Natural gas futures saw losses on Friday's trade as investor's sentiment was impacted by mild weather forecasts and increasing inventory level. Natural gas futures for February delivery traded at USD2.966 per million British thermal units on Friday, on the New York Mercantile Exchange, losing 5.45% during the week.
Hyundai and Kia Motors announced they expect to see essentially slower growth in sales in 2012 than in 2011 amid the global economic slowdown. European recession and increased competition from Japanese car producers are likely to limit expansion, said Chung Mong-koo, Hyundai Motor's chairman. Companies predict sales in 2012 to increase by 6%, approaching 7 million cars as compared to 15% jump in 2011.
Industrial production activity across Euro Zone countries indicated a contraction for a fifth straight month. Purchasing Managers' Index in December climbed to 46.9, rebounding from 28-month record low of 46.4 in November. The reading shows that production activity continued to decline but at slower pace than before. PMI survey confirms European manufacturers are highly concerned with domestic demand, pointed out Howard Archer, IHS Global Insight's chief
Canadian currency traded on average close to parity last year, reaching strongest mean value since 1976. The Loonie averaged C$0.9892 per US Dollar in 2011. Canadian Dollar experienced its highest annual closing price against the Euro since 1999. The strength of national currency is provided by long-term conservative practices and regulations, said C.J. Gavsie, forex trading unit executive at Bank of Montreal. The Loonie
European stock markets opened up on the first trading session this year, led by German shares, as investors responded positively to PMI data. However, the activity was limited as UK and US markets are closed for a holiday. Both Stoxx Europe 600 index and French CAC 40 index added 0.1% to 244.86 and 3,163.89, respectively. German DAX jumped 1.45% 5,983.74 led by SAP AG
India's industrial production expanded in December reaching the quickest pace in 6 months strengthening inflationary pressure and lessening possibility for the national bank to lower interest rates. In December Purchasing Managers' Index climbed to 54.2 compared to 51.0 in November, according to HSBC Holdings Plc's report. Production activity recovered in India as number of new orders and output rose.
India's government has decided to allow foreign individual investors to purchase directly domestic equities as the nation attempts to stimulate capital inflows and lessen volatility in its financial markets. The new law is expected to be approved by January 15. At the moment overseas investors are allowed to invest in stocks only via participatory notes.
European officials return from Christmas holidays striving for extra time to Italian and Spanish governments to put under control their debts and save the common currency. According to UBS AG debt worth about 157 bn euros ($203 bn) will mature during the first quarter of 2012. By the end of that three-month period officials have to approve stricter rules for monitoring government spending.
China's production measure improved in December, indicating that a strike in the country's economy might be stabilizing despite European debt woe which weakens the exports outlook. Purchasing Managers' Index rose to 50.3 in December compared to 49 previous month, said Chinese logistics federation yesterday. In contrast, PMI estimated by HSBC showed an increase from 47.7 to 48.7.
European shares experienced slight gains on the last trading day for 2011, but closed with significant yearly losses as European debt crisis hampered the region's economies. Stoxx Europe 600 index added 0.9% to 244.57 on Friday but was down 11.3% for 2011. Germany's DAX 30 index finished the day 0.8% up at 5,898.35 but tumbled 14.7% on yearly basis. UK's FTSE 100 stock index closed 0.1%
Indonesian inflation slowed for the fourth consecutive month in December, reaching the lowest reading since 2010, said Jakarta based Central Bureau of Statistics. Consumer prices added 3.79% on a yearly basis compared to 3.86% predicted by economists. In November inflation reached 4.15%. Bank Indonesia's officials left interest rates unchanged in December after cutting them in November and October.
US stocks closed lower on the last trading day for the year. S&P 500 Index fell 0.43% or 5.42 points to 1,257.60, Dow Jones Industrial Average declined 0.57% or 69.48 points finishing at 12,217.56 and Nasdaq Composite Index dropped 0.33% or 8.59 points to 2,605.15. On yearly basis S&P 500 ended flat, Dow Jones gained 5.5% and Nasdaq gave up 1.8%.
South Korean domestic currency Won depreciated as investors remained worried about European debt turmoil impact on Asia's growth. The Won lost 0.2% against greenback reaching 1,154.45 Won per one US Dollar. On yearly basis South Korean currency has dropped 2.2%. Experts predict further depreciation for the Won. Domestic inflation reached 4.2% in December while yields on sovereign bonds due 2016 climbed two basis points.
