Asian markets dropped on Thursday, led by the Hang Seng’s 1.2% drop to 18808, as Esprit tumbled 12.4%. The Shanghai Composite fell 1% to 2296, the ASX 200 dropped .5% to 4042, and the Nikkei eased .2% to 8569. This time it was the Kospi that bucked the trend, rising .7% to 1871, as construction shares rallied.
In Europe, stocks closed mixed, as the FTSE fell .3%, the DAX dropped .2%, while the CAC40 inched up .1%. Credit Suisse tumbled 10.5% after the Swiss National Bank said it needs to increase its capital base. Nokia plunged 17.8% afer warning that its loss for the quarter would larger than expected.
US stocks jumped as news of a possible coordinated central bank move sent shares sharply higher in the last hour. The Dow added 156 points to 12652, the S&P 500 gained 1.1% to 1329, and the Nasdaq advanced .6% to 2863.
Currencies
The US dollar continued to slide, declining against all major currencies. The Australian dollar jumped .8% to 1.0022, breaking back above the parity mark. The Canadian dollar, euro, and Swiss franc all gained .6%, while the pound edged up .3% to 1.5526. The Japanese yen posted the smallest gain, inching up .1% to 79.36.
Economic Outlook
Weekly unemployment claims unexpectedly increased to 386K from 380K. CPI data was in line with estimates, ticking up .2%.
Friday’s reports include the Empire State manufacturing index, industrial production, and consumer sentiment. Friday is a quadruple witching day so volatility may be unusually high.
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Stocks Stage Late Day Rally On Central Bank Intervention Hopes
Published 06/16/2012, 01:58 AM
Updated 05/14/2017, 06:45 AM
Stocks Stage Late Day Rally On Central Bank Intervention Hopes
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