Hong Kong Q1 GDP rises 2.8% versus 1.5%, QoQ
US markets end down as dollar rallied after initial dip on mixed economic data. Dow Jones ends down 100 points or 0.8% at 12596. The index was down 0.34% for the week and up 8.8% year to date.
By Varinder Bansal, Research Analyst, CNBC-TV18
US markets end down as dollar rallied after initial dip on mixed economic data. Dow Jones ends down 100 points or 0.8% at 12596. The index was down 0.34% for the week and up 8.8% year to date. NASDAQ ends down 35 points or 1.2% at 2828. The index ends flat for the week and up 6.66% year to date. S&P 500 ends down 11 points or 0.81% at 1338. The index was down 0.18% for the week and up 6.4% year to date. CBOE VIX ends up 6.7% at 17.11. The volatility index was down 7% for the week and down 3.6% year to date.Major laggards in US markets were financials down 1.5%, materials down 1.4%, technology down 1.2% and industrials down 1.1%. Asian markets opened in the red. Nikkei and Straits Times were down 0.5% each. European markets closed flat on Friday. CAC was down 0.11%, DAX was down 0.55% and FSTE was down 0.32%. ECB head Trichet said, "Spain was making progress in repairing its finances. On central bank's opposition to a Greek debt restructuring, he said it was "absurd" to suggest that Greece could quit the euro." Global Economic News: US Thomson Reuters/University of Michigan preliminary consumer sentiment index for May rose to 72.4 from 69.8 in April versus market expectation of 70. US CPI gained 0.4% in April Vs 0.5% gain in March. It was in line with expectations. Euro-zone GDP expanded by 0.8% in the first three months of the year, fuelled by 1.5% GDP growth in Germany, 1% growth in French economy. Hong Kong Q1 GDP rises 2.8% quarter on quarter Vs 1.5% growth in fourth quarter, revised up its full-year GDP growth forecast to 5-6% from an earlier estimation of 4-5%. Currencies: Dollar was up 65 bps versus Euro at 1.4118. Yen was up 20 bps Vs USD at 80.78. Australian Dollar was up 68 bps Vs USD. Commodities: CRB Commodity Index ends flat and gained 0.3% last week. Crude oil was up 0.7% at USD 99.65/bbl. The oil gained 2.2% last week. Natural gas was up 1.2% at USD 4.24 per MMBtu and down 1.4% for the week. Gold fell 0.9% at USD 1493.1/ounce and barely changed from the prior week. Silver was up 0.3% at USD 34.91/ounce and down 1.7% for the week. Data To Watch: Monday: Empire state manufacturing survey, Treasury international capital, housing market index,; earnings from JCPenney and Lowe's.Tuesday: Housing starts, industrial production, JPMorgan shareholder meeting, earnings from Home Depot, Wal-Mart, TJX and Dell.Wednesday: Weekly mortgage applications, oil inventories, FOMC minutes, earnings from BJ's, Target and HP.Thursday: Weekly jobless claims, existing home sales, Philadelphia Fed survey, leading indicators, money supply, LinkedIn IPO; earnings from GameStop, Sears and Gap.Friday: JCPenney shareholder meeting, Macy's shareholder meeting, Time Warner shareholder meeting; earnings from Ann Taylor. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
