Wednesday, 16 April 2014

Stocks rise for second day in US, fall in Europe and China

US stocks rose for a second consecutive day on Tuesday, the S&P 500 gaining 0.7 percent after climbing 0.8 percent on Monday.

The gain on Monday had been accompanied by a positive economic report in the form of a 1.1 percent rise in US retail sales.

The gain on Tuesday was accompanied by somewhat more mixed economic data. The consumer price index rose 0.2 percent in March, up from 0.1 percent in February, suggesting a possible end to the disinflationary trend.

However, the NAHB/Wells Fargo housing market index rose only a point to 47 in April while the New York Federal Reserve's Empire State general business conditions index fell to a five-month low of 1.29 in April from 5.61 in March.

European stocks fell on Tuesday, the STOXX Europe 600 falling 1.0 percent and erasing its gain for the year amid tension in Ukraine.

Earlier on Tuesday, Asian stocks had been mixed. While Japanese stocks rose 0.6 percent, Chinese stocks fell, the Shanghai Composite Index losing 1.4 percent.

The People's Bank of China had reported on Tuesday that bank lending surged to 1.05 trillion yuan in March from 644.5 billion yuan in February the previous month. However, lending was down 12.4 billion when compared to a year earlier.

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