Market Update: Disappointing Japanese GDP growth – 12.08.2013

Source: Henderson Global Investors

US equities closed lower on Friday with the Dow Jones down 0.5% and the S&P 500 0.4% lower. Of the 446 companies in the S&P 500 to have reported results so far, 68% exceeded analysts' expectations. Shares in BlackBerry gained 5.7% after news that the company may be warming to the idea of going private. Elsewhere, Priceline.com climbed 3.9% after the online travel company reported earnings that exceeded expectations and gave a strong outlook.

Markets in Asia have been more mixed. The Nikkei fell 0.7% after data showed that the Japanese economy grew slower than expected at an annualised rate of 2.6% in the second quarter. GDP growth for the previous quarter was also revised down, from an annualised 4.1% to 3.8% per cent. Meanwhile, the Hang Seng Index closed up 2.1%.

This morning European stocks are trading lower with both the FTSE 100 and the FTSE Eurofirst 300 down 0.3%. Telekom Austria AG dropped 1.3% after reporting second-quarter earnings that missed analysts’ projections. Bilfinger SE rose 2.4% after Germany’s second-biggest builder predicted a “significantly” stronger second half.