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Merval, the main index of the Buenos Aires Stock Exchange, rose 0.59% Wednesday, closing at 24,358.04 points in a volatile session in which stocks swell between gains and losses until after the United States Federal Reserve Bank's decision to keep its benchmark interest rate unchanged, as expected. The Fed also announced that it would begin next month to reduce the assets on its balance sheet, also as expected by analysts. "In a day without great news at the local level, the most momentous came from abroad," said Eduardo Fern?ndez de Rava Burs?til. "The United States monetary authority kept interest rates unchanged, something that all markets in the world were expecting. On the other hand, the Fed also announced the end of the era of economic stimuli that came after the 2008 crisis and projected a rate h**e from year-end
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Global markets reacted almost unchanged to that piece of news." The shares of Autopistas del Sol (+4,82%), Petrobras Brasil (+4.03%), TGN (+3.06%), Distribuidora de Gas (+2.57%), and Petrolera Pampa (+1.89%) rose, while Agrometal (-2.42%), Transener (-2.12%), Banco Franc?s (-1.62%), and Tenaris (-1.08%) fell. Meanwhile, the locally traded U.S. dollar rose 0.32%, closing at 17.19 Argentinean pesos, adding its the fourth consecutive daily rise. "Today's rise materialized in the last fifteen minutes of the session, when demand prevailed," noted Gustavo Quintana, an analyst at PR Corredores de Cambios.
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New Zealand's gross domestic product expanded 0.8 percent on quarter in the second three months of 2017, Statistics New Zealand said on Thursday. That was in line with expectations following the upwardly revised 0.6 percent increase in the three months prior (originally 0.5 percent). Retail trade and accommodation was up 2.8 percent, driven by an increase in accommodation and food and beverage services. Manufacturing was up 1.8 percent, with food, beverage, and tobacco product manufacturing being the largest contributor. Transport, postal, and warehousing was up 3.5 percent, due to road transport. Construction was down 1.1 percent, with all construction industries decreasing. Expenditure on gross domestic product grew 1.1 percent in the June 2017 quarter. Exports of goods and services gained 5.2 percent, due to exports of dairy products and higher tourist spending. Household consumption expenditure was up 0.9 percent, driven by spending on services, and durable goods. Inventories were run down $228 million, due to manufacturing inventories. Investment in fixed assets was down 0.8 percent, due to lower investment in residential building, non-residential building, and other construction. Imports of goods and services gained 0.6 percent, due to imports of intermediate goods and capital goods. On a yearly basis, GDP was up 2.5 percent - unchanged and in line with forecasts.
