On Monday Hong Kong's Hang Seng Index experienced first appreciation since November 22 and closed at 18,037.81, gaining 348.33 points or 1.97%. Financial stocks added on growing investor confidence that European officials have moved closer to tackling sovereign debt trouble. Industrial & Commercial Bank of China Ltd. jumped 3.4% while Agricultural Bank of China Ltd. soared 3.6%. Energy and mining stocks also recovered: Jiangxi Copper Co. ascended
On Friday Dow Jones experienced a slight decline of 0.2% or 25.77 points, closing at 11.231.78. The total weekly loss for index was 4.8%. The major winner was Travelers Cos. Inc. as its shares added 1.2%, while Alcoa Inc. stocks surged 0.79%. Decline in the index was led by Chevron Corp dropping 1.56%, as oil prices fell sharply. Hewlett-Packard Company also provided substantial negative contribution to
The Bank of Israel announced its plan to decrease its benchmark interest rate by 0.25 points to 2.75%. The cut indicates Israel's concerns over the decline in the country's business activity as the amount of exports decreased due to a drop in demand of developed economies such as US and Europe that suffer from financial difficulties.
On Black Friday Nadaq Composite extended its 7-session loss and closed at 2,441.51 giving up 0.8% or 18.57 points. The total weekly loss for index was 5.1%. Decrease in the index was led by Micron Technology and Amazon.com losing 3.68% and 3.49% accordingly. Biggest gainers were Yahoo! Inc. which gained 1.07% and Expedia which advanced 1.01%.
On Friday S&P 500 index closed at 1,158.67 giving up 3.12 points or 0.3%. The total weekly loss for index was 4.7%. Downward trend through the week was mainly caused by surging European bond yields amid growing uncertainty regarding debt crisis. Energy stocks extended the major losses among 10 industries. Chevron Corp. declined 1.56%, Marathon Petroleum Corporation lost 1.71% while Devon Energy Corp. dropped 1.58%. Safeway
Chile growth is predicted to decrease in the next year as the country's export-led economy experiences difficulties caused by global economic instability, according to a report of OECD. The GDP growth is projected to be 4% in 2012 being below the government forecast of 5%. The country is also affected by the overall decline in copper prices as Chile is the world's largest producer of
Gold futures increased essentially above psychologically significant level of USD 1,700 an ounce after the USD declined against Euro on the signs of improving situation in the Euro Zone. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery cost USD 1,717.25 a troy ounce during the European morning trading, gaining 1.7%. EUR/USD reached 1.3398 within the European afternoon
Ratings agencies and banks are warning EU officials that euro zone risks are increasing rapidly as lawmakers are delaying implementation of any measures against the debt turmoil. Mansoor Mohi-uddin, UBS manager of foreign exchange strategy, emphasizes that markets move quicker and that European officials and investors are beginning to anticipate the end of the euro. Moody's also warned that credit risks will keep surging without
Primary dealers of US government securities said that Fed is planning to implement mortgage purchase program next quarter in order to inject additional money resources into the US economy. The Fed may purchase about $545 bn of home mortgage debt. Similar program was introduced in 2008 when Fed bought $2.3 trillion mortgage-related and Treasury bonds.
On Sunday United Russia party nominated Vladimir Putin, Russian Prime Minister as presidential candidate for upcoming elections in March 2012. Analysts believe Putin will face no real competitors in March's election. Although Putin is not in United Russia party, he is considered as its leader since 2008. Experts also claim that the nomination of Putin will contribute to positive outcome for United Russia in parliamentary elections
Online sales surged 24.3% during Black Friday and 39.3% on Thanksgiving Day compared to same days previous year. Mobile gadgets including smart phones and tablets made up 14.3% of all web retail sales on Black Friday. Online sales for beauty category were up 34.2%, home goods saw 48.8% increase and apparel sales climbed 47.2%. However, average value per purchase remained almost flat compared to last
US equities closed slightly lower on Friday as increasing euro area bond yields fuelled investors' concerns regarding extending crisis in the region. Standard & Poor's 500 Index lost 0.27% or 3.12 points and closed at 1,158.67. Nasdaq traded down 0.8% or 18.57 points reaching 2,441.51 while Dow Jones Industrial Average dropped 0.2% or 25.77 points to 11.231.78.
