British FTSE 100 index kept following a downward path on Tuesday as China's reduced growth forecast kept weighing on financial and resource shares. Aviva PLC fell 3.7% after Exane BNP Paribas lowered stock's rating from neutral to underperform, citing weaker outlook for cash flows and earnings. BP PLC dropped 1.6% and Kazakhmys PLC gave up 1.8%. Polymetal International PLC plunged
Australian sugar output is likely to increase by 33 million tons attaining 4.63 million tons in 2012, indicating 18% gain on an annual basis, reported Rabo bank. Promising export opportunities for Australian cane sugar stimulated the government to provide incentives for farmers to expand sugar growing area. The area for planting sugar cane is projected to expand by 10% this
Goldman Sachs posted a 103 million US Dollars loss in Asia in 2011 as compared to a 2.1 billion US Dollars income in the preceding year. This is the first loss in the last two years. Experts attributed the loss to weaker China's equity market. The company was strongly impacted by fall in value of its stake in ICBC that
Cotton futures eased rally on Tuesday, falling from three-week high as India's Farm Minister asked to cancel cotton export ban that was the main stimulating factor for a 4.5% jump on Monday. Cotton futures for delivery in May traded at 0.9239 US Dollars per pound at the European afternoon trade, on the ICE Futures US Exchange, edging up 0.21%.
Central banks' gold buying is likely to fall by more than 30% this year, according to RBS report. The RBS expects the worldwide banks' gold demand to decrease to 300 tonnes as compared to 439.7 tonnes in 2011. In fact, last year's gold purchases soared by about 470% hitting 48-year high. The largest gold importers were Russia, India and China
Brazilian economy expanded less than initially expected in 2011. The GDP of the country grew by 2.7% in 2011 while analysts projected the figure to top 2.8%. Brazil faced economic boom due to high energy and high food prices. The country may become sixth biggest economy outperforming the UK as Brazilian output was worth 2.09 trillion US Dollars as compared
Energy commodities apart from natural gas were little changed on Monday as market balanced between supply and demand concerns. From the supply side, IAEA reported that Iran increased its production of higher-grade enriched uranium three times thus escalating worries over military strike between Iran and Israeli. Moreover, Barack Obama met Benjamin Netanyahu to discuss the situation in the region. Further,
Industry metals posted losses on Monday following downgrade of China's this year growth forecast and disappointing economic data from the EU and US. Weak equities also contributed to the downswing of the metals pack. Moreover, poor China's demand and stockpiling at the Shanghai Futures Exchange weighted down on metals' prices. Alumnium is likely to face further fall in price despite
Precious metals tumbled on Monday after China announced it has set an eight-year low growth target of 7.5% for 2012. The commodity group started to move closer with riskier assets hence slowdown in the world's second largest economy created strong downward pressure on the precious metals. However, slightly lower US Dollar and increased dip buying limited the losses. Gold was
International Monetary Fund expects Portugal to return in sovereign bond markets next year. Portuguese government is attempting to reduce spending and increase taxes in order to fulfil IMF requirements in exchange for EUR 78 billion rescue package. Portuguese PM Pedro Passos Coelho expects country's economic performance to improve in next few months.
Japan's Nikkei Stock Average prolonged losses on Tuesday as Yen appreciated and China announced its strategy to shift away from exports, pressing down on Japanese shipping firms and machinery providers. Nikkei 225 index slipped 0.56% or 54.44 points and ended at 9,644.15. Oil and metal shares provided substantial downward contribution with JX Holdings Inc dropping 1.2% and Inpex Corp giving
Hong Kong's Hang Seng index extended losses on Tuesday, weighted down by resource and insurance shares on investor concerns about world second biggest economy's growth prospects. Hang Seng index tumbled 2.16% or 459.06 points and finished at 20,806.25. Aluminium Corp. of China fell 5.3% and Jiangxi Copper Co lost 4.8%. AIA Group plunged 8.4% as investors digested news AIG sold
UK retail sales dropped in February for a second straight month as a decline in clothing buying offset the gains from food purchases, reported British Retail Consortium. Sales at stores that are operating at least one year fell 0.3% on annual basis. Same magnitude decline also took place in January. Although BoE expects slowing inflation to bolster consumption, the surge
European economy declined in the 4th quarter of 2011 as investment fell most since 2009 amid dropping consumer spending and exports. GDP both in Euro Zone and EU 27 area fell 0.3% compared to 3rd quarter said EU statistics office on Tuesday. Exports contracted 0.4% compared to a 1.4% gain in the 3rd quarter. Investment faded 0.7% and household spending diminished 0.4%.
