Asian markets advanced on Thursday, despite weak data from China. Factory output fell to a 3-year low, and inflation hit a 30-month low, but investors hoped the weakness would encourage additional stimulus efforts. The Shanghai Composite rose .6% to 2174, and the Hang Seng climbed 1% to 20269. The Nikkei rallied 1.1% to 8979, although Nikon shares tumbled 8% after cutting its annual earnings forecast. The Kospi jumped 2% to 1941, led by shipping companies, while the ASX 200 eased .1% to 4308.
European markets settled mostly higher. The CAC40 rose .5% to 3457, the FTSE inched up .1% to 5852, and the DAX ended flat.
US indexes traded in a narrow range and ended mixed. The Dow slipped 10 points to 14165, the Nasdaq gained .3% to 3019, and the S&P 500 rose fractionally to 1403.
Etrade shares rallied 6.9% after the company fired its CEO due to growth troubles.
Currencies
The Dollar traded mostly higher on Thursday. The Euro and Swiss Franc both declined .5% to 1.2299 and .9765 respectively. The Pound eased .1% to 1.5638, and the Yen declined .2% to 78.59. The Canadian Dollar gained .3% to .9915, and the Australian Dollar ticked up 8 pips to 1.0580.
Economic Outlook
Weekly unemployment claims improved by 6K to 361K, 10K better than forecast. The trade deficit fell to $42.9 billion from $48B, thanks to a drop in oil prices.
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Daily Analysis – Asian Markets Gain Despite Weak Chinese Data
Published 08/10/2012, 05:51 AM
Updated 05/14/2017, 06:45 AM
Daily Analysis – Asian Markets Gain Despite Weak Chinese Data
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