German DAX 30 index surged 0.9% on Thursday, and extended gains after Mario Draghi announced he has received a confirmation from Greek PM Papademos that austerity measures have been approved. Daimler AG shares rallied, hitting 6-month record high after posting a 39% increase in 4th quarter profit. Car makers contributed to the gains as BMW AG appreciated 3.75% and Volkswagen
UK FTSE 100 Index climbed 0.5% on Thursday, lifted by financial and oil shares. Lloyds Banking Group PLC gained 2% and Royal Bank of Scotland Group PLC soared 1.3%. BG Group PLC added 2% after the company posted a 43% advance in its 4th quarter profit. In contrast Vodafone Group PLC lost 0.4% on its interim statement. Rolls-Royce Holdings PLC
Japan's Nikkei Stock Average traded lower on Thursday as Chinese inflation rate unexpectedly rose 4.5% in January and investors awaited results from Greek debt swap talks. Nikkei 225 index slipped 0.14% or 12.34 points at 9,003.25 despite optimistic results from paper industry. Mitsub Paper rallied 10.5% and Nippon Paper gained 5.5% on improved earnings. Auto makers pared gains for the
Hong Kong's Hang Seng index was little changed on Thursday amid unexpected increase in Chinese consumer prices. Hang Seng index edged 0.04% or 8.45 points down at 21,010.01. Property and financials shares showed mixed performance on February 9. Bank of Communications lost 2.5%, while Industrial & Commercial Bank of China dropped 0.9%. On the upside the index was supported by
German car producer Daimler AG, who manufactures Mercedes Benz trucks and cars, posted a 39% gain in 4th quarter profit, fuelled by its M-Class sport utility car sales. Daimler's EBITDA rose to EUR 2.18 billion compared to EUR 1.56 billion previous year. The figure almost match the EUR 2.17 billion forecast. Daimler AG today announced a dividend of EUR 2.20
If US government will not provide any plausible plan how to cut its deficit equal about USD 1 trillion, the country is likely to face another credit rating downgrade in 6 months to 2 years, depending on the results of presidential elections, said John Chambers, sovereign ratings managing director at Standard & Poor's. Chambers emphasized US need a medium term fiscal measures
Treasuries climbed higher on Wednesday as investors monitored developments in Greece. Borrowing costs on 10-year bills gave up 1 basis point, reaching 1.97% while those on 5-year bonds traded flat at 0.82%. Yields on 30-year notes dropped 1 basis point, attaining 3.14%, the highest since October 2011.
Gold futures for delivery in April dropped USD 17.10, or 1.0%, and settked at USD1,731.30 per ounce on the Comex division of New York Mercantile Exchange. The fall in gold price were partly caused by the slight depreciation in Euro currency, sending the greenback higher. In previous session precios metal jumped 1.4%.
Dow Jones Industrial Average Index traded close to flat on Wednesday, supported on the positive side by Bank of America which surged 3.6% and technology stocks. Blue chip index advanced 0.04% or 5.75 points and closed at 12,883.95. United Technologies and Hewlett Packard each gained 1.8% while Cisco Systems added 1.4% on its earnings report. Walt Disney Co climbed only
S&P 500 index managed to end higher on Wednesday despite stalled Greek talks. S&P main index climbed 0.22% or 2.91 points and closed at 1,349.96. Clothes producer Ralph Lauren jumped 9% on report its earnings and net income rose in 4th quarter. Hartford Financial Services Group added 7.6% after investor John Paulson claimed the insurer needs to implement drastic measures
US stocks markets closed with a modest gains on Wednesday on investor hopes Greece would finally accept conditions required from international creditors. S&P 500 index edged up 0.22% or 2.91 points at 1,349.96, Dow Jones Industrial Average index advanced 0.04% or 5.75 points and closed at 12,883.95 while Nasdaq Composite added 0.41% or 11.78 points, reaching 2,915.86.
