However, for the week the indices were mixed.
United States
Stocks rebounded Friday and in the process erased most of the losses from earlier in the week when investors reacted negatively to the Federal Reserve’s FOMC minutes. The Dow Jones industrials were up 0.4 percent, the S&P gained 0.6 percent and the Nasdaq added 1.2 percent. While the S&P and Nasdaq managed to advance 0.3 percent and 1.1 percent respectively, the Dow slipped 0.2 percent on the week.
Applied Materials gained after reporting better than expected earnings. Interoil jumped after rival Oil Search announced a deal to buy the company for $2.2 billion. Campbell Soup dropped after reporting third quarter sales that missed expectations. The company partly blamed challenges in its V8 beverages business and problems with its fresh carrot supply. Gap advanced after it announced that it is closing 75 Old Navy and Banana Republic stores outside North America. The announcement came as the clothes retailer reported a 47 percent drop in first quarter profits and lower revenue. Apple and Intel were up along with Micron Technology and Lam Research. Deere declined after the farm equipment maker cut its profit outlook further and reported lower quarterly earnings.
The National Association of Realtors released April existing home sales data. Sales were up 1.7 percent to an annualized rate of 5.45 million after jumping 5.7 percent to an upwardly revised 5.36 million in March.
These data reflect observations at 4:00 PM US ET. Gold at the afternoon London fixing was up US$7.95 to US$1,254.20. Copper futures were up 0.1 percent to US$2.06. WTI spot crude was down 26 US cents to US$48.72. Dated Brent spot crude was down 9 US cents to US$37.26. The US dollar was up against the yen, pound, Swiss franc and the Canadian and Australian dollars. However, it declined against the euro. The Dollar Index was virtually unchanged. The yields on both the US Treasury 30 year bond and the 10 year note slipped 1 basis point to 2.63 percent and 1.84 percent respectively.
Europe
Stocks jumped Friday after Thursday’s selloff. Both the FTSE and CAC added 1.7 percent while the DAX was up 1.2 percent and the SMI closed 1.1 percent higher. For the week, all indices with the exception of the DAX (down 0.4 percent) advanced. The FTSE, CAC and SMI gained 0.3 percent, 0.8 percent and 0.9 percent respectively. Thursday’s declines reflected the negative response by investors to the latest minutes of the FOMC. The minutes said that a possible fed funds interest rate increase was on the table for the June meeting.
Daimler advanced after its truck division lowered its 2016 financial forecast, citing slowing sales. Lanxess advanced after the company said it is seeking to increase the dividend or at least maintain it at a stable level. Both Fresenius and Fresenius Medical Care increased. In Paris, Technip declined after surging Thursday after it agreed to merge with US rival FMC Technologies in an all stock deal.
In London, Bottling company Coca-Cola HBC jumped on a broker upgrade. Spectris declined after reporting a 4 percent decline in like-for-like sales in the period from January 1 to April 30. Barratt Development, Berkeley Group, Taylor Wimpey and Persimmon advanced. Richemont dropped in Zurich after the company said it remains doubtful of any meaningful improvement in the trading environment in the near term. UniCredit advanced in Milan on reports of possible asset sales. Miners Anglo American, Glencore, Rio Tinto, BHP Billiton and Antofagasta were higher.
Asia Pacific
Most stocks advanced Friday thanks to a rebound in oil prices, US dollar gains against the yen and the beginning of the G7 finance and central bankers meeting. The Shanghai Composite and Hang Seng added 0.7 percent and 0.8 percent respectively. China said it would allocate 27.64 billion yuan from the central budget to cut steel and coal capacity. On the week, the Shanghai Composite slipped 0.1 percent while the Hang Seng added 0.7 percent.
Japanese shares reversed early losses to end higher as a weaker yen boosted exporters’ shares. The Nikkei was up 0.5 percent and 2.0 percent on the week. Automakers Mazda, Nissan and Toyota Motor were up along with Sony, Toshiba, Fast Retailing and SoftBank. However, ANA Holdings and Japan Airlines retreated after an EgyptAir flight disappeared from radar screens somewhere over the Mediterranean Sea.
Both the S&P/ASX and All Ordinaries were up 0.5 percent Friday and 0.4 percent for the week. Miners BHP Billiton, Rio Tinto and Fortescue Metals Group rallied. Newcrest Mining was higher after gold steadied following two days of losses. The big four banks advanced.
The Kospi was virtually unchanged on the day and was 1.0 percent lower on the week as investors continued to fret about the possible prospect of higher interest rates in the US. The Sensex was down 0.4 percent and lost 0.7 percent on the week.
Global Stock Markets

Please remember, the value of investments and the income from them can do down as well as up. Funds that invest in overseas markets may be subject to currency fluctuations. Investments in small and emerging markets can be more volatile than other overseas markets. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only.
Looking forward*

Central Bank activities

May 25

Canada

Bank of Canada Monetary Policy Announcement

May 26, 27

Japan

Group of Seven Meeting

The following indicators will be released this week…

Europe

May 23

Eurozone

Manufacturing, Services & Composite PMI (flash May)

Germany

Manufacturing, Services & Composite PMI (flash May)

France

Manufacturing, Services & Composite PMI (flash May)

May 24

Germany

Gross Domestic Product (Q1.2016 final)

Zew Survey (May)

May 25

Germany

Ifo Business Survey (May)

May 26

UK

Gross Domestic Product (Q1.2016 second estimate)

May 27

Germany

Retail Sales (April)

Asia/Pacific

May 23

Japan

Merchandise Trade Balance (April)

May 24

Japan

Manufacturing PMI (flash May)

May 27

Japan

Consumer Price Index (April)

Americas

May 23

United States

Manufacturing PMI (flash May)

May 24

United States

New Home Sales (April)

May 25

United States

International Trade in Goods (April advance)

Services PMI (flash May)

May 26

United States

Initial Unemployment Claims (week ending prior Saturday)

Durable Goods Orders (April)

May 27

United States

Gross Domestic Product (Q1.2016 second estimate)

Consumer Sentiment (May)

*Note — all releases are listed in local time.

Source: Fidelity

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