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Asia And Europe Move Up On US Data

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By Douglas A. McIntyre Published

Markets in Asia and Europe were up after strong housing data was released in the US, and American markets advanced over 2%.

The Nikkei 224 was up 1.41% to 8,454. The Hang Seng was higher by 1.86% to 18,416.

At the open in Europe, the FTSE 100 rose .72% to 5,458. The DAX was up .95% to 9,902

The improvements followed a day in which the DJIA moved up by 2.87% to 12,104.  American markets are now up by about 4% on the year.

Much of the market improvement was due to a sharp increase in housing starts. But, economists were quick to point out that multi-family homes accounted for much of this. They are consider a less stable indicator the single family homes.

Data has also shown the Christmas shopping has stayed strong at both the bricks and mortar and e-commerce levels. This has caused economists to believe that Q4 GDP could be as high as 3%.

The only news that has put a recent damper on the optimism is the ongoing trouble in Europe’s economies.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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