Thursday, 9 October 2014

S&P 500 rebounds, Asian economic data mixed

Markets were mixed on Wednesday. European and Asian stocks fell but the S&P 500 rose 1.7 percent after a strong rally in the latter part of the trading session.

Earlier in the day, data from HSBC showed that its China services index fell to 53.5 in September from 54.1 in August, indicating continued albeit slower expansion in the sector. The composite index fell to 52.3 from 52.8.

Japanese data on Wednesday were mixed.

Japan's current account surplus expanded 82.7 percent in August from a year earlier thanks to increased returns on foreign investment despite a wider trade deficit.

However, the economy watchers survey showed that the future conditions index fell to 48.7 in September from 50.4 in August while the current conditions index was unchanged at 47.4.

Encouragingly, though, a report on Thursday showed that Japan's core machinery orders rose 4.7 percent in August from the prior month. It was the third consecutive increase in orders.

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