US stocks rise on strong retail sales; Europe mixed

AFP, NEW YORK:  Wall Street stocks rose Friday, with the Nasdaq inching up to a fresh record, following data showing strong US retail sales in September.

Meanwhile, Europe’s major stock markets were mixed at the end of the trading session, while oil prices advanced after President Donald Trump announced he was “decertifying” the Iran nuclear deal, throwing into doubt an agreement that was expected to boost Iranian oil output.

US stocks rose after retail sales jumped 1.6 per cent last month due to strong trade in cars, car parts and fuel following US hurricanes, the largest monthly increase since March of 2015, Commerce Department data showed.

“In our view, the American consumer has quite a bit of firepower, even if some of this is being funded by credit,” said Neil Saunders, managing director of GlobalData Retail.

Money managers remained quietly optimistic about earnings after most large banks bested expectations, said Sam Stovall, chief investment strategist at CFRA Research.

“Investors believe that earnings will continue to surprise on the upside for the S&P 500 despite the disappointment on some of the banks,” Stovall said.

In Frankfurt, the German blue-chip DAX index, ended just short of the 13,000-point mark, which it had breached for the first time on Thursday.

The CAC 40 index in Paris was fractionally lower and London’s benchmark FTSE 100 index of top blue-chip companies eased 0.3 per cent, after hitting a record closing peak the previous day.

Oil prices pushed higher, after data showed a strong Chinese crude imports.

Trump’s announcement also boosted oil prices. The US president stopped short of nullifying the deal, but sent the agreement to Congress and warned “our participation can be canceled by me as president at any time.”

Trump’s announcement was expected, blunting some of its impact on markets.

“It doesn’t mean that the deal has been terminated, but the onus is on Congress now to address the concerns of the President. How this is viewed by Iran will be the question,” said a note from Commerzbank. “Either way, it’s shaky ground.

 

US stocks rise on strong retail sales; Europe mixed

AFP, NEW YORK: Wall Street stocks rose Friday, with the Nasdaq inching up to a fresh record, following data showing strong US retail sales in September. Meanwhile, Europes major stock markets were mixed at the end of the trading session, while oil prices advanced after President Donald Trump announced he was decertifying the Iran nuclear deal, throwing into doubt an agreement that was expected to boost Iranian oil output. US stocks rose after retail sales jumped 1.6 per cent last month due to strong trade in cars, car parts and fuel following US hurricanes, the largest monthly increase since March of 2015, Commerce Department data showed. In our view, the American consumer has quite a bit of firepower, even if some of this is being funded by credit, said Neil Saunders, managing director of GlobalData Retail. Money managers remained quietly optimistic about earnings after most large banks bested expectations, said Sam Stovall, chief investment strategist at CFRA Research. Investors believe that earnings will continue to surprise on the upside for the SP 500 despite the disappointment on some of the banks, Stovall said. In Frankfurt, the German blue-chip DAX index, ended just short of the 13,000-point mark, which it had breached for the first time on Thursday. The CAC 40 index in Paris was fractionally lower and Londons benchmark FTSE 100 index of top blue-chip companies eased 0.3 per cent, after hitting a record closing peak the previous day. Oil prices pushed higher, after data showed a strong Chinese crude imports. Trumps announcement also boosted oil prices. The US president stopped short of nullifying the deal, but sent the agreement to Congress and warned our participation can be canceled by me as president at any time. Trumps announcement was expected, blunting some of its impact on markets. It doesnt mean that the deal has been terminated, but the onus is on Congress now to address the concerns of the President. How this is viewed by Iran will be the question, said a note from Commerzbank. Either way, its shaky ground.