Global concerns overshadow positive economic news
Financial markets were mixed over the week as encouraging economic news from the U.S. and Europe conflicted with fears that China would take action to rein in its economy.
News that China’s economy grew at a faster-than-expected y-o-y rate of 9.8% in the fourth quarter (and 10.3% in 2010) led to fears of further moves by China to curb growth and stem inflation. Materials stocks were among the most affected as concerns surfaced that China’s commodities appetite would wane.
Good news for two key U.S. economic trouble spots helped counter China concerns and could support financial markets going forward. Existing home sales surged 12.3% in December, spurring optimism that the worst could be over for the housing market. Meanwhile, new applications for jobless benefits posted their biggest decline in nearly a year, providing some good news on the employment front.
There was also good news in Europe as the outlook for Germany’s economy brightened, helping send the euro to a two-month high against the U.S. dollar.
Corporate earnings continued to send positive signals, with three-quarters of U.S. companies reporting so far exceeding expectations, according to Bloomberg data. The technology sector saw big earnings gains from companies such as Apple and Google, although tech stocks were mixed over the week. Blue-chip stocks outperformed, supported by strong earnings from companies such as General Electric.
The Bank of Canada announced it would leave its key borrowing rate unchanged at 1%. It continues to predict modest economic growth for Canada in its latest quarterly forecast: 2.4% in 2011 and 2.8% in 2012. This was a slight uptick from earlier forecasts. It raised its forecast for U.S. growth in 2011 to 3.3%, up from 2.3%. central bank warned a high Canadian dollar and poor productivity are preventing Canada from making the most of the global economic recovery.
However, later in the week, Canadian November retail sales showed surprising strength. The 1.3% rise was the biggest since March 2010.
For other news this week go to ...
http://www.investorsgroup.com/consult/terry.pitz/english/cnf_frameset.asp?pg=/English/prodServices/marketCom/default.shtml
Cheers!
Financial markets were mixed over the week as encouraging economic news from the U.S. and Europe conflicted with fears that China would take action to rein in its economy.
News that China’s economy grew at a faster-than-expected y-o-y rate of 9.8% in the fourth quarter (and 10.3% in 2010) led to fears of further moves by China to curb growth and stem inflation. Materials stocks were among the most affected as concerns surfaced that China’s commodities appetite would wane.
Good news for two key U.S. economic trouble spots helped counter China concerns and could support financial markets going forward. Existing home sales surged 12.3% in December, spurring optimism that the worst could be over for the housing market. Meanwhile, new applications for jobless benefits posted their biggest decline in nearly a year, providing some good news on the employment front.
There was also good news in Europe as the outlook for Germany’s economy brightened, helping send the euro to a two-month high against the U.S. dollar.
Corporate earnings continued to send positive signals, with three-quarters of U.S. companies reporting so far exceeding expectations, according to Bloomberg data. The technology sector saw big earnings gains from companies such as Apple and Google, although tech stocks were mixed over the week. Blue-chip stocks outperformed, supported by strong earnings from companies such as General Electric.
The Bank of Canada announced it would leave its key borrowing rate unchanged at 1%. It continues to predict modest economic growth for Canada in its latest quarterly forecast: 2.4% in 2011 and 2.8% in 2012. This was a slight uptick from earlier forecasts. It raised its forecast for U.S. growth in 2011 to 3.3%, up from 2.3%. central bank warned a high Canadian dollar and poor productivity are preventing Canada from making the most of the global economic recovery.
However, later in the week, Canadian November retail sales showed surprising strength. The 1.3% rise was the biggest since March 2010.
For other news this week go to ...
http://www.investorsgroup.com/consult/terry.pitz/english/cnf_frameset.asp?pg=/English/prodServices/marketCom/default.shtml
Cheers!
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