Saturday, 16 June 2012

US industrial production and consumer confidence fall, stocks rise

There were more signs on Friday that the US economy is slowing.

Industrial production fell 0.1 percent in May. The Federal Reserve Bank of New York’s general economic activity index dropped to 2.3 in June from 17.1 in May. The Thomson Reuters/University of Michigan index of consumer sentiment fell to 74.1 in June, the lowest level this year, from 79.3 last month.

Stocks rose anyway on Friday with both the S&P 500 and the STOXX Europe 600 rising 1.0 percent amid speculation of more central bank easing.

There was no fresh easing from the Bank of Japan though after its latest monetary policy meeting on Friday.

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