Hong Kong's Hang Seng index followed its Chinese counterpart and rallied on Wednesday supported by positive manufacturing expansion in mainland. China's official PMI climbed from 53.1 in March to 53.3 in April. Hang Seng index jumped 1.02% or 214.87 points and settled at 21,309.08. Eight sectors within the index posted substantial gains. China Coal Energy gained 1.4% and Cathay Pacific
Asian share markets traded mostly higher on Wednesday as most of investors returned from holiday and anticipated optimistic Chinese official PMI data which indicated expansion. Hang Seng index climbed 1%, Shanghai Composite index added 1.8% and South Korea's Kospi gained 0.8%. Japanese Nikkei 225 index surged 0.3% and Australia's S&P/ASX 200 soared 0.1%.
Dow Jones Industrial Average index traded higher on Tuesday as higher than expected manufacturing activity in April lifted investor sentiment. Blue chip index rose 0.50% or 65.69 points and closed at 13,279.32. reaching the record high since late 2007. 22 stocks of 30 posted gains. Alcoa and Bank of America led the gains each adding 2.5%. On the downside Cisco
Japan's Nikkei Stock Average rebounded on Wednesday as Chinese official data showed manufacturing activity in world's second biggest economy improved in April. Nikkei 225 index climbed 0.31% or 29.30 points and finished at 9,380.25. Japan Tobacco advanced 2.4% on news the cigarette producer will increase its dividend and prepares to boost prices in order to meet its earnings target. Kansai
S&P 500 index advanced on Tuesday lifted by better than expected U.S. ISM-manufacturing data. US index added 0.57% or 7.91 points and finished at 1,405.82. Archer Daniels Midland jumped 7% after beating analyst earning estimates. Chesapeake Energy rallied 6.3% on news it will hire a new chairman and stop executive incentive program. Avon products tumbled 8% as its profit disappointed
The US Dollar advanced for a second straight day versus Japanese currency ahead of US employment change report due today which is predicted to show the nation added more jobs in April. Greenback soared 0.3% versus Yen to JPY 80.35. US Dollar gained 0.1% against European shared currency to USD 1.3219. Currently USD/JPY is trading at JPY 80.55 while EUR/USD
Canadian currency appreciated versus its US peer after production data in US surpassed even the most optimistic analyst forecasts. Canada's Dollar strengthened 0.2% against greenback to CAD 0.9854 in Toronto session yesterday. Last month currency appreciated to 7-month record high. Currently USD/CAD is trading at CAD 0.9860.
HSBC's April manufacturing PMI climbed to 49.3 up from a initial figure of 49.1 compared to gauge of 48.3 in March. HSBC indicator contrasted with the official Chinese PMI figure which showed April gauge climbed to 53.3 signalling expansion. HSBC analysts predict economic expansion to slump in next three months and then rebound in second half of the year.
US stock markets closed higher on Tuesday with Dow Jones index reaching almost 5-year record high as data showed US production activity expanded at faster pace than expected. S&P 500 index gained 0.57% or 7.91 points and finished at 1,405.82, Dow Jones Industrial Average rose 0.50% or 65.69 points to 13,279.32 and Nasdaq Composite added 0.13% or 4.08 points down
Switzerland's largest bank UBS AG reported its profit for the first three months of 2012 dropped by 54%, damped by loss on its investment bank division and lender's own debt charge. The net profit tumbled CHF 827 million (USD 910 million), UBS reported on Wednesday. Analysts had predicted a slightly smaller drop of CHF 810.9 million.
Mitt Romney announced that Yuan's 23% appreciation versus U.S. Dollar in last five years is not enough and branded world's second largest economy as currency manipulator. Romney promised in his campaigns to put more pressure on China as he claimed Obama hasn't done enough to boost stronger Yuan. Economists questioned by Bloomberg expected Yuan to climb versus greenback to CHY 6.15 by the
The New Zealand and Australian Dollars kept trading lower after a two-session depreciation before Spanish bill sale on investor worries Euro Zone's debt crisis might be worsening. Australian currency traded at USD 1.0347 in Sydney session while the Kiwi traded at USD 0.8149. Currently AUD/USD is trading at 1.0348 and NZD/USD is trading at USD 0.8148.
