Japanese currency depreciated against most of its counterparts on Wednesday as Asian stock markets traded higher, curbing demand for safer investments amid country's current account data. Japanese Yen slipped 0.5% against US Dollar to JPY 77.14 and edged down 0.6% against Euro to JPY 102.35. Currently USD/JPY is trading at JPY77.05 and EUR/JPY is trading at 102.29.
US stock markets finished up on Tuesday lifted by news that Greece is close to finding consensus on its austerity measures to get bailout money and Ben Bernake confirmed the Federal Reserve will stick to low interest rate despite optimistic employment data. S&P 500 index gained 0.2% or 2.72 points and closed at 1,347.05, Dow Jones Industrial Average index added
Gold appreciated during Asian session as investors became more optimistic about Greece's escape from default. Gold futures for delivery in April added 0.1% or USD 2.40 per ounce and traded at USD 1,751.2 on Comex division of New York Mercantile Exchange. Copper futures to be delivered in March rallied 1.2% to USD 3.92 a pound.
The number of new vacancies in US surged to a record high since in almost 12 months, indicating stronger employer confidence about the country's economic outlook for 2012. Job openings soared by 258 000 which is the biggest increase since February 2011. Previously US data showed the unemployment dropped to 8.3% in December while hiring accelerated.
European share markets moved downwards during the session but erased most of losses before closing as Greece said it is close to conclude a debt swap agreement. Stoxx Europe 600 declined 0.27%, UK FTSE 100 edged down 0.03% while German DAX lost 0.16%. In contrast French CAC posted gains, surging 0.18% while Athens General Index jumped 2.2%.
Greek PM Lucas Papademos decided to postpone the meeting with leaders of Greece's three main political parties for the second time in few days. Instead Papademos prepares to meet so called Troika or ECB, IMF and European Comission to finalize details of measures required to receive EUR 130 billion bailout package.
Consumer credit in US soared more than expected in December, lifted by vehicles demand and student credits. Loans climbed by USD 19.3 billion totalling USD 2.5 trillion, said Federal Reserve today. The gain substantially outperformed economists' predictions who forecast an increase of USD 7 billion. The improvement in lending can be associated with stronger consumer confidence, suggest analysts.
German DAX 30 index dropped 0.5% on Tuesday with all 9 sectors reporting loss, driven by a sharp decline in carmakers share value. BMW AG led the drop for the day, giving up 3%, followed by Volkswagen tumbling 2.5% and Daimler fading 2.6%. Consumer service stocks also showed weak performance as Metro AG lost 2.4% and Deutsche Post edged down
The government of India predicted the nation's economy will expand at slowest pace in three years, putting extra pressure on Reserve Bank of India to cut interest rates. Government predicts annual GDP to increase by 6.9% starting from March. India's economy grew 8.4% in period 2010-2011. The growth slowed down after central bank raised benchmark rates starting from 2010 until October 2011.
UK FTSE 100 Index maintained the downward trend on Tuesday, pushed lower by mining shares amid Greek uncertainty. Xstrata and Glencore fell 3.3% and 2.6% respectively. Burberry Group led the drop after posting a 0.3% fall in its annual retail sales. GlaxoSmithKline tumbled 2% after the drug manufacturer reported disappointing 4th quarter sales. Oil stocks showed mixed performance as Royal
Japan's Nikkei Stock Average finished slightly lower on Tuesday, affected by earnings reports and global uncertainty. Nikkei 225 index edged down 0.08% or 7.17 points at 8,922.03. Dainippon Screen tumbled 7% and Suzuki Motor fell 1.8% on worse than expected earnings reports. On the upside Nikkei index was supported by shipping companies Mitsui O.S.K. Lines and Nippon Yusen K.K, which
Hong Kong's Hang Seng index extended modest loss also on Tuesday as Chinese officials disappointed investors by giving no signs of monetary easing. Moreover, IMF lowered the China's growth forecast for 2012 citing expected drop in exports demand. Hang Seng dropped 0.05% or 10.75 points and settled at 20,699.19. Property, mining and financial shares provided main negative contribution to the
Although PM Papademos and officials from three leading Greek parties have agreed on debt cuts corresponding to 1.5% of country's GDP, nation's leaders still are struggling on measures related to wage reductions, bank recapitalization, and pension fund reforms. Greece is due to pay EUR 14.5 billion of debt on March 20 and time for the country is running out, pointed
French trade gap soared to a record high in 2011, signalling a decline in nation's competitiveness. The trade shortfall widened from EUR 51.1 billion in 2010 to EUR 69.6 billion in 2011, reported trade ministry today. Exports rose 8.6% while imports surged 12%. President Sarkozy proposed to tackle country's trade gap through cutting payroll taxes while increasing the sales tax.
