Asian markets jumped on Thursday, encouraged by solid earnings from the US. The ASX 200 rallied 2% to 4207, the Hang Seng surged 1.7% to 19559, and the Kospi advanced 1.6% to 1823. Trailing behind, the Nikkei gained .8% to 8796, and the Shanghai Composite rose .7% to 2185.
The rally continued in Europe, thanks to solid earnings news. The DAX climbed 1.1% to 6758, the CAC40 added .9% to 3264, and the FTSE rose .5% to 5714. Nokia shares jumped 12% after reporting a loss which was smaller than expected.
Currencies
The Dollar slipped on Thursday, but the losses were limited. The Australian Dollar gained .6% to 1.0433, thanks to gains in commodities, and the Pound rose .4% to 1.5721. The Euro and Swiss Franc closed flat, while the Yen and Canadian Dollar rose .3%.
Economic Outlook
Thursday’s economic data was particularly disappointing, but earnings news carried the day. Weekly unemployment claims rose to 386K from 352K, 21K more than expected. Existing home sales unexpectedly tumbled to an annualized 4.37M from 4.62M, far below estimates. The Philly Fed manufacturing index clocked in at -12.9, weaker than forecast, but a slight improvement from last month’s -16.6.
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Daily Analysis – Upbeat Earnings News Lifts Equities
Published 07/20/2012, 08:43 AM
Updated 05/14/2017, 06:45 AM
Daily Analysis – Upbeat Earnings News Lifts Equities
Equities
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