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

 


While you were sleeping: US jobs, factory orders

While you were sleeping: US jobs, factory orders

April 3 (BusinessDesk) – The Standard & Poor’s 500 Index rose to a fresh record after solid data on US jobs and factory orders underpinned optimism about the outlook for the world’s largest economy.

US companies added 191,000 payrolls in March, according to ADP Research Institute data, while a separate Commerce Department report showed factory orders rose 1.6 percent in February, up from a revised 0.5 percent increase in January.

The company-hiring data “showed a respectable and near-expected gain, but that probably won’t boost expectations for Friday’s full nonfarm payrolls number,” Robert Lynch, a currency strategist at HSBC Holdings in New York, told Bloomberg News.

Friday’s report is expected to show nonfarm payrolls rose by 200,000 in March, the largest gain in four months, according to a Reuters poll of economists.

In afternoon trading in New York, the S&P 500 was last up 0.11 percent. Earlier it rose to a record 1,890.80. The US dollar also gained, up 0.2 percent against the yen as well as the euro.

"Whatever impact the weather was having is starting to dissipate and we are starting to see the economy gain traction," Sam Bullard, a senior economist at Wells Fargo Securities in Charlotte, North Carolina, told Reuters.

Still, the Dow Jones Industrial Average slipped 0.03 percent, while the Nasdaq Composite Index inched 0.07 percent lower.

Gains in shares of Caterpillar and United Technologies, up 1.7 percent and 1.3 percent respectively, offset declines in shares of Cisco and Intel, both down 1.1 percent.

In Europe, the Stoxx 600 Index finished the session with a 0.2 percent increase from the previous close, as did Germany’s DAX. The UK’s FTSE 100 and France’s CAC 40 rose 0.1 percent.

A report today showed the euro zone’s gross domestic product grew 0.2 percent in the last three months of 2013, below the preliminary estimate of 0.3 percent.

Meanwhile, IMF Managing Director Christine Lagarde warned that the pace of the global economic recovery remained a concern.

“Certainly the global economy has stabilised since the onset of the financial crisis, but the recovery is too weak for comfort,” Lagarde said in Washington. “Moreover, unless countries come together to take the right kind of policy measures, we could be facing years of slow and sub-par growth—well below the solid, sustainable growth that is needed to create enough jobs and improve living standards into the future.”

“Recovery is taking hold but is too slow and it faces several obstacles along the road,” Lagarde said. “Bold policy steps can overcome these obstacles and take the global economy to the next level of more rapid and sustainable growth.”

Among key obstacles are geopolitical tensions, notably the Ukraine crisis, she said.

“The situation in Ukraine is one which, if not well managed, could have broader spillover implications,” according to Lagarde.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news