S&P 500 index experienced a strong session on Thursday on signals global policy makers may apply extra measures to boost slowing economies. US benchmark jumped 1.08% or 14.22 points and closed at 1,329.10. International Game Technology rallied 14%, Casino machines maker announced a $1 billion share buyback plan in an effort to reward investors after a 23% share drop in
Farm commodities were mixed as weather conditions in the US improved while global demand remains uncertain.Wheat advanced on speculation that lower Russia production is likely to boost demand for US grains. Russia output is expected to fall by annualized 5.7% over 12 month, starting from June 1.Corn rose on expected increase in demand for US supplies. However, recent rains in
Energy commodities rallied on Thursday after OPEC members agreed to leave current production ceiling at 30 million barrels per day for the second half of 2012. The decision implies output reduction by 1.6 million barrels per day.Crude oil gained over 1% after the outcome of the OPEC meeting. At the same time, looming Greek elections continued to cap the upswing.Brent
Industry metals were mixed on Thursday amid pessimistic economic data from the US and Eurozone.Aluminum declined despite expected deficit in the market next year as producers tend to cut output in view of low prices.Copper managed to add 0.41% on speculation that the Fed is ready to take additional steps to accelerate sluggish economic recovery. Nickel was the top-loser amid
Precious metals except for silver were solid on Thursday on broadly stronger equities and weaker US Dollar.Gold extended its rally as negative CPI data from the US fueled hopes for new round of QE in the country.Silver was the only loser, being pressured by sharply higher Spanish bond yields that lingered concerns over health of the Eurozone's economy.Platinum advanced by
US stocks ended Thursday with a substantial gains on reports saying global central banks may intervene to boost growth. Dow Jones Industrial Average added 1.24% or 155.38 points to 12,651.91. S&P 500 index jumped 1.08% or 14.22 points and closed at 1,329.10. Nasdaq Composite soared 0.63% or 17.72 points to 2,836.33.
Asian markets advanced on Friday, as investors expected policy easing before the upcoming election in Greece. The Hang Seng Index inched higher 1.3 per cent and the Shanghai Composite index jumped 0.2 per cent. Australia's Standard & Poor/ASX 200 index and Japan's Nikkei Stock Average climbed 0.3 per cent and 0.2 per cent respectively.
Gold ticked higher on Friday, as expectations of new monetary stimulus boosted demand for the precious metal. Gold futures for August delivery climbed $6.00, a 37 cents increase, to $1,625.70 an ounce in trading session of the New York Mercantile Exchange's Comex division. Silver futures for July delivery grew 24 cents, a 0.8 per cent rise, to $28.61 an ounce.
Five Dutch banks including Rabobank Nederland and ING Groep were downgraded by Moody's Investor Service on fears the recession and dependence on global markets makes lenders more vulnerable. Debt grade for ABN AMRO Bank NV, Rabobank Nederland, LeasePlan Corporation NV and ING were cut by two notches. Belgium largest insurer and bank KBC Groep NV also was reduced by two levels.
The New Zealand and Australian currencies approached weekly gains on expectations global leaders will have to take more steps to stimulate growth and halt European debt turmoil. Aussie has climbed 1.1% this week and currently is trading at USD 1.0009. Kiwi has appreciated 1.7% on weekly basis and currently is trading at USD 0.7826.
The U.S. Dollar depreciated for the second straight day versus Euro and Japanese Yen on speculation slowing country's economy will put pressure on Federal Reserve officials to apply more measures to stimulated growth. The greenback gave up 0.2% against Yen to JPY 79.35 and fell 0.6% versus Euro to USD 1.2633.
Nokia Oyj experiences a most rapid decline in share value over decade. The mobile device producer turns into attractive takeover target for investors who believe it still has a potential in developing smart phones. Nokia tumbled 18% yesterday after the firm raised the forecast for second quarter loss and announced it prepares to eliminate around 10 000 jobs.
