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

 


While you were sleeping: Wall Street moves higher

While you were sleeping: Wall Street moves higher

Aug 12 (BusinessDesk) - Wall Street advanced as geopolitical concerns eased, allowing investors to shift their attention to better-than-expected US corporate earnings and rising optimism about the outlook for the world’s largest economy.

In late afternoon trading in New York, the Dow Jones Industrial Average gained 0.17 percent, the Standard & Poor’s 500 Index rose 0.33 percent, while the Nasdaq Composite Index advanced 0.67 percent.

Gains in shares of Intel and Caterpillar, both up 1.3 percent most recently, led the Dow higher, outweighing declines in shares of Exxon Mobil and Wal-Mart, down 1 percent and 0.3 percent respectively.

“With the Russia-Ukraine situation, it’s going to be a step-by-step process, hopefully in the right direction,” Veronika Pechlaner, who helps oversee US$2.3 billion at Jersey, Channel Islands-based Ashburton, told Bloomberg News. “What you want to see are no further sanctions, certainly no more military action and potentially some news on the inquiry into the plane that came down.”

Shares of Priceline Group gained, last up 2.9 percent, after the company reported better-than-expected quarterly results and said third-quarter travel bookings may rise as much as 29 percent.

“The summer travel season got off to a solid start for our brands,” Darren Huston, CEO of the Priceline Group, said in a statement.

Shares of Kinder Morgan jumped 10.1 percent after the company announced plans to revamp its businesses.

“This transaction dramatically simplifies the Kinder Morgan story, by transitioning from four separately traded equity securities today to one security going forward,” CEO Richard Kinder said in a statement. “Further, we believe that KMI will be a valuable acquisition currency and have a significantly lower hurdle for accretive investments in new energy infrastructure.”

Meanwhile US Federal Reserve Vice Chairman Stanley Fischer warned a conference sponsored by the Swedish Ministry of Finance in Stockholm, Sweden, that “the global recovery has been disappointing.”

“With few exceptions, growth in the advanced economies has underperformed expectations of growth as economies exited from recession,” Fischer said in prepared remarks. “Year after year we have had to explain from mid-year on why the global growth rate has been lower than predicted as little as two quarters back.”

In the US three key factors have slowed down the pace of recovery, Fischer said: “The unusual weakness of the housing sector during the recovery period, the significant drag—now waning—from fiscal policy, and the negative impact from the growth slowdown abroad—particularly in Europe—are all prominent factors that have constrained the pace of economic activity.”

In Europe, the Stoxx 600 finished the session with a 1.4 percent jump from the previous close. The UK’s FTSE 100 added 1 percent, France’s CAC 40 advanced 1.2 percent, while Germany’s DAX climbed 1.9 percent. For the most part European shares were catching up on Monday to Friday’s rally on Wall Street.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news