Asian markets traded mostly higher on Monday, buoyed by Friday’s rally in the West. The Hang Seng edged up .2% to 19121, the Kospi rose .3% to 1818, and the ASX 200 advanced .6% to 4105. Energy and material shares were the primary gainers. The Shanghai Composite was a notable exception, tumbling 1.7% to 2148, a 2-year low, after profit warnings from several manufacturers sent shares sharply lower.
European markets ended little changed. The Dax rose .1% to 6566, while the FTSE and CAC40 declined less than .1%.
In the US, stocks declined as retail sales data fell short of forecasts. The Dow erased 50 points to 12727, the Nasdaq slid .4% to 2897, and the S&P 500 eased .2% to 1354.
Human Genome (HGSI) gained 4.5% after approving GlaxoSmithKline’s (GSK) offer to purchase the company for $3 billion.
Yahoo (YHOO) announced that Marissa Mayer, a former Google (GOOG) executive, will be the company’s new CEO and president.
Currencies
The dollar settled mostly lower on Monday, but the losses were limited. The yen advanced .5% to 78.83, the pound gained .4% to 1.5624, while the euro and Swiss franc edged up .2%. The Australian dollar inched up .1% to 1.2046, while the Canadian dollar slipped 8 pips to 1.0148.
Economic Outlook
Retail sales unexpectedly fell .5% last month, well below forecasts for a marginal .1% increase. Business inventories increased .3%, slightly above forecasts, while the Empire State manufacturing index rose to 7.4 from 3.9.
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US Stocks Drop On Weak Economic Data
Published 07/17/2012, 07:01 AM
Updated 05/14/2017, 06:45 AM
US Stocks Drop On Weak Economic Data
Equities
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