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

 

While you were sleeping: Lockhart, US retail sales

While you were sleeping: Lockhart, US retail sales

Aug 14 (BusinessDesk) – Wall Street advanced as comments by a US Federal Reserve official suggested not all policy makers believe September should mark the start of easing the central bank's bond-buying program.

Atlanta Fed President Dennis Lockhart said the US economy has had an "uneven performance" and that he "would argue that recent data do not present a clear picture" about the potential timing to start tapering.

"In my mind, the first adjustments to asset purchases, when they occur, should be the beginning of a process with steps that will be determined as later information arrives and certainty about the direction of the economy accumulates," Lockhart said in a speech in Atlanta. "As I see it, a decision to proceed—whether it is in September, October, or December—ought to be thought of as a cautious first step."

Last week, three other Fed officials recommended next month might already see a cutback in the pace of bond purchases.

Indeed, the latest economic data reflected Lockhart's thinking.
US retail sales rose 0.2 percent in July, increasing for a fourth straight month, but slower than the 0.6 percent increase in June, according to Commerce Department data.

"Although retail sales weren't disappointing, the overall economic numbers still haven't proven themselves period over period for the Fed to act faster," Stephen Carl, head of US Equity Trading at the Williams Capital Group in New York, told Reuters.

In late afternoon trading in New York, the Dow Jones Industrial Average rose 0.27 percent, the Standard & Poor's 500 Index gained 0.35 percent, while the Nasdaq Composite Index added 0.41 percent.

Shares of Apple rose, last up 3.8 percent, after Carl Icahn said in a Tweet that he has a "large position" in the company, adding "we believe the company to be extremely undervalued."

Shares of US Airways plunged, last down 12.1 percent, after the US Justice Department filed an antitrust lawsuit to block its merger with American Airlines parent AMR Corp, saying it would decrease competition and lift prices for consumers.

In Europe, the Stoxx 600 Index increased 0.6 percent. France’s CAC 40 lifted 0.5 percent, the UK's FTSE 100 Index advanced 0.6 percent, and Germany’s DAX climbed 0.7 percent.

The latest data on investor confidence in Germany, Europe’s largest economy, were better than expected. The ZEW Center for European Economic Research said its index of investor and analyst expectations climbed to 42 in August, up from 36.3 in July.

The German data bolsters optimism for tomorrow's release of euro-zone GDP data.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>

ALSO:

Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>

ALSO:

Economy: Supply Chain On Brink Of Overload Says National Road Carriers

The New Zealand supply chain is on the brink of overload and it looks like the upcoming peak imports season may push it over the edge says National Road Carriers Association (NRC) CEO David Aitken. “Worldwide supply chains are in disarray,” says Mr Aitken. ... More>>

Stats NZ: Annual Goods Trade Surplus At 28-Year High

New Zealand’s annual goods trade surplus reached a 28-year high of $2.2 billion as imports tumbled in the year ended October 2020, Stats NZ said today. “This is the largest annual surplus since the July 1992 year, driven mainly by much lower ... More>>

ComCom: How Real Is That Bargain?

The Commerce Commission urges retailers and consumers to think hard about the bargains being offered as ‘Black Friday’ and Christmas draw near. Black Friday has now overtaken Boxing Day in terms of retail spending, according to data from electronic ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO:


Forest & Bird: Kākāpō Wins Bird Of The Year 2020

The nation has voted and Aotearoa New Zealand has a new Bird of the Year. New Zealand’s moss-colored flightless parrot has climbed to the top-spot for the second time in Forest & Bird’s annual Te Manu Rongonui o Te Tau/Bird of the Year competition. ... More>>