Most of Asian shares fell during the first trading session of 2012 on worries European debt turmoil will hinder global growth. South Korean Kospi was flat while Taiwan's Taiex Index dropped 1.7% after HSBC survey indicated contraction in manufacturing. MSCI Asia Pacific (excluding Japan) lost 0.4%, Indonesia's Jakarta Composite index sank 0.3% and BSE India Sensitive Index dipped 0.3%. Markets in Japan, Hong Kong and US were closed
According to HSBC survey manufacturing outlook in Taiwan and South Korea contracted in December. HSBC's production Purchasing Managers' Index (PMI) for Taiwan firms was 47.1, remaining below 50 for a seventh consecutive month. PMI for South Korean companies was 46.40 which is the weakest reading in three years. Both economies suffer from large decline in new orders, said HSBC analysts.
Dow Jones Industrial Average Index gained 1.12% or 135.63 points and finished at 12,287.04 on positive news about US long term employment tendencies. All 30 of blue chips constituents surged sending index 6.1% up on a yearly basis with one trading session left. Financials and technology stocks bolstered the index with Bank Of America Corp. surging 3.21% and Hewlett-Packard Company adding 1.67%. General Electric Company gained
S&P 500 Index gained 1.07% or 13.38 points and closed 1,263.02 partly offsetting previous days' losses as the number of long-term unemployment claims indicated positive trend for US job market. All 10 industries rose within the index, led by financials. J P Morgan Chase & Co gained 2.36% while Morgan Stanley added 2.28%. On the upside also were Masco Corp. and Pultegroup advancing 8.41% and 6.05%
Fitch ratings agency downgraded Egypt's long term currency debt amid drop in central bank foreign reserves and doubt about IMF support. Fitch cut the rating from BB to BB- with a pessimistic outlook. The reserves of Egyptian central bank lost 44% in 2011 after the national bank attempted to maintain the domestic currency stable amid falling tourism and investment.
Japan's Nikkei Stock Average gained 0.67% or 56.46 points on Friday closing at 8,455.35. Japan's leading exporters partly recovered from previous days' losses as Sony Corp. ascended 2%, Sharp Corp. climbed 1.1% while Panasonic Corp. jumped 1.6%. Appreciation in the Nikkei 225 also was fuelled by retailers as Fast Retailing Co. soared 1.2% and J. Front Retailing Co surged 1.9%. Nikkei 225 is down 17.3%
Hong Kong's Hang Seng Index mildly recovered from previous days' losses and finished 0.2% or 36.47 points higher at 18,434.39. Volumes were low as investors stayed cautious amid global uncertainty. Companies that are seriously exposed to Europe demand experienced appreciation as HSBC Holdings PLC gained 1% and Prada SpA advanced 1.6%. Chinese property firms listed in Hong Kong traded mixed on Friday. China Resources Land
17-nation currency depreciated 0.2% against US Dollar reaching $1.2937on London morning trade, escalating current year's drop to 3.3%. The euro is moving towards its first continuous fall since 2001 amid growing concerns about Europe's ability to tame debt crisis. The Euro Zone probably is in a slight recession already, suggests Michael Turner, a currency strategist at Royal Bank of Canada. EUR/USD currently trades at $1.2917.
European equity markets opened higher on last trading session in 2011 led by metal and energy stocks. Stoxx Europe 600 index and German DAX 30 index both gained 0.3% at 243.26 and 5,864.06 respectively. French CAC 40 index added 0.4% reaching 3,140.69. British FTSE 100 index traded flat at 5,571.20.
Canadian Dollar appreciated against European common currency reaching 11-month record-high on investor speculation ECB will have to enlarge cash infusions after Italy did not manage to auction the planned amount of bonds. Canadian Dollar added 0.3% against the Euro, reaching C$1.3221 in Toronto session. Currently USD/CAD is trading at C$1.0209.
Greece faced a decline in the retail sales in October, according to official data. The retail sales decreased by 10.8% in October on an annual basis after declining by 6.5% in the preceding month, according to ELSTAT. The revenue generated by sales decreased by 8.1% in October as compared to 3.7% slump in September.