الرئيسية
LONDON
(AP) — European markets closed higher Friday ahead of the Christmas
break even though a batch of disappointing U.S. economic figures reined
in some of the recent optimism over the state of the world's largest
economy.
Figures showing that consumer spending and personal
income rose by a modest 0.1 percent in November were below market
expectations, while the headline 3.8 percent increase in durable goods
orders last month masked a decline in a crucial investment measure,
benefiting from big orders for Boeing aircraft.
The figures offset
some of the optimism in markets about the U.S. economy following a run
of largely positive data. Since Thursday, investors have taken heart
from figures showing that the number of initial jobless claims in the
U.S. unexpectedly fell 4,000 last week to 364,000, the lowest level
since April 2008.
Those figures had raised hopes that the U.S.
economy got through its soft patch earlier this year and may be poised
for stronger-than-anticipated growth in the fourth quarter.
"This
doesn't change the overall view too much but it is somewhat deflating,"
said Jennifer Lee, an analyst at BMO Capital Markets.
That was
evident in the markets, where stocks in Europe gave up many of their
earlier gains and Wall Street opened lower than predicted in futures
markets. Trading activity was muted as the traditional holiday slowdown
began in earnest.
In Europe, Germany's DAX closed 0.5 percent
higher at 5,878.93 while the CAC-40 in France rose 1 percent to
3,102.09. The FTSE 100 index of leading British shares, which only
traded for a half day, closed up 1 percent at 5,512.70.
In the
U.S., the Dow Jones industrial average was up 0.6 percent at 12,246
while the broader Standard & Poor's 500 index rose the same rate to
1,262.
Trading was fairly lackluster in the currency markets too,
with the euro down 0.1 percent at $1.3048 and the dollar 0.1 percent
lower at 78.09 yen.
While the U.S. economy has been the dominant
driver in markets the past couple of days, Europe's debt crisis is
likely to remain the key market focus next year.
There were reminders Friday of the underlying problems afflicting the 17-nation eurozone.
Figures
showed that eurozone banks stashed €347 billion ($453 billion)
overnight with the European Central Bank on Thursday, in another sign
that Europe's debt crisis is still putting pressure on the banking
system despite massive central bank support. The figure announced Friday
is the highest for 2011, topping €346.4 billion earlier this month.
The
large deposits come despite Wednesday's massive central bank credit
operation, in which the ECB let banks borrow as much as they wanted for
up to 3 years. As a result 523 banks took €489 billion, the largest ECB
loan operation in the 13-year history of the euro.
Earlier in
Asia, China's benchmark in Shanghai gained 0.9 percent to 2,204.78 and
Hong Kong's Hang Seng rose 1.4 percent to 18,629.17. Japan's financial
markets were closed for a public holiday.
Oil prices tracked
equities higher — benchmark crude for February delivery was up 44 cents
to $99.97 a barrel in electronic trading on the New York Mercantile
Exchange.
____
Alex Kennedy in Singapore contributed to this report.
(AP) — European markets closed higher Friday ahead of the Christmas
break even though a batch of disappointing U.S. economic figures reined
in some of the recent optimism over the state of the world's largest
economy.
Figures showing that consumer spending and personal
income rose by a modest 0.1 percent in November were below market
expectations, while the headline 3.8 percent increase in durable goods
orders last month masked a decline in a crucial investment measure,
benefiting from big orders for Boeing aircraft.
The figures offset
some of the optimism in markets about the U.S. economy following a run
of largely positive data. Since Thursday, investors have taken heart
from figures showing that the number of initial jobless claims in the
U.S. unexpectedly fell 4,000 last week to 364,000, the lowest level
since April 2008.
Those figures had raised hopes that the U.S.
economy got through its soft patch earlier this year and may be poised
for stronger-than-anticipated growth in the fourth quarter.
"This
doesn't change the overall view too much but it is somewhat deflating,"
said Jennifer Lee, an analyst at BMO Capital Markets.
That was
evident in the markets, where stocks in Europe gave up many of their
earlier gains and Wall Street opened lower than predicted in futures
markets. Trading activity was muted as the traditional holiday slowdown
began in earnest.
In Europe, Germany's DAX closed 0.5 percent
higher at 5,878.93 while the CAC-40 in France rose 1 percent to
3,102.09. The FTSE 100 index of leading British shares, which only
traded for a half day, closed up 1 percent at 5,512.70.
In the
U.S., the Dow Jones industrial average was up 0.6 percent at 12,246
while the broader Standard & Poor's 500 index rose the same rate to
1,262.
Trading was fairly lackluster in the currency markets too,
with the euro down 0.1 percent at $1.3048 and the dollar 0.1 percent
lower at 78.09 yen.
While the U.S. economy has been the dominant
driver in markets the past couple of days, Europe's debt crisis is
likely to remain the key market focus next year.
There were reminders Friday of the underlying problems afflicting the 17-nation eurozone.
Figures
showed that eurozone banks stashed €347 billion ($453 billion)
overnight with the European Central Bank on Thursday, in another sign
that Europe's debt crisis is still putting pressure on the banking
system despite massive central bank support. The figure announced Friday
is the highest for 2011, topping €346.4 billion earlier this month.
The
large deposits come despite Wednesday's massive central bank credit
operation, in which the ECB let banks borrow as much as they wanted for
up to 3 years. As a result 523 banks took €489 billion, the largest ECB
loan operation in the 13-year history of the euro.
Earlier in
Asia, China's benchmark in Shanghai gained 0.9 percent to 2,204.78 and
Hong Kong's Hang Seng rose 1.4 percent to 18,629.17. Japan's financial
markets were closed for a public holiday.
Oil prices tracked
equities higher — benchmark crude for February delivery was up 44 cents
to $99.97 a barrel in electronic trading on the New York Mercantile
Exchange.
____
Alex Kennedy in Singapore contributed to this report.