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Morning Market Update: Syria Fears Ease

Global stocks advanced overnight as data from the U.S. showed that the economy was growing faster-than-expected and as the prospect of an imminent strike on Syria eased.

European stocks rose erasing their monthly loss, as Vodafone Group surged to an 11-year high while data showed the U.S. economy grew faster than forecast in the second quarter and a drop in jobless claims beat estimates.

The Stoxx 600 added 0.8% to 300 at the close of the trading session in London. The FTSE 100 added 53 points (+0.8%) to close trading at 6483 while the German DAX put on 37 points (+0.5%) to settle at 8195.

Across the Atlantic U.S. stocks rose, sending the S&P 500 higher for a second session, as data showed the economy expanded at a faster pace in the second quarter and concerns over Syria eased.

The S&P 500 climbed three points (+0.2%) to finish trading at 1638, paring an earlier advance of as much as 0.7%. The blue-chip Dow gained 16 points (+0.1%) to settle at 14841.

The U.S. economy grew at a 2.5% annualized rate in the second quarter compared with the initial estimate of 1.7% and economists’ median estimate of a 2.2% gain.

U.S. jobless claims in the week ended Aug. 24 dropped 6,000 to 331,000 from a revised 337,000 the week before. The median forecast of economists called for a drop to 332,000.

In commodity markets, gold retreated the most in more than two weeks as better-than-expected U.S. economic data reinforced the case for the Federal Reserve to slow stimulus measures.

Bullion futures for December delivery fell 0.4% to settle at $1,412.90 an ounce on the Comex in New York.

Crude fell from a two-year high as the outlook of an attack on Syria receded and as better-than-expected U.S. economic data raised speculation that the Federal Reserve will taper its stimulus. Crude oil for October delivery declined $1.30 to settle at $108.80 a barrel on the New York Mercantile Exchange.

In local economic news, the Reserve Bank of Australia will release its monthly Private Sector Credit report today at 11:30 am.

Morning Market Update: Syria Fears Ease is a post from: Australian Stock Report Market Pulse Blog