Dow Jones Industrial Average index opened higher on Wednesday morning trade as US reported country's GDP in 4th quarter expanded more than expected. However shares erased gains later on Fed chairman Ben Bernake's announcement about persisting uncertainty in economy. Blue chip index slipped 0.41% or 53.05 points and settled at 12,952.07. On monthly basis, however, Dow index has advanced 2.5%.
S&P 500 index ended lower on Wednesday after Fed chairman Ben Bernake's announcement the job market is far from full recovery and the surge in crude price can bolster inflation. US benchmark index dropped 0.47% or 6.5 points and closed at 1,365.68. Nevertheless S&P 500 has gained 4.1% in February. First Solar tumbled 11% after cutting revenue forecast for 2012.
The Switzerland's GDP rose in Q4 of 2011, reported SECO. The GDP expanded by 0.1% on a quarterly basis in Q4, confronting analysts' forecast of a 0.1% fall. The major contributors to the economy's growth were gross fixed investments, trade balance and private consumption. Considering yearly changes, the GDP grew by 1.3% as compared to a 1.1% expected expansion.
Australia's PMI expanded by 0.3 slower in February as compared to the preceding month, reported Australian Industry Group. The PMI attained 51.3 last month, being mostly led by growth in new orders, essential expansion in transport equipment, footwear and closing sectors. The manufacturers attributed slower expansion of the PMI to weaker demand, import competition, carbon taxes and stronger Australian Dollar.
RBA Index of commodity prices indicated a 1% increase in February on a monthly basis in SDR terms, following the same increase of 1% in the preceding month. The major drivers for a boost were essential growth of gold, iron ore and oil prices while prices of industry metals and agricultural commodities also made slight contribution to a jump in
The PMI in Chicago region soared much more than expected last month, hitting 10-month high, reported Kingsbury International. The PMI increased by 3.8 points attaining 64.0 on a seasonally adjusted basis in February as compared to 60.2 in the preceding month. Experts projected the PMI to expand by 1.6 points approaching 61.8 last month. The New Orders Index hit 11-month
Market value of Apple Inc. approached 500 billion US Dollars for the first time, positioning Apple as the most valuable company in the world. Only such companies as Exxon, Microsoft, Cisco Systems, Intel and General Electric were capable to reach this level. Experts predict the company's profits to amount 40 billion US Dollars in 2012. The Apple's share closed at
The number of people without job in Germany was unchanged in January as compared to a 5,000 expected fall, reported Germany's Statistics Office. The rate of unemployment also remained unchanged, staying at 6.8% while analysts predicted the rate to approach 6.7% in January.
Though US shares traded lower on Wednesday session, they posted relatively strong gains for February supported by positive economic data. S&P 500 index declined 0.47% or 6.5 points and closed at 1,365.68 or 4.1% higher on monthly basis. Dow Jones Industrial Average slipped 0.41% or 53.05 points and settled at 12,952.07 or 2.5% up for February. Nasdaq Composite fell 0.67% or
US crude oil inventories increased by 4.2 million barrels, approaching 344.9 million barrels last week, reported the EIA. The crude oil inventories hit an upper limit of an average level for this year period. At the same time, gasoline inventories fell by 1.6% but also remained at the upper boundary of the average level. Distillate fuel stockpiles moved down by
The US GDP grew more than initially reported in the last quarter of 2011, according to the Bureau of Economic Analysis. The GDP expanded by 3.0% on a seasonally adjusted basis in Q4 as compared to preliminary reading of 2.8%. Experts predicted the GDP to stay unchanged after revision. The upward revision of personal consumption from 2.0% to 2.1% pushed
The CPI in the common currency union increased by 2.6% in January on a seasonally adjusted basis while experts predicted the figure to remain flat at 2.7%, reported Eurostat. However, the CPI is still above the ECB target of below 2%. On a monthly basis, the CPI declined by 0.8% in January, being in compliance with expectations, after growing by
European stock markets finished slightly lower on Wednesday as ECB provided record amount of cheap loans and Fed chairman Ben Bernake pointed out in his speech the global outlook stays uncertain. Stoxx Europe 600 index closed nearly unchanged at 264.32, CAC 40 index slipped 0.05% while German DAX index faced more substantial gains, declining 0.46%. British FTSE 100 index tumbled 0.95%.