US production expanded in April marking the fastest growth in 11 months, fuelled by increase in factory orders. The ISM manufacturing gauge surged to 54.8 in April, surpassing even the most optimistic forecasts. Analysts suggest that production keeps driving US recovery. US stocks mostly appreciated on the news.
FTSE 100 index climbed higher on Tuesday supported by the British banks. Lloyds Banking Group rallied 6% after company said it shifted to a profit in the first-quarter from a previous year's loss. Company cited reduced risk, cost controls and a more robust balance sheet as key drivers of its success. Rolls-Royce Holdings added 1.6% on news it signed a
Rural commodities rallied as traders expect robust China's demand for grains as well as adverse weather conditions in the EU may have hurt the winter crops significantly. Wheat advanced on the strong demand from livestock producers as they started to use wheat instead of higher-priced corn.Corn rose on the speculation that rising global demand for US supplies is likely to
Energy markets continued to fluctuate on the demand concerns as Euro Zone's recession risks still persist while improved personal income in the US faded hopes for more accommodative policies of the Fed.Crude and Brent oil dropped as lifted US energy inventories outweighed supply concerns caused by export disruptions in Yemen, Sudan and North Sea.Natural gas caught momentum after Baker Hughes
Industry metals closed mixed on Monday after staedy China's manufacturing PMI data that indicated a rise to 53.3, missing expectations of an increase to 53.6.Aluminum gained 0.52 due to robust demand from Asia and persistently growing smelting costs as energy prices continue to soar.Copper retreated from previous sessions' highs as more negative fiscal outlook on Spain and steady expansion of
Precious metals were mixed in choppy Monday trade, being impacted by softer US Dollar and steady global equities.Gold balanced between inspiring personal income data from the US and price downgrade by HSBC. Personal income in the US rose by 0.4% in March, beating forecasts of a 0.3% gain while HSBC cut its average gold price forecast for 2012 from USD1,850
HSBC reduced its average gold price forecast for 2012 and 2013, citing the weakness of India's jewelry sector and fading hopes for the third round of quantitative easing in the US. The bank projects the gold price to average near 1,760 US Dollars per troy ounce in 2012 and near 1,775 US Dollars per troy ounce in 2013 as compared
Manufacturing sector in the UK performed worse than initially expected in April, reported research group Markit. UK's manufacturing PMI declined to 50.5 last month on a seasonally adjusted basis as compared to a March reading of 52.1. Experts predicted the PMI to decrease to 51.4 in April.
Nigeria is expected to almost double its oil output by 2020, according to Diezani Alison-Madueke, Nigeria's Petroleum Minister. By expanding the current capacity by 1 million barrels per day, Nigeria will be capable to contribute significantly to world's oil supply, he stated. The minister also suggested increasing current oil reserves from 37 billion barrels to 40 billion barrels.
Anti-austerity protestors are likely to hold massive demonstrations in May Day. Demonstrations in Athens that involve private and public sector strikes have already disrupted the public transport. However, the traditional violence is not expected as Greeks are likely to show their protest against austerity measures on Sunday when the general elections are due.
Japanese zinc exports declined by 35% in March, reported the Ministry of Finance. Meanwhile, China's zinc imports soared by more than 100% on an annualized rate in March while domestic zinc demand is likely to approach four year high this year, reported Mitsui. Experts attributed the fall in exports to earthquake in March 2011.
Crude oil prices dropped at Asian trading hours on Tuesday as global demand concerns were fueled by weak manufacturing data from the US and high risk of new round of recession in Spain. Light, sweet crude oil futures for June delivery traded at 104.84 US Dollars per barrel on the New York Mercantile Exchange, declining by 0.03% from the previous