Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Overnight Markets: Wall Street advances on upbeat Chinese figures

Overnight Markets: Wall Street advances on upbeat Chinese figures

Wall Street edged higher on Monday as investors watched the latest developments in the U.S. budget negotiations and economic data in China beat estimates.

The Dow Jones industrial average rose 15 points, or 0.11%, to 13,170 at the close. The Standard & Poor's 500 Index was little changed at 1,419. The Nasdaq Composite Index advanced nine points, or 0.30%, to close at 2,987.

There was little news Monday about the negotiations over the "fiscal cliff". U.S. President Barack Obama met Republican House Speaker John Boehner on Sunday to negotiate a budget deal.

In Europe, Italian Prime Minister Mario Monti said he would resign after the approval of the 2013 budget, adding to uncertainty about progress being made to tackle the euro zone's debt problem.

In China, factory output and retail sales data beat economists’ estimates giving a boost to the sentiment.

McDonald's Corp jolted the Dow, gaining 1.1%, as its November sales were stronger than expected and showed a bounce back from a decline in October.

Technology stocks were led by Hewlett-Packard Co, which added 2.6% on rumours that activist investor Carl Icahn is building a stake in the PC maker. Cisco Systems gained 2.4% after the company presented its midterm growth strategy on Friday.

U.S.-listed shares of energy company Nexen surged 13.8%. On Friday, Canada approved a $15.1 billion bid by CNOOC Ltd for Nexen.

Material shares rose in sync with copper and gold prices. Shares of Freeport-McMoRan gained 1.1%. Cliffs Natural added 4.6%, while Newmont Mining increased 1.6%.

Halozyme Therapeutics Inc. added 3.5% after a filing by partner Roche Holding AG with European regulators triggered a $4 million milestone payment.

In Asia, shares gained on Tuesday ahead of a Federal Reserve policy meeting and as investors look forward to the result of U.S. budget talks.

The MSCI Asia Pacific Excluding Japan Index added 0.2% to 460 as of 11:48 a.m. Tokyo time. Japan’s Nikkei 225 Stock Average lost 0.3%. Australia’s S&P/ASX 200 Index gained 0.4%, while Singapore’s Straits Times Index advanced 0.5%. South Korea’s Kospi Index added 0.2%. Hong Kong’s Hang Seng Index climbed 0.5%, erasing losses of 0.2%. China’s Shanghai Composite Index slid 0.2%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: change is the only constant for Quilter Cheviot

Profile: change is the only constant for Quilter Cheviot

This is not the first time we have profiled David Miller, but at the time of his previous appearance his company looked very different.

Wealth Manager on Twitter