Stocks Endure Slight Drop (Bloomberg)
Concerns over Europe’s debt crisis, as exemplified by the Cyprus affair, lowered today, but not enough to result in an overall gain for stocks. The markets recovered from a dip earlier in the day, ending with only a slight loss. “When you have typically light days, the market can get pushed around a little bit more on nothing,” Frank Ingarra, head trader at Greenwich, Connecticut-based NorthCoast Asset Management LLC, said. “The market’s still poised to go up.”
Twitter Ad Revenue Could Hit $1 Billion Next Year (CNBC)
Thanks to increased mobile advertising, microblogging service Twitter could see as much as $1 Billion in advertising dollars coming its way next year. “Twitter has ultimately benefited from the increased focus on mobile by competitors like Google and Facebook, which have both expanded their own mobile ad offerings and worked to convince advertisers to shift dollars to mobile devices,” research firm eMarketer said.
Hong Kong Stocks Up on Chinese Bank Data (Reuters)
Reaching their highest point in almost two weeks of trading, Hong Kong shares rose today, thanks to data released by two of China’s largest banks. “Earnings from the Chinese banks were largely in line, as with most of companies that have reported, but longer term issues to do with bad loans and interest rate liberalisation remain,” said Wang Ao-chao, UOB-Kay Hian’s Shanghai-based head of research.