Asian markets consolidated after a big week of gains. The Nikkei 225 closed down -0.83% and the Shanghai Composite was off -0.46%.
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Yesterday, German Chancellor Angela Merkel said everything must be done to keep Greece from running out of money, and today ECB President Mario Draghi said “progress on Greece has been achieved” in the last few days. The German Apr. IFO business climate rose more than expected to the highest level in 10 months. European markets steadied after a seesaw week with the German DAX finishing up +0.74%.
Yesterday’s good earnings from the likes of Amazon, Google, and Microsoft had the NASDAQ racing to new all-time highs, dragging the small-caps and big-cap indexes with it. This morning’s Durable Orders at +4.0% looks great, but ex-transportations, the core rate was -0.2% following a revision for February from down -0.6% to -1.3%.
10-Year Note yields edged back further from 2.0% and the US$ gave ground. Despite that, gold sank to 5-week lows, settling at $XXXX.XX and looking ready to test support at $1140. Meanwhile, crude finished down X.XX% at $XX.XX.
While the NASDAQ powered higher, the remaining indexes were relatively quiet. At the close, other indexes were narrowly mixed.