Dow Jones Industrial Average index edged down on Monday with industrial and basic material sectors posting the biggest losses as data showed US factory orders declined by 1.0% in February. Blue chip index gave up 0.11% or 14.76 points to 12,962.81. Industry oriented Caterpillar sank 2%. Bank of America slipped 2% on news Fed may disclose additional information in recent
Asian markets traded lower on Tuesday as investors remained worried about world second biggest economy's growth prospects. Hong Kong's Hang Seng Index fell 2.2%, Shanghai Composite Index dropped 1.4% and Japan's Nikkei Stock Average lost 0.6%. South Korea's Kospi tumbled 0.8% and Australia's S&P/ASX 200 index gave up 1.4%.
S&P 500 index made the biggest two-session decline since January 27 as China lowered its economic growth forecast and US factory orders faded. US index dropped 0.39% or 5.30 points and closed at 1,364.33. Alpha Natural Resources lost 6% on falling natural gas prices caused by warm winter. CF Industries edged down 5.5% after Citigroup downgraded the stock from buy
US stock markets faced a relatively weak session on Monday as investors anticipated news about growth forecast cut in China and weaker PMI data in the Euro Area. S&P 500 index lost 0.39% or 5.30 points and closed at 1,364.33, Dow Jones Industrial Average index slipped 0.11% or 14.76 points to 12,962.81 and Nasdaq Composite faded most, dropping 0.86% or
Several US leading banks attempt to persuade Fed to restrict the amount of information it discloses to public when it reports the outcome of recent stress tests. Federal Reserve is preparing to disclose more details than it did in 2009. The Clearing House Association said in a letter to Fed that unveiling extra information may have a negative effect on
The factory orders in the US fell more than initially projected in January, reported US Census Bureau. The factory orders declined by 1.0% on a seasonally adjusted basis in January as compared to a 1.4% increase in the preceding month. Experts predicted the figure to drop by 1.3% in January.
Nissan plans to set up a new Sunderland factory that will provide 2,000 jobs thus increasing Sunderland's production facility's labour force to 6,000. The company is expected to invest about 125 million British Pounds in the project while the government supported the move assigning a grant of 9.3 million British Pounds. The new plant will start operations in the middle
Crude oil futures moved higher during the Asian session on Tuesday after Barack Obama discussed the developments across Iranian nuclear programme with Benjamin Netanyahu, Israeli's President. Barack Obama was sure that sanctions would force Iran to abandon its nuclear programme while Benjamin Netanyahu insisted that Israeli would defend its interests in case Iran continues to pursue its nuclear ambitions. Light,
European equity markets closed down on Monday, driven by financial and mining stocks as PMI data showed business activity declined in the Euro Zone in February. Stoxx Europe 600 index and FTSE 100 index each fell 0.6% while German DAX dropped 0.8%. Spanish benchmark IBEX 35 index tumbled 1.3% and Italian FTSE MIB index lost 0.7%. French CAC 40 index traded 0.4% lower.
Australian current account deficit decreased by 1,023 million US Dollars, or by 15% in Q4 of 2011, approaching 5,637 million US Dollars on a seasonally adjusted basis. At the same time, balance of goods and services showed a surplus of 6,801 US Dollars, indicating a 583 million US Dollars, or 9% gain. The primary deficit of income lost 3% to