On Wednesday Japanese Nikkei Stock Average gained 1.71% or 147.01 points and ended trade at 8,722.17 as investor optimism on upcoming European summit returned. Export-dependent companies rallied, as Toyota Motor Corp. and TDK Corp. ascended 2.3% and 3.1% respectively. Sony Corp. surged 5.8% whereas Elpida Memory climbed 5.7%. Shipping firm Mitsui O.S.K. Lines rocketed 9.3% after it reported plans to operate several large tankers together with
Copper futures increased for a second consecutive day on the better market sentiment as EU summit may result in resolution of the debt-crisis. On the Comex division of the New York Mercantile Exchange, copper futures for delivery in March were traded at USD3.600 a pound at the early European trade, gaining 0.7% since opening.
Dow Jones Industrial Average Index kept upward trend on Tuesday at closed slightly up at 12,150.13 adding 0.43% or 52.30 points. General Electric Co. advanced 2.4% after company was upgraded by Bernstein Research. Assessment was based on General Electric Co robust fundamentals and projected dividend increases. 3M Corp gained 1.5% after the manufacturer predicted 2012 earnings slightly above previously estimated figures. On the downside J P
On Tuesday benchmark S&P 500 Index traded slightly up, gaining 0.11% or 1.39 points and closed at 1,258.47. Minor index's fluctuations indicate that markets are hesitating ahead of European summit on December 9. On the upside were Metropcs Communications and Federated Investors adding 7.78% and 4.69% respectively. Major downside contrition provided Darden Restaurants as its shares plunged 12.38% after the chain lowered its revenue and sales
UK manufacturing production decreased more than expected in October, according to official data. Manufacturing production of the country declined by 0.7% in October as compared to 0.1% in September. Experts predicted slight decline of 0.1%. On a yearly basis, manufacturing production increased by 0.3% while the expected gain was 1.4%.
Experts of Sterne Agee increased their growth forecast for Apple Inc. as the demand for the company's products such as iphone and Mac computers is strong. Analysts project Apple Inc. to earn about $10 a share with $37.7 billion of turnover. Apple Inc. previously estimated its gains to be $9.30 a piece with $37.7 billion of sales. The current share price of the company
The sign that gold is accepted as currency and effective promotion tool is that Japanese government plans to reward purchasers of its reconstruction bonds with coins made of gold. The government will provide 15.6 gms golden coins to investors buying over 10 million yen of funds aimed at supporting rebuilding programme after the earthquake.
Airlines will face weak demand from the European market in 2012 due to turmoil across the spreading debt-crisis that may pull the industry into losses, reported the International Air Transport Association. The industry income prospects are lowered from $4 billion to $3.5. The losses can amount $8 billion being the highest since 2008 crisis.
Plans by Germany and France to rescue euro via closer fiscal union face serious challenge from UK. Great Britain, the country that is not Eurozone member, is against broadening rights for Brussels, as it would lessen Britain's influence in the European Union. David Cameron said he is ready to defend UK's position in upcoming EU summit later this week.
Deutsche Bank AG reduced nearly 20 jobs in its Tokyo division. Koichiro Yasuda, manager of Deutsche Bank AG's finance investment banking in Japan quit after the cut. At least three management positions have been eliminated said bank in its statement yesterday. Before reductions Deutsche Bank provided employment for about 70 people in Japan. Job cuts are implemented amid bank's efforts to reduce operating costs globally.
Lehman Brothers Holdings has been approved by federal judge to start a final stage of the largest bankruptcy in US history. Company plans to raise $65 bn in next three years by liquidating its assets left. According to company's statement it is planning to distribute part of its $23 bn cash capital. Lehman Brothers, once the 4th biggest investment financial, failed in September 2008 with assets
In November UK shop price inflation diminished to a 1-year low as price wars among supermarket limited food-expense increases, said British Retail Consortium. Retail prices added 2% on a yearly basis compared to 2.1% in October. According to report, food prices climbed 4% and non-food items gained 0.8% compared to previous year. Mervyn King a governor of BoE predicts inflation to slow down in 2012.