Canadian Dollar weakened against the greenback on Wednesday as investors were awaiting whether Greek officials will accept all requirements to receive the bailout package. Canadian currency slipped 0.2% against its US peer to CAD 0.9960. Currently USD/CAD is trading at 0.9950.
People's Bank of China withdrew CNY 44 billion (USD 6.98 billion) from Chinese money market via open market operations to curb excess liquidity. The draining of funds comes amid news Chinas consumer price unexpectedly surged in January. Nevertheless central bank refused to auction 3-month and 1-year bonds.
Rio Tinto Group, the third biggest mining firm in the world reported a 59% drop in its annual profit after executing one time payment on its aluminium division. The annual net income amounted USD 5.8 billion compared to USD 14.3 billion previous year. Economists earlier predicted net income to reach USD 15.6 billion.
Most European equity markets finished lower on Wednesday as Greece continued to struggle with international creditors about nation's debt swap agreement. Stoxx Europe 600 index and UK FTSE 100 index each edged down 0.2% at 263.01, and 5,875.93 respectively. DAX 30 index and French CAC 40 each fell 0.1% at 6,748.76 and 3,410.00 respectively.
The Bank of Korea decided to leave its benchmark interest rate unchanged for the eight consecutive month. The bank's step matched analysts' expectations. BOK kept its key interest rate at 3.25%, citing improving foreign economic outlook and balanced home inflation as factors, curbing the pressure for an interest rate cut.
The second largest Swiss bank Credit Suisse posted a loss in 4th quarter, first time since 2008, harmed by unfavourable markets and costs related to reorganization of its investment bank unit. The net loss totalled CHF 637 billion (USD 698 billion) compared to CHF 841 billion profit year earlier. Analysts predicted a profit at CHF 446 billion. Credit Suisse already have announced
Japanese core machinery orders, an economic indicator which is considered as one of key measures, declined sharply in December, giving up 7.1% on annual basis, reported country's government on Thursday. The median estimated of analysts was a decrease of 5%. Core orders exclude volatile purchases such as ships and utility equipment.
The 17-nation currency strengthened to a 2-month record high as Greek government said Euro Zone's finance ministers will approve the second rescue package. Euro gained 0.2% against US Dollar to USD 1.3281 in Asian trade and added 0.3% against Japanese Yen, climbing to JPY 102.49. Currently EUR/USD is trading at USD 1.3301 while EUR/JPY is trading at JPY 102.64.
China's consumer prices unexpectedly rose in January, fuelled by spending during week long Lunar New Year holidays. Accelerating inflation limited room for possible monetary easing as European turmoil hampered exports amid cooling property market. Inflation added 4.5% in January, estimated on annual basis. Analysts predicted consumer prices to escalate by 4%.
German DAX 30 index retreated and climbed 0.7% on Wednesday, lifted mainly by financials. Deutsche Bank AG added 1.7%, while Commerzbank AG jumped 8% after its Polish division reported a 46% increase in 4th quarter profit. Car maker Daimler AG advanced 1% ahead of its earnings report due tomorrow. DAX 30 erased some of its gains after ECB said it
UK FTSE 100 Index opened higher on Wednesday, supported by mining and energy stocks as developments Greece spurred hopes the country might avoid default. Rio Tinto PLC surged 1.4%, Fresnillo PLC added 0.2% and Kazakhmys PLC gained 2%. On the downside BHP Billiton PLC lost 1.2% after reporting a drop in its profit. During the session FTSE 100 climbed 0.1%
Nokia Oyi, one of biggest cell phones manufacturer which sales are concentrated in Asia, announced it will eliminate about 1000 jobs in Finland, 2300 in Hungary and 700 in Mexico as company wants to concentrate its resources closer to suppliers in Asia. The company plans to transfer its device assembly to Asian plants where the component suppliers are located.
German exports declined more rapidly than economists predicted in December as debt crisis harmed the export demand across the troubled region. Exports lost 4.3% compared to November when they added 2.6%. In contrast, analysts predicted only a 1% decline in European biggest economy's exports. Nevertheless economists suggest the German exports may gain momentum in 2012 as business confidence surged in January.