Tags: world | markets | yen | FTSE

World Markets Capped by Earnings Disappointment

Friday, 17 Jan 2014 12:01 PM

World markets struggled to rise on Friday as weak corporate earnings results made investors cautious of chasing stocks to new highs.

A string of companies reported disappointing earnings figures, including oil company Shell, delivery service UPS and General Electric. Morgan Stanley saw its profit fall as well, though not as much as analysts had feared.

Economic data failed to pick up sentiment, with official figures showing a dip in U.S. home construction in December but a rise in industrial production.

After Asian indexes mostly closed lower, Britain's FTSE 100 rose 0.2 percent to close at 6,829.30. Germany's DAX gained 0.3 percent to 9,742.96, while France's CAC-40 edged up 0.2 percent to 4,327.50.

Stan Shamu, market strategist at IG in Melbourne, Australia, said the recent record set by the S&P was making investors reconsider their appetite for stocks.

"Investors will get a little bit nervous at high levels," he said. "They'd really like to see the earnings come out just to back up the theory that the U.S. markets are on the mend."

Earlier, Japan's Nikkei 225 closed 0.1 percent lower at 15,734.46. China's Shanghai Composite index sank 0.9 percent to 2,004.95, while Hong Kong's Hang Seng rose 0.6 percent to 23,133.35 after slipping in early trading.

Australia's S&P ASX 200 fell 0.6 percent, South Korea's Kospi was down 0.7 percent, while most Southeast Asian markets finished higher.

In currencies, the euro fell 0.4 percent against the dollar, to $1.3559, while the U.S. currency shed 0.1 percent against the Japanese yen, at 104.28 yen.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
1Like our page
2Share
Headline
World markets struggled to rise on Friday as weak corporate earnings results made investors cautious of chasing stocks to new highs.
world,markets,yen,FTSE
253
2014-01-17
Friday, 17 Jan 2014 12:01 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved