Foreign Markets
In Europe, markets gained even though the euro zone economy contracted by a record 1.5 % in the fourth quarter of 2008. German output fell 2.1 %, the most since the country’s reunification in 1990, while France saw a 1.2 % decline. Germany’s DAX gained 1.7 % to 4,480.23, Britain’s FTSE 100 added 1.5 % to 4,236.07, and France’s CAC 40 surged 2.1 % to 3,027.86.
Stocks in Asia also advanced Friday. Japan’s Nikkei 225 stock average climbed 1 % to 7,779.40, and Hong Kong’s Hang Seng rose 2.5 % to 13,554.67. The Shanghai Composite Index was up 3.2 % and has gained more than 20 % since Nov. 28 as the government rolled out their own $586 billion stimulus package.
U.S. Futures
Here in the U.S, futures were mixed on the last day of the week. The blue chips fell 22, or 0.28 %, to 7,915. Standard & Poor’s 500 index futures rose 1.00, or 0.12 %, to 836.40, while Nasdaq 100 index futures rose 5.50, or 0.44 %, to 1,250.75.
Currencies and Commodities
The dollar traded at 91.664 yen, up 0.796% on revived hopes in the future of the U.S. economy. The euro lost 0.1283% to $1.2845 on the euro-zones soft economic numbers. The pound appreciated against the dollar, a 1.18% move to $1.4526. Gold dropped $11.20, or 1.18% to $938 an ounce, while silver fell 1.26% to $13.34 as investors move to equities and the dollar. Crude rose 0.21% to $34.05 after dropping below $34 per barrel earlier on the NYMEX.
Corporate News
Pepsi Co. (PEP) reported revenue climbing 3 % to $12.73 billion from $12.35 billion from the 4th quarter a year ago. Excluding restructuring and impairment charges and other items, net income was $1.39 billion, or 88 cents per share. That adjusted figure matched analysts’ expectations.
Abercrombie & Fitch Co. reported 4th quarter profit that fell 68%. The company earned $68.4 million, or 78 cents per share, down from $216.8 million, or $2.40 per share, a year earlier. In the ever changing tumultuous environment, ANF is not providing 2009 guidance.
Economic News
9:55 AM
Consumer Sentiment: Measures the attitude consumer’s have about the economy which directly relates to the strength of consumer spending, which accounts for two thirds of the nations GDP. The consensus level is 61 for the month of February, down from January’s reading of 61.2. The lack of employment stability continues to weigh on the mind of the consumer as layoffs have accelerated in the first quarter.
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