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Global stocks edge higher; dollar eases

Published: April 27, 2019 13:17:47 | Updated: April 30, 2019 11:41:50


File photo (Collected)

Global stocks edged higher on Friday as data showing US economic growth accelerated in the first quarter offset corporate earnings disappointments, while the dollar fell against a basket of currencies.

The Commerce Department said gross domestic product increased at a 3.2 per cent annualised rate.

The jump in US economic growth was driven by a smaller trade deficit and the largest accumulation of unsold merchandise since 2015, temporary factors that are likely to reverse in the coming quarters.

The dollar index, which measures the greenback against six major currencies, was 0.33 per cent lower at 97.882. The index, which hit a 23-month high earlier in the session, is up 0.5 per cent for the week.

Global stocks were mixed near flat, reports Reuters.

Tech shares weighed on the US market, with Intel Corp down sharply after it cut its full-year revenue forecast and missed quarterly sales estimate for its key data centre business.

Exxon Mobil and Chevron also were lower following results Friday.

The Dow Jones Industrial Average rose 24.46 points, or 0.09 per cent, to 26,486.54, the S&P 500 gained 4.43 points, or 0.15 per cent, to 2,930.6 and the Nasdaq Composite dropped 8.84 points, or 0.11 per cent, to 8,109.84.

The pan-European STOXX 600 index rose 0.16% and MSCI’s gauge of stocks across the globe gained 0.18 per cent.

Benchmark 10-year notes last rose 9/32 in price to yield 2.5036 per cent, from 2.534 per cent late on Thursday.

US crude fell 3.68 per cent to $62.81 per barrel.

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