Dow Jones Industrial Average index climbed slightly higher on Wednesday, posting gains for a sixth straight session. Blue chip index advanced 0.13% or 16.42 points and closed at 13,194.10 with financial sector gaining most. American Express jumped 3.5% after the company passed stress test and announced an increase in dividend and a stock buy back worth USD 5 billion. Heavyweight
After Tuesday's rally, S&P 500 index finished slightly lower on Wednesday as financial shares fluctuated between gains and losses on Fed's stress test results. US index slipped 0.12% or 1.67 points and closed at 1,394.28. Cliffs Natural resources gained 7% after raising its dividend. Zions Bancorporation rallied 10.5% on successful test results while insurer MetLife, who failed the test, plunged
New Zealand and Australian currencies traded close to 7-week record low ahead of US unemployment claims data which are predicted to show further improvement. Australian Dollar weakened to USD 1.0459, near the lowest close since January 20. New Zealand Dollar gained 0.2% versus greenback and was trading at USD 0.8105. Currenly AUD/USD is trading at USD 1.0476 and NZD/AUD is trading
Analysts predict that Apple share price may climb even 19% or above USD 700 a share on the issue of new iPAD. Morgan Stanley's analyst Katy Huberty already has increased company's stock price tagets above USD 700. The mean price target among analysts questioned by Bloomberg equals USD 605. Apple rallied 3.8% to USD 589.58 on Wednesday trade and in
China's FDI declined for the fourth month in line in February on a yearly basis. China's capital inflow was 7.7 billion US Dollars, being by 0.9% lower than in February 2011.The major factor for the fall is weak investment from the indebted Euro Zone. The data may prompt the People's Bank of China to ease its monetary policy further to
India's central bank decided to keep its key interest rates steady for a third straight meeting after data showed inflation climbed. The Reserve Bank of India held the repurchase rate unchanged at 8.5% matching analyst expectations. India's rupee weakened 0.6% against US Dollar to INR 50.1938.
European markets closed in green area on Wednesday supported by financials as Italian 3-year borrowing costs declined and investors anticipated Fed stress test results. Stoxx Europe 600 gained 0.3%, German DAX index climbed 1.2% and French CAC 40 added 0.4%. UK FTSE 100 index bucked the upward movement in markets and faded 0.2%.
UK jobless level increased by 28,000, approaching 2.67 million during three months before January, according to the Office for National Statistics. The unemployment rate toped 8.4% during the period. However, the increase was the slowest in a year, indicating stabilization of the UK labour market.
The CPI of India surged more than initially estimated, growing on the high energy prices. The wholesale price index, major gauge of the CPI in India, soared to 6.95% in February on a yearly basis. Fuel prices faced a jump worldwide on lingering supply concerns amid geopolitical tensions in the Middle-East. Analysts expect that in case the fuel prices grow
Crude oil advanced during Asian session on Thursday after being impacted by less than expected US oil inventory fall last week. Moreover, speculation that Saudi Arabia will manage to replace Iranian oil supplies also dampened the market sentiment. Light, sweet crude oil futures for April delivery traded at 105.56 US Dollars per barrel on the New York Mercantile Exchange, increasing
US stock markets showed mixed performance on Wednesday with blue chip shares surging while those on S&P 500 slightly retreated. Dow Jones Industrial Average index climbed 0.13% or 16.42 points and closed at 13,194.10 and Nasdaq Composite index added 0.03% or 0.85 points to 3,040.73. In contrast S&P 500 index slipped 0.12% or 1.67 points and closed at 1,394.28.
