Stocks rise on corporate earnings ahead of Fed meeting

US stocks rose as investors dissected earnings and economic data before a  Federal  Reserve  policy  announcement.  The  S&P  500  Index  climbed 1.2% to 1,985.05. The Dow advanced 187.81 points (1.1%) to 17,005.75.

Consumer confidence in US increases to a seven-year high

Consumer confidence advanced in October as Americans enjoyed further price drops at the gas pump and the job market continued to improve. The Conference  Board’s  index  climbed  to  94.5  in  October,  the  highest  since October  2007,  from  a  September  reading  of  89  that  was  stronger  than initially  estimated,  the  research  group  said.  The  median  forecast  in  the Bloomberg survey called for a reading of 87.

Durable goods orders in US decrease for second month

A  slowdown  in  global  growth,  resulting  in  plunging  commodity  prices,  is prompting  US  companies  to  say  the  glass  is  half  empty.  Orders  to American factories for long-lasting equipment unexpectedly dropped 1.3% in  September  (-18.3%  in  August),  indicating  businesses  worldwide  are reluctant  to  spend  on  expanding  output,  Commerce  Department  data showed.  The median forecast surveyed by Bloomberg projected bookings would climb 0.5%.

Home prices in US show slower year-to-year increase in August

Home prices in 20 US  cities rose at a weaker pace in the year ended in August  as  borrowing  standards  remain  tight  and  wage  gains  fail  to accelerate. The S&P/Case-Shiller index of property values increased 5.6% yoy in August after rising 6.7% yoy in July, a report from the group showed. The median projection surveyed by Bloomberg called for a 5.7% advance.

EU rejects no budgets after France, Italy last-ditch bids

The European Union (EU)  said no nation has broken its budget rules by a big enough margin to warrant immediate action, a move that gives France and Italy more time to win approval  for their draft spending plans.  France will reduce its deficit by an additional  €3.6bn (US$5bn), Finance Minister Michel  Sapin  said.  Italy  will  adopt  additional  measures  to  save  €3.5bn, Finance Minister Pier Carlo Padoan told the commission.

Japan output rise most in eight months as Abe weighs tax

Japanese  industrial  production  rose  the  most  since  January,  a  sign companies  are  shaking  off  a  blow  from  a  higher  sales  tax.  Output increased  2.7%  in  September  from  -1.9%  in  August,  the  trade  ministry said, more than a median estimate of 2.2% in a Bloomberg News survey.

Vietnam cuts key interest rate to boost lending, gdp growth

Vietnam cuts a key policy rate to spur lending by banks as the government steps  up  measures  to  bolster  a  struggling  economy.  The  State  Bank  of Vietnam’s dong deposit rate cap for terms between one month to less than six  months  will  be  lowered  to  5.5%  from  6%,  deputy  head  of  monetary policy Nguyen Thu Ha said.  The refinance, discount and repurchase rates will remain unchanged.

Crude rises first time in three days on consumer optimism

WTI  and  Brent  crudes  advanced  after  confidence  among  US  consumers rose in October to a seven-year high as gasoline prices dropped.  Brent for December settlement gained US$0.20 to close at US$86.03 a barrel.

Source: Bloomberg