Saturday, 26 July 2014

Stocks fall, US durable goods orders rise

Stocks fell on Friday. The S&P 500 lost 0.5 percent after closing at a record for two consecutive days. The STOXX Europe 600 fell 0.7 percent.

Stocks fell despite a report on Friday showing that US durable goods orders rose 0.7 percent in June. Orders had fallen 1.0 percent in May.

Orders for non-defence capital goods excluding aircraft rose 1.4 percent in June after falling 1.2 percent in May.

Earlier on Friday, Japan had reported that its core inflation rate eased to 3.3 percent in June from 3.4 percent in May.

The latest figures "suggest that the impact of the sales tax hike has started to fade," Capital Economics said in a note after the data was released. "We expect core inflation excluding tax to fall below 1.0 per cent in coming months," it added.

In Germany, business confidence fell in July. The Ifo business climate index declined to 108.0 from 109.7 in June.

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