European shares finished lower on Wednesday as Jens Weidmann, ECB's Governing Council member pointed out stimulating the euro region's bailout funds will not end its debt woe. German DAX index dropped 1.1% to 6,998.80, FTSE 100 index fell 1% and closed at 5,808.99 while French CAC 40 index shed 1.1% to 3,430.15. Stoxx Europe 600 index also gave up 1.1%
The Sterling weakened the most in since February 22 after a data showed nation's GDP declined more than previously estimated in fourth quarter. The Pound fell 0.5% versus Euro to GBP 0.8391 and dropped 0.3% against the greenback to USD 1.5910 on Wednesday. Currently EUR/GBP is trading at GBP 0.8370 and GBP/USD is trading at USD 1.5906.
Orders for large magnitude items in US climbed at slower pace than predicted in February, reported government on Wednesday. Orders for durable goods advanced 2.2% in previous month compared to an expected 2.9% gain. On yearly basis, however, durable goods orders have grew by 13.5% suggesting more optimistic long-term trend, analysts claimed.
Asian markets experienced a weak session on Wednesday as Societe Generale SA announced China's corporate profits won't advance in 2012 and country's biggest copper manufacturer Jiangxi Copper posted declining earnings. Shanghai Composite index plunged 2.65%, Hang Seng index fell 0.77% and Japan's Nikkei Stock Average shed 0.71%. South Korea's Kospi dropped 0.39% while Australia's S&P/ASX 200 index disrupted the downward trend and
German DAX index edged down on Wednesday as US orders for durable climbed less than expected and Fed's chairman Bernake warned it is too early to claim economic recovery. Commerzbank AG dropped 1.8% and Heidelbergcement fell 1.7%. On the upside Infineon Technologies rallied 2.1% on news semiconductor maker increased its stock price estimate by 30% to EUR 9.5. At the
Japan's Nikkei Stock Average breached upward trend on Wednesday, pushed down by lower than expected US consumer confidence. Nikkei 225 index lost 0.71% or 72.58 points and settled at 10,182.57. Sharp Corp. rallied 15% after Foxconn Technology Group said it will buy a stake in the display producer. Nippon Kayaku edged down 3% after reporting a 14% drop in its
Hong Kong's Hang Seng index retreated from previous gains on Wednesday, affected by developments in mainland's market. Societe Generale SA announced China's corporate profits won't expand in 2012 and country's biggest copper manufacturer Jiangxi Copper posted diminishing earnings. Hang Seng index fell 0.77% or 161.49 points and finished at 20,885.42. Li & Fung lost 5.2% after company raised USD 501
Dow Jones Industrial Average index pulled back on Tuesday as data showed US consumer confidence index dropped by 1.4 points to 70.2 in March. Blue chip index fell 0.3% or 3.90 points and finished at 13,197.73. Pfizer rallied 1.5% after its CEO Ian Read said the firm is considering to spin off or to sell its units of nutrition and
S&P 500 index closed lower on Tuesday as investors locked in profits after rapid gains on Monday and data showed consumer confidence declined more than predicted in March. US benchmark slipped 0.3% or 3.99 points and closed at 1,412.52. Apollo Group tumbled 8.5% after Credit Suisse downgraded its outlook for the stock to neutral. Lennar jumped 4.7% as its EPS
Rural commodities apart from coffee were lower on Tuesday amid uncertainty over China's demand and worse consumer confidence in the US. Wheat came under strong pressure as rainfalls in the key crop-producing regions in the US are likely to boost this year harvest. Meanwhile, corn's correction was blocked by the high US inventory levels. Sugar lost 1.94% as the commodity
Energy commodities moved down on Tuesday as the US Dollar regained strength. The energy markets were mostly balancing between likelihood of strategic reserves release and supply disruptions. Charles McConnell from the US Energy Department reported that the option of releasing oil reserves is being considered as a measure against accelerating inflation. At the same time tensions in the core oil
Industry metals were mixed on Tuesday, being pressured by the US Dollar strength and weakness of the global equities. Falling industrial profits in China dented the traders' sentiment essentially thus limiting any upswings of the commodity group. Moreover, Ben Bernanke added to losses of the base metals pack saying that it was too soon to declare US victory while lower
Precious metals excluding platinum declined on Tuesday amid broadly stronger US Dollar and weaker equities. Lower than expected consumer confidence data because of high inflation weighted down on the possibility of new round of quantitative easing in the US. The Fed does not provide any clear information on its further actions thus dampening investors' sentiment. Gold was additionally pressured as
US shares closed lower on Tuesday as investors paused after sharp gains on Monday and data showed consumer confidence declined more than predicted in March. S&P 500 index dropped 0.3% or 3.99 points to 1,412.52, Dow Jones Industrial Average lost 0.3% or 3.90 points and closed at 13,197.73 while Nasdaq Composite slipped 0.07% or 2.22 points to 3,120.35.
