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Overnight Markets: 'Cliff' solution hopes lift US stocks
Markets
by Himanshu Singh on Dec 21, 2012 at 03:24
Existing home sales surged 5.9% in November, more than expected, and by the fastest monthly pace in three years. However, KB Home slid 6.4% as the company reported higher homebuilding costs and expenses in the fourth quarter.
Accenture fell 2% after revenue from technology consulting declined 3.6% from a year earlier. Merck & Co. slipped 3.4% after saying it won’t seek U.S. marketing approval for a cholesterol drug.
In Asia, shares gained after U.S. economic data signaled the world’s biggest economy is recovering.
The MSCI Asia Pacific Index advanced 0.4% to 130 as of 9:50 a.m. in Tokyo. Japan’s Nikkei 225 Stock Average gained 1%, South Korea’s Kospi Index fell 0.3%, Australia’s S&P/ASX 200 gained 0.5%.
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