Although Greece received a second bailout package on Monday, European equity markets finished lower on Tuesday as investors turned their attention to nation's long term debt problems. European Stoxx Europe 600 index dropped 0.5%, British FTSE 100 index ended 0.3% down and French CAC 40 index slipped 0.2%. German benchmark DAX index fell 0.6% and Greek Athens General index plunged 3.47%.
The number of jobs in US construction sector climbed in December, driven by hiring in remodelling. The employment in remodelling sector accelerated 5.8% in December reaching 250,700 jobs compared on yearly basis. This monthly grow is the fastest since December 2006. Analysts expect further hiring expansion in construction.
Indian sugar export for 2011-12 are expected to be pressured by the global surplus of sugar output. The estimated surplus for the country is between six and eight million tons, reported the Rabo Bank. India is expected to produce 26 million tons of the commodity while consumption is likely to round at 22 million tons. Meanwhile, global sugar surplus is
Dell has announced 18% fall in its profits in Q4 of 2011 and expects further decline in revenues in this quarter thus escalating concerns that PC sector has not yet recovered after recession. Net income for the last quarter tumbled to 764 million US Dollars as compared to 927 million US Dollars in the previous year. After the company reported
Crude oil futures decreased amid escalated concerns over the Greek bailout as experts claim 130 billion Euros will not be enough to rescue the country. Moreover, expected increase in the US crude oil stockpiles added pressure to the energy commodity price. Light, sweet crude oil contract for April delivery traded at 105.88 US Dollars per barrel, on the New York
Australian public wage price index advanced by 0.7% in the last quarter of 2011, indicating slightly slower growth pace than in private sector. All sectors indexed increased by 0.9%. Referring to yearly moves, public sector wage price index added 3.2% while private sector rose by 3.7% in the quarter ended in December, 2011.
Loonie depreciated against its US counterpart on data showing the retail sales declined in December and investors were concerned if second rescue package would solve Greece's long term problems. Canadian Dollar slipped 0.3% against the Greenback to CAD 0.9969. Currently USD/CAD is trading at CAD 0.9962.
New Zealand and Australian currencies depreciated against their major counterparts on HSBC report which showed that Chinese production may decline for a fourth straight month in February. Aussie and Kiwi both lost 0.1% to USD 1.0655 and USD 0.8331. Currently AUD/USD is trading at USD 1.0667 while Kiwi is trading at USD 0.8337.
The US Dollar appreciated to a six month record high as investors expected the strong recovery signs in US economy will encourage Fed postpone additional quantitative easing. Greenback advanced 0.3% to JPY 79.898 in Asian trade after hitting a half year record high at JPY 80.01. Currently USD/JPY is trading at JPY 80.03.
China's production may decline for a fourth straight month in February as endured European debt crisis keeps depressing nation's exports amid weaker local property market. The HSBC and Markit Economics estimated preliminary gauge at 49.7 in February compared to 48.8 in January. A figure below 50 represents contraction.
Greece is expected to face mass protests against the budget cuts after the country has received 130 billion Euros worth bailout package. At the moment, the government is passing emergency legislation required by the lenders. The country already experienced confrontations after austerity program of earlier bailout and the riots are likely to repeat again on Wednesday as people want to
Indian silver imports are likely to approach 5,000 tons this year as compared to 4,800 last year. The increase in demand is mainly attributed to stronger investment and industrial demand, reported Prithviraj Kothari, the President of BAA. The country also was the biggest gold importer in 2011 and is likely to remain an important gold purchaser this year.
Canadian core retail sales were almost unchanged in December while analysts expected the figure to gain 0.2%, reported Statistics Canada. Total retail sales faced 0.2% decline on a seasonally adjusted basis in December, being mainly in compliance with expectations. After data release, Canadian Dollar depreciated against the US counterpart and the pair USD/CAD advanced 0.28% to 0.9964.
German DAX index partly erased previous session's gains on Tuesday as negative sentiment regarding Greece long term future spread among investors. Financials contributed to the negative side of index with Deutsche Bank AG dropping 2.6% and Commerzbank AG giving up 1.3%. Deutsche Luft AG fell 2.7% amid Frankfurt strike. ThyssenKrupp AG lost 2.6% after UBS downgraded its stock from neutral
British FTSE 100 index retreated from gains on Tuesday as investor optimism over ultimate Greek debt crisis solution was offset by fears Greece would be forced to ask for more funding or default. British index slipped 0.3% during session weighted down by oil and financial shares. Tullow Oil Plc posted the biggest loss for the index, tumbling 4% after the
Home improvement retailer Home Depot reported its profit jumped 32% in fourth quarter, mainly due to higher net sales which climbed 5.9%. Sales at identical stores added 5.7% reported Home Depot on Tuesday. In total company earned USD 774 million or USD 0.5 per share. The profit outperformed analyst estimations of profit USD 0.42 a share.
Copper futures advanced on Tuesday following the announcement of the approved Greek bailout deal. The improved situation stimulated the risk appetite among traders thus boosting demand for industry metals. COMEX copper March contract traded at 3.791 US Dollars per pound at the early European trade, on the New York Mercantile Exchange, gaining 2.22%.
UK's public sector net borrowing fell much more than initially projected in January, reported the UK National Statistics Office. The indicator swung to surplus of 10.7 billion British Pounds last month after showing 11.1 billion British Pounds deficit in December. Experts predicted the net borrowing to indicate 1 billion British Pounds surplus in January.
Rural commodities received a lift on after long-awaited Greek bailout deal and expected strong demand for US grains from China. Traders also look forward to the USDA's Outlook conference due February 23 and 24 to get update on the crop forecasts. Soybean March contract traded at 12.7288 US Dollars per bushel at the European morning session, on the New York
Japan and US is looking forward to reach an agreement to cut crude imports from Iran. The deal is expected to be closed by the end of February. Japan's oil dependence has increased since March earthquake in 2011. Therefore oil sanctions threaten economic growth. However, avoiding embargo would harm Japanese foreign financial operations.
Asian stock markets traded mixed on Tuesday as most of Greek agreement optimism was incorporated in to share prices already in previous trading session. Japan's Nikkei Stock Average slipped 0.2% while Australian S&P/ASX 200 index climbed 0.8%. Shanghai Composite index also gained 0.8% and Hong Kong's Hang Seng index added 0.3%. South Korea's Kospi traded almost flat.
Japan's Nikkei Stock Average closed lower on Tuesday as several Japanese exporters retreated after a strong performance on Monday. Nikkei 225 fell 0.2% or 19.15 points and finished at 9,465.94 with financials putting downward pressure on the index. Sony Corp lost 1.4%, Sharp Corp dropped 2% and Citizen Holdings Co tumbled 2.9%. The main looser was Mazda Motors, plunging 10%
Agricultural commodities continued Friday's rally amid expected fall in South American exports. Grain commodities were the top gainers on Monday as investors anticipate stronger demand for US grains from Asian markets. Sugar price was lifted as China may cut sugar imports due to unfavorable weather during the harvesting period. However, the upward move is likely to be limited as sugar
Energy products were mostly higher amid growing price for crude oil and natural gas. However, Brent oil and heating oil faced some losses over the day. Energy prices are mainly supported by the escalated geopolitical tensions in Mideast as Iran threats to halt oil exports to some European countries. Moreover, speculation that Israel plans to attack Iran added to gains.