US S&P 500 Index extended losses on Friday, weighted down by lower than expected US GDP data. US benchmark slipped 0.16% or 2.10 points and finished at 1,316.33 with seven out of ten industries posting losses, led by utility companies. Legg Mason fell 5% after the investment management firm's earnings plunged by 50% as customers pulled money out. Ford dropped
Agricultural commodities, except for corn, posted loses on Friday. Corn, the top-performer, stayed on the positive area mostly due to expected output cuts after severe drought in South America. Sugar and coffee were the biggest losers amid ample global supplies. At the same time, wheat also lost 0.96% despite speculations over the export restrictions that may be imposed by Russia,
Coalspur Mines Ltd. announced it expects Vista mine to create 24% higher coal output than previously reported. The company said its Vista project may have yearly output capacity of 11.2 million tons of thermal coal as compared to initial estimation of 9 million tons. Strong demand from Asian markets stimulates the development of coal mines, said Gene Wusaty, CEO of
Energy market faced mixed performance as energy commodities balanced between Iranian threats to halt European oil exports and weaker than expected US economic expansion. However, the crude oil price is expected move higher as hedge funds and speculators raised their net long positions in crude oil to two-month high. Natural gas was the top gainer over the whole week, soaring
Industry metals, except for nickel, tumbled on Friday amid fresh concerns over the Euro Zone crisis after Fitch Ratings downgraded Spain and Italy and EU leaders failed to agree on the Greek debt swap. Moreover, slower than expected US growth pace fuelled the downward move of base metals. At the same time, increasing cancelled warrants for aluminium, nickel and copper
The economic turmoil is likely to peak in Q1 of 2012 in Korea, said Bahk Jae-wan, South Korean Finance Minister. However, the risks of weak economic performance are expected to ease in the next quarters before arising again in the last quarter of 2012, he claimed. The Bank of Korea expected the GDP growth to hit 3.7% in 2012 as
Precious metals, except for palladium, advanced on Friday as slower than expected US economic growth and softer US Dollar stimulated rally started after Fed's monetary policy decision. Palladium, the only loser, followed growth-sensitive base metals' fall. Hedge funds and large speculations increased their net long positions in gold and silver. However, precious metals started Monday on a negative note amid
India is expected to face decline in coffee exports taken heavy rains in the main growing coffee regions. The country‘s coffee output is likely to fall to 2.95 lakh tons at the current coffee season, reported All India Coffee Exporters Association. However, Coffee Board says the post rains estimation is not yet finished and the results reported may face essential
Fitch Ratings announced that following its revision of the biggest financial institutions globally, it put four biggest Australian banks on the Rating Watch Negative. The banks are Commonwealth bank of Australia, National Australia Bank Limited, Westpac Banking Corporation and Australia and New Zealand Banking Group.
Delegates during World Economic Forum in Davos signalled certainty that Swiss National Bank (SNB) will be able to secure the ceiling of Franc amid searching for a new executive after Hildebrand's resignation. SNB is perceived as stable and secure institution, pointed out Swiss President Widmer-Schlumpf. Although, Franc has appreciated to the record high since September, it managed to stay below the
Hong Kong's Hang Seng index plunged on Monday as investors awaited for EU summit and anticipated news that PBOC will not introduce monetary easing. Hang Seng index tumbled 1.67% or 341.26 points and finished at 20,160.41. China's mainland property and financial shares weighted down on the index with Industrial & Commercial Bank of China edging down 3%, and Agricultural Bank
Japan's Nikkei Stock Average tumbled on Monday, weighted down by US growth data amid Chinese central bank's decision to maintain existing reserve requirement. Nikkei 225 Index lost 0.66% or 57.88 points and closed at 8,783.34, driven by industrials on the downside. Toyota Motor Corp declined 1.7%, Mazda Motor Corp. dropped 3% and Fujitsu Ltd. gave up 3.4%. Advantest Corp. jumped
Greece rejected German proposal on the EU controlling the country's budget. It is impossible for Greece to give a control over its spending and tax policies to the EU, said Pavlos Yeroulanos, Culture Minister. At the same time, the EU is worried that Greek measures to reduce its budget deficit may prove to be inefficient. Currently, Greece and private bondholders
Crude oil futures traded lower during the early Asian session amid mixed news from Iran where heads threaten to curb oil exports to some EU countries. However, Iran did not mention the exact countries, to which the export will be halted. Light, sweet crude oil futures for March delivery traded at USD 99.44 a barrel on the New York Mercantile
Philippines growth pace slowed last year as world's economic turmoil dampened country's exports. The country's economy expanded by 3.7% in 2011 as compared to 7.6% in the preceding year, reported the National Statistical Coordination Board. Philippines exports have been tumbling for seven months in line. The government expected the economy to grow by 4.5-5.5% last year.
European equities extended a fall on Friday after lower than expected US economic expansion data. Stoxx Europe 600 Index lost 0.95% at 255.40 and French CAC 40 Index was 1.32% down at 3,318.76. UK FTSE 100 Index dropped 1.07% to 5,733.45 and German DAX 30 declined 0.43% and closed at 6,511.98
Spain's GDP contracted by 0.3% in Q4 of 2011, reported the national statistics agency. The slowdown of the growth is attributed to low domestic demand. The figure is basically in line with expectations of the Bank of Spain forecast. Considering yearly changes, the GDP expanded by 0.3% in Q4 of 2011. The Bank of Spain expects the GDP growth to
Gold inched down, losing momentum created by the Fed's decision to keep low interest rates as investors focused on the Greek debt swap deal with private bondholders. COMEX gold April contract traded at USD 1,742.75 a troy ounce, on the New York Mercantile Exchange, easing down 0.01%.
Chinese light vehicle sector faced 4.6% increase in sales in 2011, reflecting the lowest yearly growth rate for the last 10 years. However, the country managed to hold its position as a top vehicle market for the third year. Demand for commercial vehicles declined by 6.7% with sales amounting 4.6 million units while sales of passenger vehicles edged up 9.6%,
The PBOC reported that the loans to the real estate sector slowed in 2011 while proportion in the real estate loans in the overall lending also decreased. The country's banks saw CNY 1.26 trillion new loans last year as compared to CNY 2.03 trillion in the preceding year. New loans to property market amounted 17.5% of the total new loans
US shares ended lower on Friday, as US reported 2.8% growth in GDP instead of expected 3.0%. S&P 500 Index gave up 0.16% or 2.10 points and finished at 1,316.33, while Dow Jones Industrial Average Index lost 0.58% or 74.17 points, settling at 12,660.46. Meanwhile Nasdaq Composite outperformed its peers and traded 0.4% higher at 2,816.55.
Aluminium prices are likely to face modest gains this year and average at USD 2,250 per ton in 2012, reported Natixis Commodity Markets Ltd. However, there may be downward pressure on prices in Q1 of 2012. Despite growing increase in aluminium demand, increasing production kept market in surplus last year, added Natixis. However, taken that many expensive production facilities are
EU heads plan to sign an agreement on the Euro Zone's permanent bailout fund at the Monday's summit. The EFSF will be replaced by ESM, the leaders of which will increase defense against the sovereign debt crisis. Mario Monti, Christine Lagarde and Timothy Geithner also insist on combining funds of the EFSF and ESM to create a fund of one
Iran is prepared to reduce oil exports to the Euro Zone and will curb oil exports to some countries soon, said Iran's Oil Chief. The NIOC head, Ahmad Ghalebani, announced the country has embarked on marketing its oil in the non-European countries since long time ago thus finding new customers is not a problem.