Nov 13, 2014 8:48 AM

Stocks turn lower after US claims data

The Associated Press

LONDON (AP) Global stocks turned lower on Thursday after soft U.S. jobless claims figures and despite earlier gains in Asia. Wall Street was expected to open flat.

KEEPING SCORE: Germany's DAX was flat at 9,209.24 and France's CAC-40 shed 0.4 percent to 4,163.64. Britain's FTSE 100 fell 0.1 percent to 6,605.75. Wall Street was set for a subdued open after Wednesday breaking a five day streak of record highs with a slight decline. Dow and S&P 500 futures were both up 0.1 percent.

US JOBS, JAPANESE INDUSTRY: Traders were digesting a report that showed U.S. unemployment benefits rose last week by 12,000. The increase, however, is not considered sharp enough to derail the labor market's overall improvements. More positive figures came from Japan, which said its machinery orders rose in October in a sign of growing investment. Excluding shipbuilding and electricity, orders rose 2.9 percent over the previous month, defying predictions of a decline.

THE QUOTE: In Japan, "capital spending should start to recover soon," said Marcel Thieliant of Capital Economics in a report. With the Shoko Chukin survey showing capacity usage at small firms at its highest since 2009, he said, "this measure points to a solid expansion in spending on machinery and equipment."

ASIA'S DAY: Tokyo's Nikkei 225 gained 1.1 percent to 17,392.79 while China's Shanghai Composite Index fell 0.4 percent to 2,485.61. Hong Kong's Hang Seng rose 0.3 percent to 24,019.94. Taiwan and Singapore rose while India and Seoul fell.

BUFFETT DEAL: Shares in Procter & Gamble Co. will be in focus on the market open in New York after Warren Buffett's Berkshire Hathaway Inc. said it is buying the company's Duracell battery business for $3 billion. P&G, the world's biggest consumer products maker, had said last month it wanted to make Duracell a stand-alone company.

ENERGY: Benchmark U.S. crude fell further on expectations of strong supplies, shedding 98 cents to $76.20 per barrel in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract declined 76 cents to a four-year low of $77.18.

CURRENCIES: The dollar gained to 115.56 yen from the previous day's 115.47 yen. The euro rose to $1.2457 from $1.2437.


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