NASDAQ Hits Highest Level Since 2000, Primark Slump Hits AB Foods
November 3, 2015 7:13 am
US equity markets rose sharply overnight as recent economic data signalled that the global economy is showing signs of improvement, although central bankers were quick to emphasise that the good news may be temporary. The Dow Jones industrial average rose 165.22 points, or 0.94 percent, to 17,828.76, the S&P 500 gained 24.69 points, or 1.19 percent, to 2,104.05 and the Nasdaq Composite added 73.40 points, or 1.45 percent, to 5,127.15. US manufacturing activity slowed to a two and a half year low but a rise in new orders offered encouragement to investors. The NASDAQ rose by 1.45% to its highest close since 2000 while the SP 500 came closer to its all time closing high of 2 130.82, hit in May.
MSCI’s broadest index of Asia Pacific shares outside of Japan bucked a five day losing trend, rising 1.4%, helped by buoyant US equity markets. Recent gains in Asian equity markets have been caused by growing hopes of the prospect of a delayed rise in US interest rates. However, investors are wary that a slowdown in the world’s two largest economies, China and the United States, will likely hurt export driven economies in the region.
In the FX market, the Euro was within a tight range of $1.1000-$1.1053 and last stood at $1.1080. Against the Yen, the Greenback was equally restrained at 120.64. The Australian Dollar rose to one-week highs as investors began pricing out a December rate cut and was up 0.8 percent at $0.7200.
The market outlook for crude oil remains bearish as supply still exceeds demand and a persistent worry – that the Dollar will strengthen when the Fed eventually raise interest rates – hampers investors. The prospect of weak Chinese demand and record high Russian production weighed in on the price of oil. Crude rose 0.4% to $46.29 a barrel.
Shares in Associated British Foods – the owner of Primark – are down around 2% after the company said that profits fell 30% in its latest quarterly earnings. The stock is down 1.14% at 3397p per share. Standard Chartered shares are down by around 6.5% after grim news today, including planned restructuring and job losses . Traders will be eagerly awaiting a raft of GBP data today, disclosing the Bank of England’s inflation report, monetary policy statement and official bank rate, which are all expected to remain the same as the previous set of figures.
US equity markets rose sharply overnight as recent economic data signalled that the global economy is showing signs of improvement, although central bankers were quick to emphasise that the good news may be temporary. The Dow Jones industrial average rose 165.22 points, or 0.94 percent, to 17,828.76, the S&P 500 gained 24.69 points, or 1.19 percent, to 2,104.05 and the Nasdaq Composite added 73.40 points, or 1.45 percent, to 5,127.15. US manufacturing activity slowed to a two and a half year low but a rise in new orders offered encouragement to investors. The NASDAQ rose by 1.45% to its highest close since 2000 while the SP 500 came closer to its all time closing high of 2 130.82, hit in May.
MSCI’s broadest index of Asia Pacific shares outside of Japan bucked a five day losing trend, rising 1.4%, helped by buoyant US equity markets. Recent gains in Asian equity markets have been caused by growing hopes of the prospect of a delayed rise in US interest rates. However, investors are wary that a slowdown in the world’s two largest economies, China and the United States, will likely hurt export driven economies in the region.
In the FX market, the Euro was within a tight range of $1.1000-$1.1053 and last stood at $1.1080. Against the Yen, the Greenback was equally restrained at 120.64. The Australian Dollar rose to one-week highs as investors began pricing out a December rate cut and was up 0.8 percent at $0.7200.
The market outlook for crude oil remains bearish as supply still exceeds demand and a persistent worry – that the Dollar will strengthen when the Fed eventually raise interest rates – hampers investors. The prospect of weak Chinese demand and record high Russian production weighed in on the price of oil. Crude rose 0.4% to $46.29 a barrel.
Shares in Associated British Foods – the owner of Primark – are down around 2% after the company said that profits fell 30% in its latest quarterly earnings. The stock is down 1.14% at 3397p per share. Standard Chartered shares are down by around 6.5% after grim news today, including planned restructuring and job losses
.
Traders will be eagerly awaiting a raft of GBP data today, disclosing the Bank of England’s inflation report, monetary policy statement and official bank rate, which are all expected to remain the same as the previous set of figures.
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