Market update: Stocks rebound on upbeat US retail sales and jobs data – 14.06.2013

Wall Street rallied on Thursday (S&P 500 +1.5%, Dow Jones +1.2%) as investors brushed aside monetary easing concerns and instead focused on some more positive data points. May retail sales provided some cheer to investors; growth of 0.6% from a month earlier bettered analysts’ expectations of a 0.4% rise, suggesting that US consumer spending remains resilient. Jobs data was also pleasing as initial jobless claims for the previous week were lower than forecast at 334,000 compared with 346,000 previously. 

After yesterday’s rout, Japanese equities have rebounded today, with the Nikkei closing up 1.9%, taking the lead from the US overnight. Australian stocks also closed firmer with the S&P/ASX 200 rising 2.0%. This morning, European equities are back in the black (FTSE Eurofirst 300 +0.4%, FTSE 100 +0.5%). Later today investors will be looking to the release of May industrial production data from the US for further signs of encouragement.