US open: Shares higher despite economic data

Date: Friday 15 Jun 2012

Wall Street is holding higher despite the release of weaker than expected macro-economic data out this morning, not to mention this next Sunday’s elections in Greece.

Valiant Pharma will acquire OraPharma for $426m and Motorola Solutions will buy Psion for another $200m.

Goldman Sachs has started coverage of Kinder Morgan at buy, with a $12 per share target.

Consumer confidence comes in below forecasts

The University of Michigan’s preliminary consumer confidence index for the month of June has come in at 74.1, after 79.3 in May (Consensus: 77.5).

Industrial production contracted by 0.1% month-on-month in June (Consensus: 0.1%) in May, along with a 0.4% fall in manufacturing output.

The New York Fed’s manufacturing sector index fell to 2.29 in June (Consensus: 13), from 17.09.

Net long-term capital flows decreased to $25.6bn in April, after $36bn in the month before.

Bonds move higher

Front month West Texas crude futures are gaining by 0.083 dollars to the 83.95 dollar mark on the NYMEX.

10 year US Treasuries are 15/32 dollars higher at the moment, with yields at 1.59%.

AB

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