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

 


While you were sleeping: Creeping to record high

While you were sleeping: Creeping to record high

May 29 (BusinessDesk) – The Standard & Poor’s 500 Index crept to a fresh intraday record high as investors await the second estimate of US economic performance in the first quarter, scheduled to be released on Thursday.

A preliminary estimate showed the US economy had expanded at a 0.1 percent annualised rate in the first three months of 2014, but economists predict the second estimate might show it shrank.

Recent economic data have indicated the world’s largest economy is performing better than anticipated, while the US Federal Reserve has indicated it is in no rush to raise interest rates. Those factors have helped underpin both Wall Street and US Treasuries.

In the final hour of trading in New York, the S&P 500 was up 0.08 percent at 1,913.36, after touching a record high 1,914.46 earlier in the session.

"We made a pretty decisive move above 1,900" on the S&P 500, Jim Paulsen, chief investment officer of Wells Capital Management in Minneapolis, told Reuters. "Economic momentum is clearly to the upside at the moment."

Even so, the Dow Jones Industrial Average slipped 0.11 percent, while the Nasdaq Composite Index edged 0.07 percent lower

The Dow fell as declines in shares of McDonald’s, down 1.1 percent, and IBM, down 0.7 percent, outweighed gains in shares of Intel, up 0.8 percent, and JPMorgan Chase, up 0.7 percent.

Shares of Twitter climbed, last up 9.6 percent, after Nomura Holdings lifted its recommendation on the stock.

In Europe, the Stoxx 600 Index inched lower from the previous close to finish the day at 34429. France’s CAC 40 and the FTSE’s 100 Index both crept higher, while Germany’s DAX slipped.

A report showed that unemployment in Germany, the euro zone’s biggest economy, unexpectedly rose in May, bolstering expectations the European Central Bank will ease monetary policy at its June meeting. The euro weakened as a result, declining 0.3 percent against the greenback.

Euro-zone bonds, however, advanced as a decrease in interest rates makes fixed-income securities pegged at higher rate more appealing. Yields on Germany’s benchmark 10-year bond declined five basis points to 1.34 percent.

"What we’re seeing is continued focus on the increasing likelihood of policy easing next week from the central bank," Omer Esiner, chief market analyst in Washington at Commonwealth Foreign Exchange, a currency brokerage, told Bloomberg News.

ECB Executive Board member Yves Mersch said the central bank would look at a range of options to counter low inflation and low credit growth. He was speaking at a conference hosted by the Bank of Japan.

Meanwhile, palladium climbed to the highest level in nearly three years amid an ongoing labour dispute in South Africa, the world’s second largest producer of the precious metal.

Palladium futures for September delivery climbed 1.1 percent to settle at US$840.75 an ounce on the New York Mercantile Exchange.

Other metals including copper also gained amid optimism about the outlook for economic growth globally.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Real Estate: Housing Prices Head South In Most Of NZ

Housing became more affordable for first home buyers in many parts of the country including Auckland last month, as falling prices more than offset rising mortgage interest rates. More>>

ALSO:

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:

NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news