Economic data mixed, markets positive

US economic data on Friday were mixed.

Personal consumption expenditures and income both rose just 0.1 percent in November. Adjusted for inflation, personal consumption expenditures rose 0.2 percent while disposable personal income was unchanged.

Durable goods orders jumped 3.8 percent in November due to a surge in aircraft orders. Excluding transportation, orders rose 0.3 percent. However, excluding defence and aircraft, orders fell 1.2 percent.

New home sales rose 1.6 percent in November to the highest level in seven months.

Elsewhere, France reduced its GDP growth estimate for the third quarter to 0.3 percent from 0.4 percent.

In Asia, Fitch has lowered its 2012 growth forecast for the region's emerging economies to 6.8 percent from 7.4 percent. A 9.6 percent fall in Singapore's manufacturing output in November from a year earlier provided the latest evidence of a slowdown in Asia.

Worries about an economic downturn prompted an unexpected interest rate cut from Russia on Friday. Bank Rossii cut its refinancing rate to 8 percent from 8.25 percent.

While economic reports were mixed on Friday, markets remained positive. Stocks rose, with the S&P 500 rising for a fourth consecutive day by 0.9 percent and giving it a 0.6 percent gain for 2011. The STOXX Europe 600 rose 0.9 percent. Copper rose 1.6 percent.