Asian markets traded mostly higher on Wednesday, led by the Hang Seng’s 1% gain to 19177. The Nikkei climbed .8% to 8730, ending a 3-day losing streak, and the ASX 200 advanced .7% to 4043. The Kospi closed flat, while the Shanghai Composite slipped .2%.
Upbeat US home sales data sent European markets sharply higher in afternoon trading. The CAC40 jumped 1.7% to 3063, the FTSE climbed 1.4% to 5524, and the DAX rallied 1.5% to 6229. German chancellor Angela Merkel remains firmly opposed to any shared debt liabilities, limiting the potential outcome of the 2-day European Summit, scheduled to begin on Thursday.
US stocks rose as well, but the gains were less impressive. The Dow tacked on 92 points to 12627, the S&P 500 advanced .9% to 1332, and the Nasdaq gained .7% to 2875.
Dow Rises 92 Points
The FDA approved Locaserin, an anti-obesity drug produced by Arena Pharmaceuticals, sending the company’s shares soaring 28.7%.
Currencies
European currencies slipped ahead of the European Summit, as the pound sank .5% to 1.5564, and the Swiss franc and euro eased .2% to .9636 and 1.2465 respectively. The Australian dollar and Canadian dollar both edged up .2%, while the yen slipped .2% to 79.71.
Economic Outlook
Pending home sales surged 5.9% last month, blowing past forecasts for a 1.2% gain. Durable goods orders rose by 1.1%, more than expected.
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Upbeat US Data Lifts Western Markets
Published 06/28/2012, 06:34 AM
Updated 05/14/2017, 06:45 AM
Upbeat US Data Lifts Western Markets
Equities
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