-Shiller home price index on Tuesday.

Other reports include the Dallas Fed manufacturing survey, due Monday; consumer confidence, and the Richmond Fed manufacturing index, due Tuesday; and, durable goods orders, jobless claims, the Chicago Fed national activity index, Chicago PMI, consumer sentiment, as well as leading indicators, due Wednesday.

In Europe, the Stoxx 600 Index slipped just under 0.1 percent for the week. While not quite matching the gains on Wall Street this year, the Stoxx 600 has climbed 15 percent as investors and policy makers alike have become increasingly confident the worse of the euro-zone's sovereign debt crisis has passed.

"The euro is stable, financial markets are no longer concerned about the future of the euro zone and there are no risks of contagion anymore," German Finance Minister Wolfgang Schaeuble said on Saturday, according to Reuters. Schaeuble spoke at a conference organised by German newspaper Sueddeutsche Zeitung in Berlin.

At the same event, Greek Prime Minister Antonis Samaras indicated his country did not need another bailout, saying "I think that this is enough. We don't need something else—we don't need another program—we just have to stick by this program." A day earlier Samaras said the country is on track to start repaying its international creditors.

Better-than-expected German business confidence data on Friday helped bolster the euro 0.6 percent against the greenback and 0.7 percent against the yen.

In the coming days, investors will eye reports on German consumer sentiment, due Wednesday; German unemployment and CPI, as well as several euro-zone confidence data, due Thursday; and German retail sales, and euro-zone unemployment and CPI, due Friday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news