After three straight red sessions S&P 500 index retreated and traded slightly higher on Friday supported by financial and energy shares. US benchmark added 0.31% or 4.33 points and finished at 1,397.11. Discover Financial and Nabors Industrials each climbed 4% posting the biggest gains for the index. On the downside Micron Technology shed 3.8% after company revealed larger than expected
British FTSE 100 recovered from last week's drop and edged higher on Monday led by energy stocks. Heavyweight BG Group provided the main support for the index. Oil and gas provider surged 1.8% after company announced it discovered gas resources in its 4th well in Tanzania. Stocks of Aberdeen Asset Management rallied 3.6% after reporting a 6% increase in its
Asian markets traded mixed on Monday as investors remained cautious ahead of economic statistics from Europe and US due this week. Hong Kong's Hang Seng index was flat at 20,668.86, Shanghai Composite added 0.1% and Australian S&P/ASX 200 fell 0.2%. South Korea's Kospi tumbled 0.4% and Japan's Nikkei 225 index climbed 0.1%.
German business climate index estimated by Ifo institute unexpectedly surged to 8-month record high in March, indicating European biggest economy will recover despite struggling demand for nation's exports. The business confidence measure advanced from reviewed 109.7 in February to 109.8 in March. Analysts predicted the index would stay at initial February level of 109.6.
Rural commodities except for sugar followed an upward trend on Friday amid weaker US Dollar and risk of crop estimations downgrades in South America. Grains mostly were inspired by the soybean rally amid uncertain harvests in Brazil and Argentina after drought. Wheat also was lifted as dry weather in the EU is likely to impact the crops in the current
Energy commodities apart from heating oil ended the week on the positive note, being bolstered by supply concerns and demand hopes. From the supply side, Iran reported a drop in oil exports; such oil giants as French Oil already halted totally oil imports from Iran. Meanwhile, demand hopes continued to stimulate growth of the energy prices as traders are positive
Industry metals moved higher on Friday amid firmer equities and softer US Dollar. The commodity group took a break in its tumble caused by pessimistic manufacturing data releases from the Euro Zone and China. Moreover, lower risk-aversion after the ECB increased its bong purchases from peripheral countries of the Euro Zone added to gains of the base metals pack. Aluminium
Germany will support an increase in Euro Area funds in order to prevent debt turmoil from moving to other region's countries, Berlin officials claimed during weekend. The proposal is to maintain the EUR 440 billion EFSF functioning when the new rescue fund comes into action in the middle of 2012. It would result in total of EUR 940 billion financial
Precious metals rebounded on Friday after posting losses for the previous days. Broadly weaker US Dollar and stronger equities both created a fresh stimulus for the precious metals rally. Gold managed to climb from the 10-week low after the ECB increased its bond purchases. Moreover, slowing Indian growth that may force the government to ease monetary policy continued to lend
China Construction Bank reported a 25.5% surge in net profit for 2011. The net income for the bank approached 26.9 billion US Dollars, being lifted by higher commissions and interest rates. However, government's measures aimed at tightening the real estate market weighted down on the gains. Despite expectations that the prudent property polices would be continued, the largest lender to
China and Russia signed deals worth 1.15 billion US Dollars during the ongoing fair of agricultural machinery conducted by the two countries. The value of contracts increased by 6.9% on an annual basis. In 2010, deals worth about 790 million US Dollars were signed while in 2011 the value of contracts soared by 38.2%, attaining 1.07 billion US Dollars.
Crude oil prices were flat in Asian session on Monday, losing momentum gained after Iran reported on the lower oil export volumes. Moreover, market sentiment was not strongly exposed to the weak US housing data as investors are positive about the US economic state and await fresh manufacturing news. Light, sweet crude oil futures for May delivery traded at 106.61
17-nation currency advanced versus Japanese Yen on speculations Europe may combine two bailout funds to terminate debt crisis. Euro added 0.3% versus Yen to JPY 109.60 and traded at USD 1.3255 on Friday. Currently EUR/JPY is trading at JPY 109.48 and EUR/USD is trading at 1.3259.
Canadian Dollar weakened for a third consecutive week as the advance in higher yielding assets slowed, boosting demand for Swiss franc, Yen and US Dollar. Loonie fell 0.6% on weekly basis against its US peer reaching CAD 0.9978. Currently USD/CAD is trading at CAD 0.9978.
The New Zealand and Australian currencies ascended versus Japanese Yen ahead of US data which are expected to show consumer confidence stayed close to one-year record high. Aussie added 0.4% to JPY 86.49 while Kiwi gained 0.2% to JPY 67.52. Currently AUD/JPY is trading at JPY 86.29 and NZD/JPY is trading at JPY 67.39.
Gold prices moved higher during Asian session on Monday, being supported by the broadly softer US Dollar after disappointing US housing data. COMEX gold June contract traded at 1,670.05 US Dollars per troy ounce on the New York Mercantile Exchange, gaining 0.72%. Meanwhile, COMEX silver for delivery in May traded at 32.375 US Dollars per troy ounce, plunging by 0.70%.
US shares slightly recovered and traded higher on Friday supported by an advance in energy companies. S&P 500 rose 0.31% or 4.33 points and finished at 1,397.11, Dow Jones Industrial Average gained 0.27% or 34.59 points and settled at 13,080.73 while Nasdaq Composite added 0.15% or 4.6 points to 3,067.92.
The economy of Vietnam is expected to grow by 4% in Q1, indicating slower expansion pace than in the two previous years, said government official. Looking at the past data, the GDP rose by 5.57% in Q1 of 2011, by 5.84% in Q1 of 2010 and by 3.14% in Q1 of 2009. Meanwhile, the CPI increased by 0.16% this month,
Although equity markets closed slightly higher on Friday, European stocks experienced the worst week this year as miners and banks sharply declined on worries about global growth. Stoxx Europe 600 traded flat on Friday but gave up 2.5% on weekly basis. FTSE 100 index climbed 0.1% and German DAX added 0.2%. French CAC 40 gained 0.1%.
The trade balance of New Zealand increased more than initially projected in February, reported Statistics New Zealand. The trade balance soared to 161 million New Zealand Dollars last month as compared to a deficit of 199 million New Zealand Dollars in January. Experts predicted the trade surplus to approach 153 million New Zealand Dollars in February.
Canadian annual inflation pushed higher in February, boosted by higher food and gasoline prices. However the increase was not rapid enough to force central bank change its low interest rates. Annual inflation climbed 2.6% in February compared to 2.5% in January. Economists surveyed by Reuters forecast an advance to 2.7%. Core inflation measure which excludes particular food items and gasoline
The sales of new houses in US unexpectedly declined in February for a second consecutive month, signalling a recovery in property market by be slowing down. Sales fell 1.6% to 313 000 annual rate, compared to 318 000 in January. Analysts questioned by Bloomberg expected an increase to 325 000 annual pace.
Japan and Canada have embarked on negotiations aimed at setting up free trade zone between two countries. However, experts claim it would be difficult to agree for two countries as Japan continues to protect its agricultural and farming sector from foreign competition. At the same time, Japan is large importer of Canada's commodities as coal, copper and food products. Canada
German DAX index declined for a fourth consecutive session as investors awaited report on US new house sales. Siemens AG and BMW AG contributed to the negative side of index each giving up 1%. On the upside index was supported by telecommunication stocks with Deutsche Telekom adding 1% and heavyweight Henkel AG surging 1.4%. At the moment of writing DAX