Dow Jones Industrial Average Index erased some of last week gains on Monday, as investors turned their attention to developments in Greece. The blue chip index gave up 0.13% or 17.10 points and finished at 12,845.13 with 6 of 9 sectors posting loss. Boeing Co. tumbled 1.2% on reports the company found a technical issue in its 787 Dreamliner. The
Japanese national currency weakened against US Dollar and Euro on government report which showed the country made a massive monetary intervention to push Yen lower in November. Japanese Yen depreciated 0.3% against greenback to JPY 76.74 and lost 0.4% against Euro to JPY 100.90. Currently USD/JPY is trading at JPY 76.73, while EUR/JPY is trading at JPY 100.83.
S&P 500 index retreated from gains on Monday on renewed investor concerns about Greece's ability to meet all the requirements for receiving a bailout financing. The index slipped 0.04% or 0.57 points and closed at 1,344.33. Health insurer Humana fell 5.4% after reporting less than expected revenue and lower than predicted earnings outlook for 2012. Micron Technology lost 3% on
Asian stock markets traded mostly lower on Tuesday as investors became cautious amid lack of monetary stimulus from Chinese government. Shanghai Composite lost 1.68%, while Japanese Nikkei 225 gave up 0.1%. Australian S&P/ASX 200 index closed 0.5% down and Hong Kong's Hang Seng Index edged down 0.1%. In contrast, South Korea's Kospi jumped 0.4% and Taiwan's Taiex advanced 0.3%.
US stock markets finished lower on Monday, weighted down by renewed concerns on Greece default as nation's leaders cannot agree on austerity measures, essential to receive the next bailout package. Dow Jones Industrial Average index declined 0.1% or 17.1 points at 12,845, S&P 500 index fell 0.04% or 0.6 point and finished at 1,344 while Nasdaq Composite index slipped 0.1% or 3.7 points to
IMF reduced its growth expectations for Chinese economic expansion for 2012, cutting it from 9.0% to 8,25%. IMF cited weakening global export demand as the main decelerator of economy. IMF also recommended Beijing to add monetary stimulus via fiscal measures rather than boosting banking system.
Debt swap talks between Greek PM Papademos and three Greek parties leaders have been postponed until Tuesday as premier plans to meet with involved creditors, reported Associated Press on Monday, European officials, including Chancellor Merkel and President Sarkozy, have pressed Greek government to commit more quickly to austerity measures which are necessary to receive a second bailout package. Greece is likely to default
US President Obama ordered to freeze all Iran's central bank and governments assets deposited in US or in any overseas branch of US entity, announced the White House today. President Obama claimed Iran current activities to be a serious threat to international financial system. Before the order, only assets owned by sanctioned Iranian individuals or entities were frozen.
Gold futures for April delivery lost 0.9% or USD 16.10 to USD 1,724.40 per ounce on Comex division of the New York Mercantile Exchange. The sharp declined was mainly caused by the appreciation in US Dollar which harmed the interest for precious metals. Stronger greenback negatively affects gold and other commodities priced in US Dollars as they become more expensive
Australian national currency surged after the Reserve Bank of Australia announced it will stick to previous key interest rates, signalling optimism towards worldwide economic outlook. Aussie appreciated 0.7% against US Dollar, reaching USD 1.0800 and gained 0.9% to Japanese Yen, hitting JPY 82.83. Kiwi was little changed at USD 0.8337. Currently AUD/USD is trading at USD 1.0801 while NZD/USD is