US shares posted modest losses on Friday as consumer confidence fell in February. However, stocks ended whole week into positive territory. S&P 500 index gained 0.11% or 1.57 points and closed at 1,404.17, Dow Jones Industrial Average index slipped 0.15% or 20.14 points and Nasdaq Composite index dropped 0.04% or 1.11 points and settled at 3,055.26.
European stocks edged slightly higher on Friday supported by financials and resource sectors while weighed down by auto makers. FTSE 100 added 0.4%, German DAX climbed 0.2% and French CAC 40 index gained 0.4%. Last week marked the biggest rally since the beginning of February with Stoxx 600 Europe adding 2.6% on weekly basis.
Christine Lagarde announced that China has to reform its economy to make it less vulnerable from fluctuations in exports and investments. She also stressed that the Yuan may become the world's reserve currency in case the country restructures its markets. There are signs of stabilization in the global economy, she said speaking to politicians in Beijing.
17-nation currency climbed against Japanese Yen after German Chancellor Merkel said European leaders have considered combining Euro Zone rescue funds in order to back common financial firewall. Euro appreciated versus Japanese currency to JPY 110.15 in Asian trading hours. Currently EUR/JPY is trading at JPY 109.82.
Canadian Dollar prolonged its advance against Japanese Yen for a tenth straight week, creating the longest weekly improvement period in seven years as US stock rally boosted demand for riskier assets. Canada's Dollar appreciated 1.1% versus Yen to JPY 84.13. Loonie slipped 0.1% versus greenback to CAD 0.9917. Currently CAD/JPY is trading at JPY 84.14 and USD/CAD is trading at
New Zealand's consumer confidence index increased to 102.4 in quarter ended in March, indicating a marginal increase of 1.1 point on a monthly basis. The consumer sentiment raised only slightly after sharp fall in December, according to Dominick Stephens, Westpac Chief Economist. The major contributors to the increase were recovering property market and more optimistic global news while weak job
US consumer prices surged in February to 10-month record high, mirroring the increase in fuel value. The CPI soared 0.4% in line with expectations, following a 0.2% increase in January, said Labor Department on Friday. The core CPI measure which eliminates volatile energy and food costs added 0.1% or slightly less than predicted 0.2%.
The industrial production in the US stayed unchanged in February, reported the Federal Reserve. The industrial production was at the same level as last month compared to a 0.4% expansion in January. Experts predicted the industrial output to advance by 0.4% in February.
Rural commodities apart from corn advanced on Thursday on the stronger US Dollar and firmer equities. Grains were mixed with falling corn and jumping wheat prices. Wheat futures were supported by rally of the soybean prices. Moreover, adverse weather conditions in Europe may impact wheat crops thus provoking undersupply in the market. Corn is expected to rebound in the nearest
Energy commodities tumbled on Thursday after speculation that US will cooperate with the UK in releasing oil reserves to curb inflation. Brent and crude oils were the top-losers after the announcement. However, they managed to erase some losses on Friday trades amid lingering supply concerns and expected stronger demand from healthier US economy. US manufacturing and labour data continued to
Industry metals moved higher on Thursday amid weaker US Dollar and inspiring manufacturing and labour data from the US. However, soft China's demand coupled with escalated concerns over probable country's "hard landing" both created a downward pressure on the base metals pack. Copper was the top-gainer over the day as the red metals caught momentum on the expected fall in
Precious metals rallied on Thursday amid broadly lower US Dollar. More optimistic situation in the Euro zone after the IMF agreed to back up the second Greek bailout package also created a fresh stimulus for precious metals. However, recent Fed decision to maintain current monetary policies continued to weight down on the commodity group. Gold was the main driver for
German DAX index prolonged gains on Friday lifted by financial sectors. Nevertheless gains were limited by auto sector and news US consumer confidence unexpectedly dropped in March. Munich Re advanced 1.2% after Exane BNP Paribas confirmed buy rating on share and increased its price target by 3%. Siemens surged 1% on news its Osram unit's Chief Operating Offier Martin Goetzeler
British FTSE 100 index climbed on Friday supported by bank stocks. Royal Bank of Scotland Group rallied 6.3% after UBS raised RBS rating from neutral to buy citing bank's proposed strategy is likely to provide capital and sustainable funding. Lloyds Banking advanced 2.3% and Standard Chartered gained 0.8%. Tullow Oil jumped 4.9% after company said it found a very good
Asian equity markets mostly edged in negative territory on Friday as crude prices declined. Australia's S&P/ASX 200 index slipped 0.04%, South Koreas Kospi faded 0.5% and Hong Kong's Hang Seng index tumbled 0.2%. Japanese Nikkei Stock Average gave up 0.05%. In contrast Shanghai Composite index (SHCOMP) jumped 1.3%.
Hong Kong's Hang Seng index slightly faded on Friday but posted gains for week. The index slipped 0.17% or 35.68 points and finished at 21,317.85 pressed down by oil shares as crude price declined on Thursday New York session. China Mobile fell 1.1% after Macquarie cut stock's rating to neutral. China Overseas Land & Investment lost 4.7% after firm's chairman
Japan's Nikkei Stock Average faced a choppy trading session on Friday and finished close to flat, slipping 0.05% or 5.19 points to 10,118.09. Shipping company Nippon Yusen rallied 6% after rates of container freight for Pacific routes surged this week. Electronic equipment and machinery provider Hitachi accelerated 2.5% after company upgraded its annual net income forecast. Giant tire maker Bridgestone
Dow Jones Industrial Average index extended gains on Thursday lifted by improved investor sentiment after better than expected US jobs and manufacturing data. Blue chip index surged 0.44% or 58.66 points and closed at 13,252.76 led by heavyweight banks. Bank of America jumped 4.5% and JP Morgan advanced 26%. On the downside Cisco Systems fell 1.4% on news computer network
S&P 500 index rallied on Thursday supported by a drop in US unemployment claims and a report which showed production in New York region surged in February. US index climbed 0.60% or 8.32 points and finished at 1,402.60, surpassing 1400 points first time since 2008. Advanced Micro Devices gained 6.3%. The giant manufacturer of processors for PCs was upgraded from
US wholesale prices advanced 5-month record high in February mirroring a surge in oil prices. The PPI index jumped 0.4% after a 0.1% increase in January, said Labor Department on Thursday. Economists questioned by Bloomberg expected a 0.5% gain. Core PPI excluding energy and food climbed 0.2%.
India's economy is likely to grow by 6.9% during 2011-12 fiscal year that end this March as compared to 8.4% in the preceding fiscal year, reported Minister Pranab Mukherjee, India's Financial Minister. The minister also claimed that the country needs tight reforms to accelerate growth. He said that the government plans to reduce subsidies, boost investments and reconsider current tax
Gold prices were higher during the Asian session on Friday along with depreciating US Dollar. COMEX gold April contract traded at 1660.05 US Dollars per troy ounce on the New York Mercantile Exchange, growing by 0.03%. Meanwhile, COMEX silver April contract traded at 32.608 US Dollars per ounce, advancing by 0.36%.
Greek unemployment rate hit a new record in Q4, approaching 20.7%. The figure indicates that country economy experiences crisis while tight austerity measures are likely to push the county into even deeper recession. The jobless rate is expected to rise further in the following months, said Platon Monokroussos, EFG Eurobank economist. Young individuals were the most severally affected by the
China's copper imports are expected to tumble in the next few months while red metal's exports from the country are likely to peak over this period. The record high copper inventories at the Shanghai Futures Exchange warehouses would continue to weight down on the copper imports, said Max Layton from Goldman Sachs.