Friday, 29 August 2014

US 2nd quarter growth revised up, eurozone economic confidence falls

US economic data on Thursday were positive.

Revised GDP data showed that the US economy grew at a 4.2 percent annualised rate in the second quarter, more than the initial estimate of 4.0 percent.

Another report on Thursday showed that US pending home sales rose 3.3 percent in June.

Economic data from Europe on Thursday were negative though.

The European Commission's economic sentiment indicator for the euro area fell to 100.6 in August from 102.1 in July.

German unemployment rose by 2,000 in August while the unemployment rate stayed unchanged at 6.7 percent.

Investors, though, were again distracted by rising tension in Europe on Thursday amid signs of a Russian invasion of Ukraine.

Stocks fell as the S&P 500 declined 0.2 percent to fall below the 2,000 level while the STOXX Europe 600 fell 0.7 percent.

US Treasuries rose, with the 30-year yield falling 3 basis points to 3.08 percent and the 10-year yield falling 2 basis points to 2.34 percent.

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