Japan’s Topix Rises Fourth Day After Yen Falls on U.S. GDP Data

Japan’s Topix index rose for a fourth day following a public holiday after the yen fell and the U.S. reported the fastest economic growth in 11 years.

Toyota Motor Corp., which gets 31 percent of its revenue in North America, advanced 1.6 percent. Maruha Nichiro Corp. rose 4.4 percent after the fisheries company doubled its full-year net-income forecast. Tokyo Dome Corp., an operator of a baseball stadium, jumped 8.5 percent after its rating was raised at Mitsubishi UFJ Morgan Stanley Securities Co.

The Topix added 0.9 percent to 1,425.40 as of the break in Tokyo, with all but three of its 33 industry groups rising. The nation’s equity markets were closed yesterday. The Nikkei 225 Stock Average gained 1.1 percent to 17,834.86. The yen added 0.3 percent to 120.37 per dollar today after slumping 3.5 percent over the past five days. U.S. shares rallied to records as faster growth in gross domestic product boosted confidence in the world’s biggest economy.

The Dow Jones Industrial Average rose 0.4 percent to above 18,000 for the first time after data showed the U.S. economy grew at a 5 percent annual rate from July through September, the biggest expansion since the third quarter of 2003. The Standard & Poor’s 500 Index added 0.2 percent.

U.S. household purchases, which account for almost 70 percent of the economy, rose at a 3.2 percent annual pace, compared with a previously reported 2.2 percent.

Source : Bloomberg

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Dow Industrial Average Tops 18,000, Treasuries Fall on GDP Data

U.S. stocks rose a fifth day, sending the Dow Jones Industrial Average past 18,000 for the first time, while Treasuries fell as data showed the economy grew at the fastest pace in a decade. European equities extended a rally, the ruble advanced and oil climbed.

The Standard & Poor’s 500 climbed 0.4 percent to a record at 9:30 a.m in New York, while the Dow average added 46.72 points to 18,006.16. The Stoxx Europe 600 Index increased 0.5 percent,  heading for its sixth gain in longest winning streak since April. The yield on 10-year Treasury notes added four basis points to 2.19 percent. The Bloomberg Dollar Spot Index held near a five-year high, while the ruble strengthened 2.3 percent as oil advanced. Greek bonds fell as the nation failed to elect a president.

The world’s largest economy surged by 5 percent in the third quarter, expanding at the fastest pace since the same period of 2003, as U.S. consumers and businesses spent more than previously estimated. The S&P 500 soared 5.4 percent over the previous four days after the Federal Reserve’s pledge to be patient on the timing of interest-rate increases helped stocks recover from a plunge earlier this month. The U.S. publishes oil inventories tomorrow.

Source: Bloomberg

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European Stocks Rise to Post Biggest Six-Day Jump in Three Years

European stocks climbed for a sixth day amid better-than-expected U.S. economic-growth data.

The Stoxx Europe 600 Index rose 0.6 percent to 344.06 at the close of trading. It briefly pared gains after a report showed that sales of new U.S. homes unexpectedly declined in November. The European stocks gauge posted its biggest six-day jump in three years, rising 6.4 percent.

Commerce Department data showed the world’s biggest economy grew in the third quarter more than forecast, expanding at the fastest pace in more than a decade. Gross domestic product increased at a 5 percent annual rate, up from a previously estimated 3.9 percent, according to revised figures released today in Washington. The Dow Jones Industrial Average rose above 18,000 for the first time after the GDP report.

Benchmark stock indexes of Portugal, France and Italy posted some of the biggest gains, rallying more than 1 percent. The volume of Stoxx 600 shares changing hands was 38 percent lower than the 30-day average, data compiled by Bloomberg show.

Source: Bloomberg

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