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.
