News Column

Stocks mostly higher, Japan shrugs off GDP drop

August 13, 2014



MUMBAI, India, Shawwal 17, 1435, Aug 13, 2014, SPA -- Global stock markets overcame a contraction in Japan's economy and jitters about Ukraine and Iraq to mostly rise Wednesday, but analysts said new geopolitical developments would likely make for volatile trading, AP reported.

Germany's DAX added 0.8 percent to 9,142.83 and France's CAC 40 rose 0.6 percent to 4,187.69. Britain'sFTSE 100 was steady at 6,631.61. Futures pointed to a move higher on Wall Street. Dow Jones futures rose 0.3 percent to 16,568 and S&P 500 futures gained 0.4 percent to 1,937.70.

Japan'sNikkei 225 closed up 0.4 percent at 15,213.63. Hong Kong's Hang Seng rose 0.8 percent to 24,890.34. China's Shanghai Composite edged up 0.1 percent to 2,222.88 while Australia's S&P/ASX 200 fell 0.3 percent to 5,514.70. Seoul's Kospi added 1 percent to 2,062.36.

Government figures showed Japan's economy, the world's third largest, shrank at an annualized pace of 6.8 percent in the second quarter after spending got slammed by a sales tax hike that kicked in from April. The contraction was expected and economists think spending will pick up again in coming months.

U.S. crude oil futures were up 4 cents at $97.41 a barrel in electronic trading on the New York Mercantile Exchange.

The euro slipped to $1.3353 from $1.3370 late Tuesday. The dollar rose to 102.49 yen from 102.29 yen.

--SPA

13:05 LOCAL TIME 10:05 GMT



All Rights Reversed for Saudi Press Agency Provided by SyndiGate Media Inc. (Syndigate.info).


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Source: Saudi Press Agency (Saudi Arabia)


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