Global Economic Data Review for the week ended Friday, 27 May 2011.
Nymex crude traded within a tight range of $ 97 -$100/ barrel for the week. Crude could spike up to $120 if middle east tension moves any higher. Crude oil price rise will harm world economic growth in the near term. Much of the price rise is speculative, hence the negative impact from price rise.
The week witnessed negative economic data from US. The report from the Commerce Department indicated, a bigger than expected drop in durable goods orders by 3.6% in April following an upwardly revised 4.4% increase in March. According to the report, 424,000 Americans filed initial claims for unemployment insurance, an increase of 10,000 from the previous weeks revised figure of 4,14,000. Continue reading Economic Data Review -29May2011
US stocks ended with modest losses on Thursday, 13 January 2011. Stocks started the day in the red right from the start. Economic data dominated the day and the same checked in mixed in nature. The decline was led by commodities today, which slipped despite a weak dollar. Dow ended lower by 23.54 points (0.2%) at 11,731.9. Nasdaq ended lower by 2.04 points (0.02%) at 2,735.29. S&P 500 ended lower by 2.2 points (0.2%) at 1,283.96.
Seven out of ten economic sectors ended lower led by materials, utilities, healthcare and financial sectors. Telecom, industrial, and consumer staples were the sectoral laggards. Pharmaceutical giant Merck fell considerably following the company’s statement on changes to the clinical studies for vorapaxar, an investigational cardiovascular medicine. The fall hurt market sentiment. Continue reading Economic data pushes US stocks lower -13 Jan 2010