Daily Data Flow: Stocks Rise as Earnings Come in; Good Day for Chinese Stocks; Dollar, Euro Win Big against Yen
Stocks Rise as Earnings Come in (Bloomberg)
Stocks rose today, as the S&P 500 made progress up from yesterday’s six-week low, thanks mainly to expectations-beating earnings coming in from various companies, including Capital One and Google. “Earnings are going to continue to come in better than most people think,” Jeffrey Saut, chief investment strategist at Raymond James & Associates in St. Petersburg, Florida, said. “Companies have pretty much guided down and expectations are pretty low in terms of upside surprises.”
Good Day for Chinese Stocks (Reuters)
Flying in the face of recent slowdowns, today China’s market had its best day in a month. Hong Kong’s market also did well, halting a five-day losing streak. “Increased foreign interest will mean more liquidity for the A-share market, this will boost brokerages,” said Cao Xuefeng, Chengdu-based head of research for Huaxi Securities.
Dollar, Euro Win Big against Yen (Reuters)
The dollar and the euro both made a sizable gain versus the yen today, rising one and a half percent against Japan’s currency after the island nation announced a group of twenty countries (G20) did not oppose its aggressive monetary policies. “It appears with Kuroda’s and Aso’s comments and the G20′s acceptance of their explanation on monetary policy that the path is clear for the BOJ to both continue easing or enact additional easing measures if needed. This is leading to the late day sell-off in the yen,” said Brian Daingerfield, currency strategist, at RBS Securities in Stamford, Connecticut.