Thursday, July 29, 2010

20100729 1211 Global Market News.

Asia shares retreat from highs, dollar dips
TOKYO, July 29 (Reuters) - Asian stocks edged down from a three-month high and the dollar eased towards three-month lows  , hit by soft U.S. data that underlined the patchy nature of the U.S. economic recovery.
"Profit-taking is coming to the fore because coupled with worries about the uncertain outlook for the U.S. and European economies, U.S. stocks seem to be peaking," said Yutaka Miura, a senior technical analyst at Mizuho Securities in Tokyo.

NEW YORK, July 28 (Reuters) - World stocks fell, snapping a four-day rally on Wednesday, as weak orders for U.S. durable goods in June and the Federal Reserve's downbeat take on the economy dampened the outlook and drove the dollar lower.
"Earnings have been good, but the overall economy is still sluggish at best and is not coming back as much as we would have hoped," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati.

Earnings boost stocks, euro rises
LONDON, July 28 (Reuters) - World stocks rose for the fifth day running as solid corporate earnings combined with easing fears about financial stability to boost investors appetite for riskier assets.
"Earnings are coming through better than expected," said Bernard McAlinden, investment strategist at NCB Stockbrokers in Dublin. "Banks are better ... having underperformed for some time."

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