On Tuesday Standard & Poor's rating agency confirmed its AA- credit rating for the world's second biggest economy preserving stable economic outlook. According to Standard & Poor's there is room for an upgrade if China restructures its debt capital market and allows more flexibility in exchange rate. Agency also warned China that its banking system may suffer if country's economy worsens.
European stocks slide lower at the afternoon trading after Germany opposed the reports claiming the probable running of two bailout funds to stimulate regional growth. The Stoxx Europe 600 index lost 0.1% to 241.58, the German DAX 30 index was steady at 6,025.33 and the French CAC 40 index added 0.2% to 3,186.05.
Wheat futures decreased for the third consecutive day being close to one-week low as the competition for US commodity exports weight down the market sentiment. On the Chicago Mercantile Exchange, wheat futures for delivery in March were traded at USD6.0988 a bushel at the early European trade, tumbling by 0.51% since opening.
German industrial production exceeded the forecast after declining for two months in line, according to official data. The country's industrial production rose by 0.8% on a seasonally adjusted basis in October while the experts anticipated only 0.3% increase, said Germany's federal statistical office.
Chile's CPI increased more than expected in November due to price raise of food and services, reported the government statistics institute. The CPI jumped by 0.3% in November on a monthly basis and gained 3.9% on an annualized rate. The expected increase was in range between zero and 0.2%.
The ECB provided $50.7 billion three-month loans at 0.59% fixed rate and seven-day loans at 0.58% fixed rate. The dollar-liquidity project is the first after the ECB and Fed agreed on decrease in dollar swaps. The shift of the central banks to decrease rate on the dollar swaps appeared amid rising dollar-borrowing costs and financial institutions' keeping cash.
US stock futures increased on hopes for progress in the euro-zone debt crisis resolution. Futures on the Dow Jones Industrial Average gained 58 points to 12,170, those of the Standard & Poor's 500 index increased by 6.10 points to 1,261 while Nasdaq 100 futures added 10 points to 2,331.
US shares extended gains on Tuesday as investors remained optimistic about forthcoming summit on December 9. S&P 500 Index added 0.1% or 1.39 points reaching 1,258.47while Dow Jones Industrial Average traded up 0.4% or 52.30 points to 12,150.13. Only the Nasdaq Composite Index experienced modest loss of 0.2% or 6.20 points and closed at 2,649.56. Nevertheless, Art Hogan Lazard Capital Markets' strategist suggests absence of
Germany sold 4.09 billion euros of notes maturing in five years with an average 1.11% yield. The Bundesbank, the responsible institution for conducting government's auction, announced it got 8.67 billion euros bids for the notes. The Bundesbank has set aside 910 million euros for secondary market operations made by Finance Agency.
European shares traded up on Wednesday morning trading session as European leaders reported they have agreed on significant bailout fund expansion. Stoxx Europe 600 index gained 1% reaching 244.18, German DAX 30 index rose 1.5% to 6,121.75 while French CAC 40 index added 1.8% attaining 3,235.31. FTSE 100 Index edged up about 1%, reaching 5,624.88.
Sweden is not expected to become a Eurozone member even in long term period after Swedish support for joining Euro dropped to all time low in November. According to Skop poll, less than 10% of Swedes support switching from krona to euro. Anders Borg, Sweden's FM said it will take a lot of time and much effort in terms of austerity measures before Sweden will
Narodowy Bank Polski is likely to leave its key interest rate untouched as drop in zloty can boost the inflation, said economists surveyed by Bloomberg. Central bank of Poland is expected to stick to interest rate of 4.5% for a fifth consecutive month. This is the highest benchmark rate in Poland since 2009. Central bank increased borrowing costs in June by from 3.5% to 4.5%