By James Langton
(May 29 – 09:00 ET) – Markets in the U.S. are closed for Memorial Day. There is no major economic data due out here in Canada, so it should be a quiet day. Corporate earnings will likely be the focus.
In Europe, the momentum is up, led by the techs and telecoms. London’s markets are closed for a Bank holiday, but in France the CAC 40 is up 100 points to 6229. Germany’s DAX is close behind, up 87 points to 7025.
There’s a merger in the German online brokerage business sparking shares. ConSors Discount Broker AG is buying rival Berliner Effektengesellschaft AG for US$232 million.
The euro resumed its slide today after strong gains on Friday and news out of the European Central Bank hinting of rate hikes to come. The European Union is also dismissing a U.S. proposal to overhaul tax rules for American exporters, it may complain to the World Trade Organization.
In Asia, markets had strong overnigt trading session on some short-covering and general relief rallying. The Nikkei finished up 237 points to 16245. The Hang Seng jumped 252 points to 13975.
In economic news Statistics Canada reports that in March employees’ average weekly earnings rose 2¢ to $624.11, up 3.0% from March 1999. The gains were strongest in goods-producing industries, notably manufacturing and construction. The report is little-watched by traders, but it does indicate some employment cost increases.