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Foreign Markets

Stocks soared forward overnight in Asia where investors were encouraged by data showing Japanese machinery orders in March fell less than expected. Japan’s Nikkei 225 stock average gained 171.29 points, or 1.9 %, to 9,265.02, and Hong Kong’s Hang Seng added 249.01, or 1.5 %, to 16,790.70.

The economy of the 16 countries that use the euro shrank by a massive 2.5 % in the first quarter; far more than the consensus expectation of 2%. This is the 4th consecutive quarter the euro zone has seen a decline in GDP. Germany’s economy shrank 3.8 % as demand for its high value goods, such as cars and machinery diminished. Germany’s DAX was up 0.4 % at 4,755.11. French GDP declined by 1.2 %, however the CAC 40 rose 0.8 % at 3,182.35.

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Foreign Markets

Even though Intel, the world’s largest chipmaker, beat the street for the quarter, their omission of forward guidance rippled through the global marketplace. Overnight in Asia, Japan’s benchmark Nikkei 225 stock average lost 99.72 points, or 1.1 %, to 8,742.96 and South Korea’s Kospi fell 9.54, or 0.7 %, to 1,333.09.

In Europe, the FTSE 100 index of leading British shares was down 3.04 points, or 0.1 %, at 3,985.95, while Germany’s DAX fell 18.04, or 0.4 %, at 4,538.97. The CAC-40 in France was also down 11.08 points, or 0.4 %, at 2,989.14.

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Foreign Markets

Japan’s Nikkei Index, after conformation that the country fell into a recession in the 3rd quarter, gained 0.7% after being down as much as 2.9% in the trading day. In Europe, Dow Jones Stoxx 600 Index declined 2.3% while the MSCI World Index lost 0.8%, totaling the index’s loss to 45% on the year. . Read the rest of this entry »