Around 10 million Greek voters will attempt to elect their new government on Sunday, June 17. This will be the second ballot in six weeks. According to most recent polls done on June 1 no political party posses a strong majority. Country's constitution permits one more election. First official results will be released on Sunday evening at around 9.30 p.m.
Honda Motors has increased its production at North American factories, reaching the fastest expansion pace in the region. Honda is attempting to regain market share it lost during disasters at its supplies in 2011. In the first five months of 2012 Honda produced in total 748,217 vehicles in US, Mexico and Canada. In comparison Toyota experienced 64% growth for the respective period.
The Euro continued gaining against the Greenback, after disappointing economic data in the U.S., however, gains seemed to be fragile amid concerns about the deepening Eurozone crisis. EUR/USD peaked at 1.2667, gaining 0.47% in the U.S. afternoon trade. The pair's support was likely to be at 1.2441, and resistance may be at 1.2667.
During a bond auction held on Thursday, Italy's debt costs have rocketed; consequently, presenting challenges for Mario Monti not to request financial aid from the euro area's members. Investors are also concerned whether Italy's Prime Minister will be able to manage the current slowdown in the 3rd biggest member of the euro area. Italy has faced considerable trouble in Q1 in comparison to other G20 members,
The U.S. Energy Information Administration reported that the inventories of natural gas rose significantly less than expected. Following this data natural gas futures rallied sharply in the U.S. morning trading session. On the NYMEX, July delivery futures were traded at USD2.349 a MMBtu, which was a 7.5% growth for that session.
The Commerce Department reported that the U.S. current-account gap increased unexpectedly during the first three months of the year, reaching USD137.3 billion. This is a 16% growth from a figure for the preceding quarter, which was revised down to the deficit of USD118.7 billion from USD124.1 billion. Analysts had predicted that the current-account deficit will be equal to USD131.9 billion.
U.K markets slumped this Thursday on miners and oil producers. The FTSE 100 index dropped 0.7 per cent to 5,447.17, mostly driven by British Sky Broadcasting Group PLC 6.8 per cent decline. Fresnillo PLC and Xstrata PLC fell 2.2 per cent and 3.2 per cent respectively. Royal Dutch Shell PLC retreated 0.7 per cent and Tullow Oil PLC dropped 2.1 per
Consumer comfort index reached -36.4 last week. This is the highest level of the gauge since late April. All three components of the index increased as well. Attitude towards personal finances increased to -2.0 from -3.1. Perception of how good of a time it is to buy increased by 0.2 to -46.4. Although current state of the economy perception increased to
Gold futures ticked higher during electronic trading this Thursday on expectations of a monetary stimulus. The precious metal for August delivery grew $5.00, a 0.3 per cent increase, to $1,624.40 an ounce in trading session of the New York Mercantile Exchange's Comex division.
As the Spanish credit rating was cut by Moody's and Italian debt costs increased during a bond auction, U.K.'s stocks dropped on Thursday with continuous concerns around the European crisis. In the morning trade the FTSE 100 index declined 0.7%, Fresnillo PLC dropped 2.2%, BHP Billiton PLC plummeted 1.9% and Xstrata PLC tumbled 3.2%. The BSkyB was hit the strongest with a flop of 6.8%.
On Thursday, prices for crude oil were fluctuating during the U.S. morning trading session, amid speculation whether OPEC will increase or maintain the same output levels. On the NYMEX, July delivery futures for light sweet crude oil were fluctuating between USD83.20 and USD81.11, and consolidated at USD82.67, per barrel gaining 0.07% in the U.S. morning trade.
German DAX index followed the overall trend in European stock market and traded lower. Spanish 10-year yields hit critical 7% mark while Italian borrowing costs soared during auction. Investors also priced in Spanish downgrade by Moody's and Egan-Jones. Moreover uncertainty appeared over Greek neighbour country Cyprus. Car makers who depend on economic growth experienced another weak session. Daimler AG fell