Indices Slightly Up after Last Week’s Drop
October 13, 2014 1:25 pmVideo
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October 13, 2014 – Indices News
The International Monetary Fund was the main mover of markets at the end of last week. They first downgraded their forecast for global growth in 2015 from 4% to 3.8% following weakness in the Eurozone and emerging markets. In addition to this, they stated that it is unlikely that the economy will grow at rates seen before the recession. Markets reacted negatively and stocks suffered a strong sell off. U.S. markets dropped by their strongest rate in two years with the S&P 500 dropped 1.15% to 1,906.13 and the Dow Jones dropped 0.69% to 16,544.10.
Asian markets were mixed during today’s session. The Hang Seng added 0.24% after positive trade data from China. Imports increased by 15.3% during the past year while exports increased by 7%. China Mobile, a component of the Hang Seng, added 1.4% following reports that the firm wants to invest $166 million into a new media business. Sentiment, however, remained lower after news that the scheme which will allow cross platform trading between Hong Kong and Shanghai has been postponed. The Nikkei remained unchanged at 15,300.55 as the market was closed for a public holiday, Health- Sports Day.
European markets are higher today posting gains for the first time in five sessions. Sentiment was boosted after China released positive data reducing fears that the economy is slowing down. Gains were also seen in airline shares. Deutsche Lufthansa climbed 3.4% after planning to invest 2 billion Euros into its cargo network over the next several years. Air France are also up 3.8% following reports that they will be producing a low cost brand in France. Currently, the DAX is up 0.50% while France’s CAC 40 is up 0.41% and London’s FTSE 100 is up 0.24%
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