The CPI of the common currency union was steady last month, being unchanged from initial projections, reported Eurostat. The CPI remained 2.7% in February, meeting expectations. However, the figure is still above a 2% target of the ECB. Core CPI that excludes energy, food, tobacco and alcohol also remained unchanged, attaining 1.5% on a seasonally adjusted basis in February while
The Japanese Yen attained the 11-month low against its US counterpart as the greenback drew strength from signs of recovery of the US economy. Currently, the pair USD/JPY is traded at 83.85. The value of the Japanese Yen is even lower than in October when USD/JPY was traded at 75.31 that forced the central bank t to intervene in the
Norwegian central bank decided to lower its key interest rate for a second straight meeting as krone's appreciation was perceived as more significant risk than the threats of housing bubble. Overnight deposit rate was cut by 0.25 percentage point to 1.5% following a 0.5 percentage point chop in December. Krone plunged 1.4% versus Euro to NOK 7.5592 and lost 1.6% against
Fitch Ratings warned UK may lose its AAA rating in two years as the country has limited capability to cope with economic and financial shocks. Fitch lowered UK outlook from stable to negative indicating a probability above 50% that Britain's top sovereign rating might be cut. Fitch emphasized slow economic recovery, notable debt levels and risks from Euro Area debt crisis as
Gold futures increased during the Asian trade in Thursday as traders' sentiment improved after being dampened by the Fed meeting that did not indicate any signs of further monetary easing. COMEX gold futures for delivery in April traded at 1,644.45 US Dollars per troy ounce on the New York Mercantile Exchange, easing up by 0.09%.
US current account deficit expanded more than predicted in the 4th quarter reaching USD 124.1 billion, the largest gap since 2008. Economists questioned by Bloomberg predicted the fourth quarter shortfall to attain USD 115.0 billion. The total deficit for 2011 rose to USD 473.4 billion or 3.1% of GDP. Jeremy Lawson, BNP Paribas senior economist in US expects the gap to broaden further.
Rural commodities apart from wheat added to previous gains on Tuesday along with improving global economic outlook. Wheat lost 0.19% while corn jumped by 0.37%. Argentina reported it postpones granting new corn export permits until April because of lower crops caused by adverse weather conditions. Moreover, speculation over strong China's demand for corn also continued to stimulate price growth. In
Energy markets jumped on Tuesday after Fed acknowledged no changes in its monetary policy due to stabilizing US economy. Crude and Brent oil were also bolstered by stronger global equities and signs of economic recovery in the EU after inspiring German ZEW index. However, easing supply concerns and firm US Dollar capped the upswing. The EU nations are confident that
Industry metals rallied on Tuesday on positive economic data from the major world's economies. The base metals pack gained a strong spree after Fed announced the US, the second largest consumer of industry metals, faces signs of moderate economic recovery. Moreover, firm global equities pushed the metals' price higher. However, the upward move was limited by broadly stronger US Dollar.
Precious metals were mostly lower of Tuesday amid waning expectations of further quantitative easing in the US due to improved economic performance of the country. Broadly stronger US Dollar after stronger than projected retail sales in February also weighted down on the commodity group. However, firm equities limited the downswing. Gold, being major uncertainty hedge, was the top-loser over the
German DAX index extended its rally on Wednesday lifted by heavyweight bank shares on the Federal Reserve's stress test results. Deutsche Bank AG jumped 3.8% and Commerzbank AG advanced 2.8%. Posting the biggest gain in the index, E.ON AG rocketed 7%, contributing the biggest gain for the index. Although power generator reported its first loss ever, it said the profit
British FTSE 100 index prolonged gains on Wednesday supported by insurers and banks on news 15 of 19 US banks passed Fed stress test. Gains were limited as report showed jobless claims rose more than expected in February. Barclays surged 4.4%, Lloyds Banking Group gained 3% and HSBC Holdings climbed 1%. Tullow Oil added 1% after company reported an increase
Hong Kong's Hang Seng index bucked Asian market upward trend and declined on Wednesday after Chinese PM Wen Jiabao reiterated Beijing will not ease monetary policy towards real estate sector. Hang Seng index dropped 0.15% or 31.81 points to 21,307.89 with telecommunication sector posting the biggest loss. Heavyweight China Mobile contributed to the downside, tumbling 2.7%. On the upside index