20/01/14 Market Movements

Markets closed up 7.43 points at 6,836.73 as investors optimism over the slightly better than expected data coming out of China was dampened by the big losses announced by Germany’s largest bank.

Market News
Deutsche Bank reported a surprise pre-tax loss of 1.15 billion euros for the fourth quarter of 2013 caused mainly by heavy costs of litigation, restructuring and balance sheet reduction.

China’s annual economic growth slowed to 7.7 percent last quarter, which was just ahead of market forecasts for 7.6 percent.  The announcement countered fears that monetary tightening might have caused a sharper pullback in growth.

No stock movements to report today.