A roundup of trading on major world markets:
NEW YORK – Wall Street stocks stock are mixed, after it was reported that China’s 2014 growth surpassed expectations but growth of 7.3 per cent was a 24-year low.
Profit reports from Johnson & Johnson, Baker Hughes and Halliburton all beat earnings forecasts, which helped market optimism.
In the final hour of trade, the Dow Jones Industrial Average was up 1.70 points (0.01 per cent) at 17,509.87.
The broad-based S&P 500 rose 2.58 points (0.13 per cent) to 2,022.06, while the tech-rich Nasdaq Composite surged 22.23 (0.48 per cent) to 4,656.64.
Stocks scored gains despite the International Monetary Fund sharply cutting its forecast for global growth this year to 3.5 per cent, on the back of weaker momentum in nearly all leading economies but the United States.
LONDON – Europe’s leading stock markets have gained, winning a boost from German data and expectations of ECB stimulus, as investors also await key elections in Greece.
London’s FTSE 100 index closed up 0.52 per cent to 6,620.10 points on Tuesday, as investors looked ahead to a meeting of the European Central Bank (ECB) on Thursday with the markets now firmly expecting it will begin a sovereign bond-buying program.
Frankfurt’s DAX 30 index hit a new record close, climbing 0.14 per cent to 10,257.13 points, and the CAC 40 in Paris rose 1.16 per cent to end the day at 4,446.02 points.
The euro retreated to $US1.1568 from $US1.1606 late in New York on Monday as traders nervously awaited a close weekend election in Greece, where an anti-austerity party is leading in opinion polls.
Investment sentiment in Germany rose for the third month in a row in January, shrugging off the market turmoil sparked by the Greek political crisis and the Swiss franc shock, a survey found on Tuesday.
HONG KONG – Asian markets have mostly risen after China released data showing its economy grew a little faster than expected, while speculation swirled that the European Central Bank would embark on a huge stimulus program.
The euro retreated against the US dollar after a minor rally on Monday as traders also nervously awaited an close weekend election in Greece, where a far-left anti-austerity party is leading the polls.
Tokyo shares on Tuesday jumped 2.07 per cent, or 352.01 points, to 17,366.30 and Seoul closed 0.82 per cent higher, adding 15.69 points to 1,918.31.
Shanghai gained 1.82 per cent, or 56.70 points, to 3,173.05 – a day after slumping 7.7 per cent in response to an official crackdown on margin trading. Hong Kong rose 0.90 per cent, or 212.67 points, to 23,951.16.
Beijing’s statistics bureau said on Tuesday the world’s second-biggest economy expanded 7.4 per cent in 2014.
While the figure is down from 7.7 per cent the previous year and is the weakest since 1990, it beat the median forecast of 7.3 per cent in an AFP survey.
“The 2014 GDP result is better than market expectations and barely missed the target,” ANZ economist Liu Li-Gang said. “This result is not too bad.”
However, the country’s National Bureau of Statistics chief, Ma Jiantang, told reporters that “we should also be aware that the domestic and international situations are still complicated, and economic development is facing difficulties and challenges”.
A soft result was widely expected as the economy was hit last year by a slowdown in manufacturing and trade as well as declining prices for real estate, which has sent shocks through the property sector.
WELLINGTON – New Zealand shares have edged lower as investors cashed in some profits on fully valued stocks ahead of the upcoming reporting season.
The NZX 50 Index fell 4.921 points, or 0.1 per cent, to 5633.216 on Tuesday.