fbpx
The annual Global Impact Conference 2022 brings together visionary business leaders to revolutionize educational systems and inspire collaborative actionRead more APO Group announces content partnership with Pan-African broadcaster VoxAfricaRead more MainOne, an Equinix Company’s MDXi Appolonia Achieves Tier III Constructed Facility certification (TCCF), Now Most Certified Data Center in GhanaRead more United Nations High Commissioner for Refugees (UNHCR) warns rising tide of hunger, insecurity, and underfunding worsening gender-based violence risksRead more The Royal Thai Embassy presents the cultures of Thailand at the Association of Southeast Asian Nations (ASEAN) Festival in KenyaRead more Climate change is the biggest global threat, young people in Africa and Europe tell European Investment Bank (EIB), Debating Africa and Debating EuropeRead more $2 million in prizes awarded at Conference of the Parties (COP27) to African youth-led businessesRead more Africa and Europe’s top business and public sector leaders gather to chart Africa’s economic rebirthRead more The Thai delegation’s active participation at the 145th Assembly of the Inter-Parliamentary Union (IPU) in KigaliRead more Canon shares winning image of its Redline Challenge competition 2022Read more

Stocks mostly rise after strong US data

show caption
Trading was subdued Thursday as US markets were closed for the Thanksgiving holiday./AFP
Print Friendly and PDF

Nov 26, 2021 - 10:18 AM

LONDON, UNITED KINGDOM — Leading stock markets mostly rose on Thursday following data confirming a strong US economic recovery.

Frankfurt added 0.3 percent, with traders focusing on Germany having finally struck a deal to form a new government.

This helped to offset news that Europe’s biggest economy had lowered its growth estimate for the third quarter amid surging Covid cases.

The major Asian indices mostly ended with gains Thursday after a similar picture overnight on Wall Street.

US markets were closed Thursday for the Thanksgiving holiday.

“The quiet Thanksgiving Day session in global markets has seen European indices edge slightly higher, taking their cue from a better finish to the day yesterday, especially in the US where the usual pre-holiday buying helped to lift stocks,” said Chris Beauchamp, chief market analyst at IG trading group.

Oil prices dipped, one day after the head of the International Energy Agency called on OPEC and its allies to take measures to help bring crude prices down to “reasonable levels”.

A drop in US jobless claims to a five-decade low, along with a surge in consumer income and spending, reinforced optimism that the United States is well on the recovery track — but added to pressure on the Federal Reserve to prevent overheating.

The readings came as minutes from the US central bank’s November policy meeting showed officials were moving towards tapering their vast bond-buying stimulus programme — known as quantitative easing — at a faster pace as they try to tame rocketing prices.

The Fed also signalled it could raise US interest rates sooner than market expectations to keep a lid on rocketing inflation, fuelled in large part by high energy prices.

The S&P 500 and Nasdaq closed Wednesday with healthy gains ahead of the Thanksgiving break.

Tokyo led gains in Asia on Thursday, while Seoul was weighed by the South Korean central bank’s decision to lift interest rates.

“Looking ahead, there’s increased uncertainty about the direction of global stock markets, owing to concerns about inflation and the impact it will have on central bank policy, as well as the resurgent virus,” said ThinkMarkets analyst Fawad Razaqzada.

Key figures around 1630 GMT 

London – FTSE 100: UP 0.3 percent at 7,310.37 points (close)

Frankfurt – DAX: UP 0.3 percent at 15,917.98 (close)

Paris – CAC 40: UP 0.5 percent at 7,075.87 (close)

EURO STOXX 50: UP 0.4 percent at 4,293.15

Tokyo – Nikkei 225: UP 0.7 percent at 29,499.28 (close)

Hong Kong – Hang Seng Index: UP 0.2 percent at 24,740.16 (close)

Shanghai – Composite: DOWN 0.2 percent at 3,584.18 (close)

New York – Dow: Trading closed for holiday

Euro/dollar: UP at $1.1213 from $1.1203 at 2210 GMT

Euro/pound: UP at 84.16 pence from 84.02 pence

Pound/dollar: DOWN at $1.3325 from $1.3330

Dollar/yen: DOWN at 115.34 yen from 115.41 yen

Brent North Sea crude: DOWN 0.2 percent at $82.10 per barrel

West Texas Intermediate: DOWN 0.4 percent at $78.05 per barrel

MAORANDCITIES.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.