Market Report – U.S. Home Sales Push Markets Higher
In today’s market report… Asian markets were mostly higher after a jump in U.S. housing sales suggested the economy is picking up speed.
November home re-sales rose 7.4 percent, above a forecast 2.5 percent. It adds to upbeat technology forecasts and corporate deal making.
A slew of mining activities also pushed commodity shares higher — shares in Australia’s Macarthur Cole soared after it offered to buy Noble unit Gloucester Coal in an all-share deal worth almost $600 million.
Meanwhile, Indonesia’s state-owned coal miner, Bukit Asam, expects coal sales to increase by more than a fifth next year. That’s due to strong demand from China and India. The company says it plans to ramp up infrastructure in the coming years.
And Newcrest Mining gained after Australia’s top gold miner said it had resumed operations after bad weather caused by Tropical Cyclone Laurence shut down its Telfer gold mine.
And in Japan, the market was closed for a holiday.