Japan's Nikkei Stock Average tumbled 1.43% or 121.66 points closing at 8,378.36 on Monday, with all 10 industries posting losses after S&P ratings agency downgraded 9 Euro Zone nations including France and Italy. European demand-exposed producers and financials faced the biggest drop as Mazda Corp. edged down 3.1%, and Sony Corp. lost 2.3%. Nomura Holdings Inc. declined 2.8%, whereas Mitsubishi
Hang Seng Index (HI) faced weakening link with gold (GOLDSH) commodity as both assets moved in the opposite directions in each of the last four trading sessions suggesting gold is more demanded when securities face uncertainty. The link between Stoxx Europe 600 Index (SXXP) and Hang Seng Index (HI) kept strengthening on Friday, approaching 0.25 though it still can be
Hong Kong's Hang Seng Index fell sharply on Monday as investors anticipated news that S&P agency cut France's AAA rating and downgraded 8 other European nations. Decline was boosted also by Greek battle to cut their debt. Hang Seng Index lost 1.0% or 192.22 points and finished at 19,012.20 led by insurance companies. China Life Insurance Co. tumbled 3.3%, while
The link between Dow Jones Index (INDU) and Hang Seng Index (HI) strengthened on Friday, approaching 0.48. In contrast, the relationship between US blue chip index and German DAX index deteriorated from 0.62 to 0.57. Meanwhile the correlation coefficient between Dow Jones and EUR/JPY currency pair climbed, reaching 0.65. The link between Brent oil (CO1) and blue chip index slightly
S&P 500 Index (SPX) faced weaker link with Stoxx Europe 600 Index (SXXP) as average coefficient dropped to 0.63 on Friday as US benchmark declined at faster pace than its European peer. Relationship between S&P 500 and EUR/USD currency pair remained steady at 0.6. Correlation between S&P (SPX) and French CAC 40 (CC) tumbled from 0.58 to 0.49 on January
Dow Jones Industrial Average Index slipped 0.39% or 48.96 points to 12,422.06 on Friday amid fears of possible France's AAA downgrade and Greek struggle to agree on debt reductions. Financials were the main losers within the index JP Morgan Chase fell 2.52% after reporting loss in profits and Bank of America tumbled 2.65%. After the closing of US trade, S&P
US stocks experienced slight losses and traded lower on Friday on speculations S&P ratings agency may downgrade several Euro Zone nations. Investor fears were also fuelled by J.P. Morgan Chase's report of drop in profits. S&P 500 Index lost 0.5% or 6.41 points and closed at 1,289.09, while Dow Jones Industrial Average Index slipped 0.39% or 48.96 points to 12,422.06. Nasdaq
The growth in India's consumer price level slowed down, reaching the two-year record low and pressing nation's central bank to maintain interest rate unchanged for a second meeting in a row due next week. Wholesale price index added 7.47% in December compared with an increase of 9.11% a month earlier. Economists predicted December inflation to be at 7.40%. Central bank
Germany's Finance Minister Schaeuble reminded he does neither support issuing joint Euro Zone bonds nor making ECB the bank of last resort. Schaeuble pointed out that such actions would be equal to printing money and would only buy some time instead of solving the real problem. According to German FM troubled nations must cut their debt at the as soon as
Australian banks are likely to cut around 7000 jobs during forthcoming two years as country's financials are attempting to reduce expenses by 58% to outweigh the slowest credit growth since 1940s. UBS experts predict banks may cut the total jobs from 179 000 to 172 000 or by 3.9%. Banks are one of the main employers in Australian biggest cities.
Iran warned Gulf countries against increasing their oil output claiming they will have to take responsibility of such moves. The announcement came after the US and the EU started to seek ways to cut the Iranian crude oil exports. The neighbor countries should not support the EU and the US, said Mohammad Ali Khatibi. Any moves taken by Gulf nations
Australia's inflation increased 0.5% last month as compared to 0.1% decline in the preceding month, reported TD Securities. Considering annuals moves, the inflation rate faced 2.4% increase in December, rising from 2.1% in November.
Natural gas futures sank on Friday, attaining 28-month low amid the warmer than expected weather forecasts and high inventory levels in the US. Natural gas futures for February delivery closed at USD2.627 per million British thermal units, on the New York Mercantile Exchange, tumbling 12.8% over last week, the largest fall since August 2009.
Candian Dollar extended weekly gains against 17-nation currency for the eight week in a row, making the longest upward trend since 2007, as trader demand for less risky assets surged. Currency appreciated sharply after S&P ratings agency downgraded France and Italy on January 13. Loonie strengthened 0.5% this week against US Dollar reaching C$1.0232. Currently USD/CAD is trading at C$1.0210.
Crude oil futures increased in electronic trade but stayed lower than $100 a barrel amid S&P credit downgrades and geopolitical tensions that may lead to supply disruptions. Light, sweet crude oil futures for delivery in February traded at $98.85 a barrel during Asian session, on the New York Mercantile Exchange, advancing 0.2%.
US grain futures closed essentially lower on Friday following the US Department of Agriculture unexpectedly reported about higher stockpiles of corn and wheat. Corn futures dropped 8% during two sessions after the report release while wheat futures lost about 6%. High US Dollar also weighted down on the agricultural commodities' prices.
The Euro remained weak against the US Dollar and the Yen amid growing fears over the spreading Euro Zone's crisis after S&P downgraded credit ratings of nine Euro Zone countries and anticipation of French bond auction. The Euro traded at $1.2645 at Asian trade as compared to $1.2677 in late Friday's American trading. The common currency traded at ¥97.13 today
Greek officials and country's creditors return to talks this week to continue impeded discussions on debt reduction as Germany is increasing pressure to close the deal. Both sides disrupted talks on January 13 as they struggled to agree on the maturity and coupon size of the new notes which should determine investor losses. Uncertainty related to the outcome of talks
Australian home loans increased more than expected in December, according to official data. The number of home loans added 1.4% seasonally adjusted in December from 0.7% in November, reported Australian Bureau of Statistics. Experts predicted home loans to gain 1.0% in December.
Gold futures gained during the Asian trading session following the news about Standard & Poor's downgrade of the Euro Zone countries. Gold's February contract traded at $1,640.40 an ounce during the Asian trade as compared to Friday's close of $1,630.80, on the New York Mercantile.
Negotiations between Nigerian trade unions and the government failed to reach an agreement on the end of oil subsidies. The removal of oil subsidies two weeks ago has led to soaring fuel prices, protests and more than a week- long strike. The strike has already cost the country billions of Dollars.
Standard & Poor's cut credit rating of nine members of the Euro Zone citing the insufficiency of the policies taken by the countries' leaders to tackle the debt crisis. Italy, Portugal, Cyprus and Spain were downgraded by two notches while France, Malta, Slovakia and Austria lost one notch each. S&P also put on negative outlook 14 Euro Zone members.
New Zealand and Australian currencies depreciated against greenback before Chinese GDP report due tomorrow as the data are expected to show the world's second biggest economy expanded at the slowest pace in 10 quarters. Australian Dollar lost 0.4% to $1.0286 while its New Zealand peer gave up 0.2%, dropping to $0.7934. Currently AUD/USD is trading at $1.0284 while NZD/USD is trading at
According to economists questioned by Bloomberg, Chinese economy growth is predicted to have slowed down in the last quarter of 2011, reaching 10-quarter record low. Analysts predict China's GDP grew by 8.7% in the fourth quarter of last year. The economy may cool further due to the decline in export demand and prolonged property curbs.