Magyar Nemzeti Bank may keep its benchmark interest rate unchanged at 7% for a third straight month, analysts said on Tuesday. The central bank is likely to stick to highest interest rate in European Union due to a delay in receiving IMF loan. The Forint strengthened 0.3% versus Euro to HUF 290.6.
The borrowing costs on Italian notes fell on Tuesday after country successfully auctioned its bonds. Italy's Treasury sold EUR 2.82 billion of 2-year zero-coupon bills at average yield of 2.35%, compared to 3.01% in a auction last month. Demand exceeded offer 1.9 times. Euro rose to 1-month record high against greenback to USD 1.3385.
France's consumer confidence unexpectedly rose in March ahead of presidential elections as citizens felt more optimistic possible forthcoming changes. The French consumer confidence index rallied from 82 points in February to 87 in March, the biggest advance since 2007. Economists questioned by Bloomberg predicted the figure to remain unchanged.
Spanish government announced on Tuesday it is preparing to lift power prices by around 5% to 7% in April. The country is forced to raise electricity prices to comply Supreme Court's ruling as the annual tariff shortfall has climbed above 1.5 billion Euros. The planned tariff increase would affect around 20 million small firms and households.
German bills advanced on Tuesday sending borrowing costs to two-week record low on expectations the proposed measures to curb Euro region's firepower will not be sufficient to end debt turmoil. The borrowing costs German benchmark 10-year bund declined 7 basis points to 1.89%. Meanwhile the 10-year yield on Spanish bonds surged 9 basis points to 5.12% amid uncertainty about country's
Deutsche Bank AG, expanding assets while other financials cut their balance sheets, outperformed French BNP Paribas SA and has become the biggest publicly traded lender in Europe. Deutsche Bank's assets advanced 14% to EUR 2.13 trillion in 2011. The lender's shares lost 0.8% on Tuesday. Nevertheless Deutsche Bank stocks have gained 37% since December 2011.
UK bills advanced on Tuesday fuelled by investor speculations Bank of England may expand asset purchases to stimulate economic recovery. The borrowing costs on 10-year benchmark gilts slipped 7 basis points to 2.26%. British pound strengthened 0.2% against Euro to GBP 0.8351. The Sterling was little changed against greenback at USD 1.5971.
Rural commodities were mixed on Monday with growing wheat and coffee prices and declining corn and sugar futures. Agricultural commodities as all commodity markets were backed up after Ben Bernanke reported that the US central bank would maintain low interest rates and may provide additional monetary stimulus to increase hiring. Wheat, the top-gainer, was spurred as colder weather in the
Energy commodities apart from natural gas were higher on Monday after Fed reaffirmed it would keep record low interest rates further and may consider providing more monetary stimulus to boost growth. Crude and Brent oils were also bolstered by supply concerns as Barack Obama urged Iran to put more efforts into reaching a diplomatic solution across its nuclear programme as
Industry metals except for nickel advanced on Monday after Fed reported it would maintain the current monetary policy in view of weak job market. Broadly lower US Dollar added to the positive mood of the commodity pack. Meanwhile, improved German Ifo business climate index also lent support to the upward trend of base metals. Copper was the top-performer as the