London bankers expect their bonuses to contract by about 20% compared to last year as Europe keeps struggling with debt crisis. The average employee of Canary Wharf and Square Mile expects to get a bonus worth approximately ВЈ19,920 or 24% of base salary. This measure is down compared to 35% of base pay last year. The approximation is based on average wage of ВЈ 83,000.
Jim Flaherty, Canada's PM is going to implement regulation that would give the government rights to allow or reject purchases by country's top banks. Flaherty claims such regulations will help to circumvent unexpected obstacles in nation's financial system. Canada reassesses banking legislature once in five years and country's banking system is considered as the world's healthiest.
On Monday Australian dollar advanced after news that IMF might provide aid for Italy and European officials may finally agree on a comprehensive solution for debt turmoil. Australia's dollar jumped 1.5% against US dollar reaching $0.9860. Kiwi appreciated 1.8% to $0.7536 after PM John Key won the elections with biggest majority in 60 years establishing hopes to balance nation's budget. AUD/USD currently is trading at $0.9879
In November home value in the UK decreased for the seventh consecutive month. According to Hometrack Ltd., a property researcher, the pace of deterioration may quicken as fragile consumer confidence hurts demand. The average value of home lost 0.2% compared to October and dropped 2.3% on a yearly basis, while consumer confidence reached a record low previous month.
European shares climbed on Monday morning as investors reacted to weekend reports suggesting European officials have found new solutions to tackle debt turmoil. On Tuesday they are expected to agree on means how to fund EFSF. Stoxx Europe 600 index edged up 1.0%, French CAC 40 added 1.6% while German DAX 30 index and FTSE 100 index each advanced 1.5% and 0.8% respectively.
Many people are already queuing to vote in the polling stations in Cairo today. However, the Egyptians who insist on the elections to be postponed still protest on Tahrir Square. At the moment the country faces a great uncertainty, said the military council. Today's voting starts the election schedule and will finish by March 2012.
Black Friday sales added 6.6% reaching the biggest amount ever as US consumers shopped heavily despite 9% unemployment. According ShopperTrak's statement, US Consumers spent $11.4 bn on Black Friday while foot traffic added 5.1%. Increase of 6.6% is the biggest gain during Black Friday since 8.3% surge in 2007. National Retail Federation suggests about 152 m consumers were shopping at websites and stores on Black
European leaders are said to have reached an agreement how to finance rescue EFSF fund. Euro area finance ministers are going to meet on Tuesday and discuss rules for EFSF funding as well as strategies for interfering in euro area bond markets. Agreement should create a basis for EFSF firepower worth $586 bn. German and French officials are also discussing deepening fiscal union in longer
Thomas Cook Group PLC, the UK travel agency, reported that its bankers as Barclays, HSBC, Royal Bank of Scotland and UniCredit are ready to provide the company with a new credit line worth ВЈ200 million. Banks agreed to ease its current financial covenants thus providing Thomas Cook more flexibility to adapt to economic uncertainty.
Seeking safer haven foreign investors tend to buy Yen thus pushing up its value. Stronger Yen undermines the domestic industries that take advantage of relocating manufacturing processes to emerging markets, said Masaaki Shirakawa from the Bank of Japan. The jobs in the industries disappear faster than the new ones can be created and there is a risk that these jobs may never be back even in
Iraq agreed on a $17bn contract over the next 25 years with Royal Dutch Shell and Mitsubishi to capture gas at the deposits in the South of the country. It is the largest deal Iraq has agreed on with a foreign company and it is expected to increase energy production as currently a lot of gas is wasted because of lack of infrastructure. The
Futures for European stock markets signaled on essential opening gains on Monday as investor eyed reports about France and Germany plans to leverage the European Financial Stability Facility. Futures for German DAX 30 index gained 2.3%, French CAC 40 index increased by 1.7% and the futures for FTSE 100 index rose by 1.3%. US stocks also followed the trend with Dow Jones Industrial Average gaining