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Quarterly results of software company Microsoft, e-commerce site Amazon and home appliance producer Whirlpool beat expectations. Semiconductor manufacturer Broadcom also reported better-than-expected third-quarter profit, but there were indications that sales may remain stagnant into 2010.
Union Pacific and BNSF, two major railway operators in the United States, both posted lower earnings in the third quarter and cautioned about operations in the fourth quarter. Railroads are seen as an early indicator of economic activity because of the key role they play in shipping goods to manufacturers and markets.
Britain's GDP fell by a further 0.4 percent in the third- quarter, the U.K. Office for National Statistics reported. The pound fell sharply on the GDP data, which showed that the British economy remained in recession for a sixth successive quarter.
Some analysts said the sterling may give back its recent gains, falling under 1.60 U.S. dollars. Existing home sales climbed 9.4 percent in September to an annualized rate of 5.57 million units, according to the National Association of Realtors. The strong growth was driven mainly by a government tax credit for first time home owners.
If the tax credit is not expanded and extended after it expires at the end of November, sales will fall back to a rate of about 5. 0 million during 2010, said analysts of Global Insight.
The euro bought 1.5002 dollars in late New York trading compared with 1.5026 dollars it bought late Thursday. The pound fell to 1.6311 dollars from 1.6624 dollars. The dollar rose to 1. 0523 Canadian dollars from 1.0486 Canadian dollars, and rose to 1. 0087 Swiss francs from 1.0048 Swiss francs. It rose to 92.10 Japanese yen from 91.29 Japanese yen.
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