Subdued USA Market Open 21 Jun 2013

June 21st, 2013
in Gary's blogging, market open, syndication

Gary has taken the day off - and Econintersect is therefore providing the market open from our syndication partner

European stocks remained higher in thin trade on Friday, after positive euro zone data and as market sentiment recovered after sharp losses were fuelled by Federal Reserve Chairman Ben Bernanke's comments on Wednesday.  During European afternoon trade, the EURO STOXX 50 rose 0.33%, France’s CAC 40 climbed 0.58%, while Germany’s DAX 30 edged up 0.08%.

The European Central Bank said its current account surplus narrowed to EUR19.5 billion in April, from a surplus of EUR25.9 billion, confounding expectations for the surplus to narrow to EUR14.2 billion.  Global stocks were hit after Fed Chairman Ben Bernanke on Wednesday said the bank could begin slowing asset purchases by the end of 2013 and wind them down completely by the middle of 2014 if the economy picks up as the central bank expects.

Follow up:

Financial stocks were mixed, as shares in French lenders BNP Paribas and Societe Generale slipped 0.08% and 0.16%, while Germany's Deutsche Bank climbed 0.65%.
U.S. stocks opened mixed to higher in subdued trade on Friday, as comments by Federal Reserve Chairman Ben Bernanke continued to weigh, although mixed U.S. data on Thursday fuelled some uncertainty over the strength of the economic recovery.

During early U.S. trade, the Dow Jones Industrial Average climbed 0.50%, the S&P 500 index advanced 0.52%, while the Nasdaq Composite index dipped 0.04%.

Stocks came under pressure after Fed Chairman Ben Bernanke said the bank could begin slowing asset purchases by the end of 2013 and wind them down completely by the middle of 2014 if the economy picks up as the central bank expects.

On Thursday, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose to 12.5 in June from minus 5.2 in May, outstripping expectations for a reading of minus 2.0 and rising at the fastest pace since April 2011.

The data came after the Department of Labor said the number of individuals filing for initial jobless benefits last week rose by 18,000 to a seasonally adjusted 354,000, a three-week high, compared to expectations for an increase of 4,000 to 340,000.

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