While you were sleeping.. Global stock indexes declined on Tuesday after weaker-than-expected earnings, while the dollar fell for a fifth straight session against the yen. Retailers such as Staples and TJX Companies, which posted lower-than-expected quarterly revenue, were among the biggest drags on US stocks, along with Caterpillar, which said retail statistics for the three months to April were down 13 percent. The Dow Jones closed down 0.83 per cent, at a five-week low. In what was a quiet news night, the New York Federal Reserve president William Dudley said the economy was poised for stronger growth and inflation should “drift upwards” towards the Fed’s 2 per cent goal. But a swift climb in inflation was unlikely. “My current thinking is that the pace of tightening will probably be relatively slow,” Dudley told a group of business economists in New York. European shares also inched lower on Tuesday, held back by Vodafone after the world’s second-largest mobile network operator reported £6.6 billion in impairment costs. Despite disappointment so far over an energy deal, Russian President Vladimir Putin did receive a rare nod of approval from Chinese President Xi Jinping over the Ukraine crisis. In a statement issued after the two leaders met, Russia and China called for the de-escalation of tensions in Ukraine and for peaceful, political ways to resolve existing problems. The countries also referred to the crisis as domestic.
Posted on: Tue, 20 May 2014 22:56:58 +0000
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