The Dow Jones industrial average jumped above 17,000 for the first time after the government reported a surge in hiring in June 2014, which was much bigger than investors and economists were expecting.
Giant Chinese online retailer Alibaba is hoping to raise more than $15bn when it floats later this year. The amount would trump Facebook’s record, set in 2012. By choosing New York to go public, the company ends months of speculation and dashes the hopes of Hong Kong, the previous favourite.
Shares in Boeing – the world’s biggest aircraft manufacturer – fell to the lowest in more than a month after the disappearance of the Malaysian Airlines flight carrying 239 people. Shares fell 2.3 percent in New York. In Kuala Lumpur, shares of Malaysia Airlines also fell 18 percent to a record low.
Barclays has seen profits drop by a quarter to $8.5bn, missing analyst forecasts and raising expectations that the bank will step up cost cutting procedures. Several hundred senior-level jobs are expected to be axed as a result.
Oil demand across the world will rise more quickly this year than previously forecast as economic growth in industrialized countries accelerates. This is according to the International Energy Agency, which claims the majority of leading economies are now largely out of recession.
The Organisation for Economic Cooperation and Development has cut its own global growth forecasts for 2013 and 2014 by almost half a percentage point. The OECD blames a slowdown in emerging markets and the US debt ceiling chaos for the cut.
Beijing’s reform programme has helped boost China’s markets, with the easing of the country’s one-child policy, efforts to boost consumption, and giving a larger role to market forces all contributing.