New Zealand's export volumes hit the highest level since the beginning of 1990's in Q4, reported Statistics New Zealand. Export volumes grew by 2.9% on a seasonally adjusted basis in the last quarter of 2011 due to rapid increase in dairy products' exports. Meanwhile, prices for exported products added 1.7% led by price increases for milk, fruit and dairy while
Canadian currency appreciated to the 5-month record high after ECB provided 800 banks with EUR 529.5 billion three-year loans. Loonie jumped 0.5% against US Dollar to CAD 0.9899. On monthly basis Canadian Dollar has gained 1.3% against the Greenback while on year to date basis Loonie has climbed 3.2%. Currently USD/CAD is trading at CAD 0.9890.
Singapore's economic growth beat Hong Kong's GDP for a second consecutive year as the country benefited from stronger currency, steeper population expansion and growth in pharmaceutical and casino sectors. Singapore's GDP was SGD 326.8 billion for the year 2011 or about USD 260 billion while that of Hong Kong's reached HKD 1.89 trillion or USD 243.3 billion.
India's Purchasing Managers' Index modestly slowed in February compared to January when it reached 8-month record high, indicating slowdown in country's economy might be easing. PMI declined from 57.5 in previous month to 56.6 in February, said HSBC Holdings Plc and Markit Economics today.
Japanese firms' capital spending advanced to a 5-year record high in 4th quarter, signalling the world's third largest economy may be regaining momentum. Capital spending eliminating software climbed 4.9% on annual basis compared to a 11% drop in the 3rd quarter, said Finance Ministry. Reconstruction demand probably contributed most to capital spending expansion said Akiyoshi Takumori, Sumitomo Mitsui Asset Management chief economist.
Australian and New Zealand currencies appreciated versus Yen and US Dollar on news Japan's firms' capital spending surged to 5-year record high in the 4th quarter. Aussie strengthened 0.3% against Yen to JPY 87.34 and added 0.2% versus greenback to USD 1.0758. Kiwi also climbed 0.3% against Yen to JPY 67.88 and advanced 0.3% versus its US peer to USD 0.8363.
Greece's lawmakers approved reductions in health care and pensions to secure the second bailout funding and save the nation from default. 213 members of parliament supported the law while 58 lawmakers were against. The vote implies Greece has fulfilled most of its obligations demanded by EU and IMF. Finance Ministers will discuss the rescue package for Greece today in Brussels.
China's production advanced for a third consecutive month in February, said China's statistics bureau today. The Purchasing Managers' Index climbed from 50.5 in January to 51.0 in February indicating China is continuing to grow despite uncertainty in Europe and slowdown in local property market.
German DAX index moved higher on Wednesday with most of shares posting gains as ECB provided 800 Euro Zone lenders with EUR 529.5 billion of cheap cash. Commerzbank jumped 2.7% and Deutsche Bank surged 2%. Electric utilities provider RWE AG surged 2.5% after Exane BNP Paribas upgraded the company from neutral to outperform. On the downside Deutsche Boerse and Daimler
After closing 0.2% up on Tuesday session, British FTSE 100 index fluctuated between gains and losses on Wednesday. ITV PLC posted the biggest gains for the index, rallying 7.4% on company's forecast it will beat the market via advertising in 2012. Vodafone Group heavyweight shares fell 1% on its CEO Vittorio Colao proposal to merge investments to remain competitive. Essar
Agricultural commodities, except for sugar, rallied on Tuesday amid weaker US Dollar and positive headlines from the US and the EU. However, sugar futures edged lower during the volatile trade as investors cashed out of the market to profit from four-month high sugar prices before switching to the next month contract. Moreover, Rabobank expects sugar price to fall in the