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

 


While you were sleeping: US manufacturing accelerates

While you were sleeping: US manufacturing accelerates

Feb 21 (BusinessDesk) – Wall Street rose after a gauge of US manufacturing climbed to the highest level in nearly four years, easing concern that weakness in recent data meant the recovery in the world’s largest economy was losing steam.

The Markit Economics preliminary index of manufacturing rose to 56.7 in February, up from a final number of 53.7 in January.

"The manufacturing data is extremely positive, especially coming after a spate of bad news at a time when the Fed seems committed to slowing stimulus," Nicholas Colas, chief market strategist at the ConvergEx Group in New York, told Reuters.

Also positive, jobless claims declined by 3,000 to 336,000 in the week ended February 15.

Separately, the Conference Board’s leading economic index rose 0.3 percent in January, following no change in December.

"The increase … reflects an economy that is expanding moderately, although the pace is somewhat held back by persistent and severe inclement weather in most parts of the country," economist Ken Goldstein said in a Conference Board statement.

"If the economy is going to move on to a faster track in 2014 compared to last year, consumer demand and especially investment will need to pick up significantly from their current trends,” Goldstein said.

In afternoon trading in New York, the Dow Jones Industrial Average gained 0.67 percent, the Standard & Poor’s 500 Index rose 0.58 percent, while the Nasdaq Composite Index advanced 0.49 percent.

Gains in shares of Verizon, last up 3.3 percent, and those of Exxon Mobil, last up 1.7 percent, helped propel the Dow higher.

Shares of Wal-Mart fell 1.8 percent, posting the largest decline in the Dow, after the company predicted full-year profit that failed to meet expectations.

Shares of Facebook slipped, last down 0.8 percent, after the company yesterday said it agreed to buy WhatsApp, a messaging app with 450 million members, for US$19 billion.

“They seem to have made a pretty strong statement with this acquisition,” Debra Aho Williamson, an analyst at EMarketer, told Bloomberg News. “Facebook has come to the realisation that it needs a portfolio of apps to reach people with different use cases, different demographics, or different ways of communicating.”

In China, there were further signs of weakness from the world’s second-largest economy. The purchasing managers’ index from HSBC and Markit Economics fell to of 48.3 in the preliminary February reading, down from January’s final figure of 49.5.

“The building-up of disinflationary pressures implies that the underlying momentum for manufacturing growth could be weakening. We believe Beijing policy makers should and can fine-tune policy to keep growth at a steady pace in the coming year,” Hongbin Qu, chief economist, China & co-head of Asian economic research at HSBC, said in a statement.

In Europe, the Stoxx 600 Index ended the session at 334.78, slightly down from the previous close. The UK’s FTSE 100 both rose 0.2percent, while France’s CAC 40 added 0.3 percent. Germany’s DAX fell 0.4 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news