Deutsche Bank, the German biggest lender posted a 33% drop in its first quarter profit, citing debt crisis as a negative force that curbed trading. Net income declined to EUR 1.38 billion (USD 1.82 billion) compared to EUR 2.06 billion in the same period last year. Economists questioned by Bloomberg expected the profit to decrease less to EUR 1.56 billion. Deutsche
US stock indices rallied on Wednesday as investors incorporated into results the news from Apple Inc. The company reported a 94% gain in first quarter profit on Tuesday after the session. S&P 500 index jumped 1.36% or 18.72 points to 1,390.69 whereas Dow Jones Industrial Average advanced 0.7% or 89.16 points and closed at 13,090.72. Nasdaq Composite rallied 2.3% or 68.03 points and finished at 3,029.63.
European equity markets pared sharp gains on Wednesday as the bookings for US durable goods declined more than expected. Nevertheless markets closed on strongly positive note. Stoxx Europe 600 gained 1.0% while German DAX rallied 1.7%. British FTSE 100 experienced modest gains and added 0.2% while French CAC jumped 2.0%.
The Reserve Bank of New Zealand maintained steady its benchmark interest rate, leaving it at record low of 2.5%, citing mild inflation. Central Bank also pointed out that appreciating currency may prevent a surge in borrowing costs. According to investors speculations the RBNZ will not raise interest rates until 2013 because yearly inflation is below nation's average target.
The UK consumer sentiment rallied in March, reaching a 9-month record high, despite the fact that British economy declined during the first three months of 2012. The confidence index, estimated from a survey of 1000 respondents, jumped from 44 in February to 53 in March, Nationwide reported on Wednesday. British consumers spend more money on large scale items such as cars and
The number of orders for US durable goods declined in March, reaching a three-year record low as the fall in demand for aircraft overshadowed gains from business investment. Orders for goods to be used at least 3 years fell 4.2%, Commerce Department said on Wednesday. Economists questioned by Bloomberg expected the bookings would drop 1.7% last month. Core durable goods
Ben Bernake, Federal Reserve Chairman claimed US monetary policy currently is appropriate. Nevertheless he admitted Fed will apply additional bond purchases in case economy shows signs of weakening. Bernake repeated is prediction the interest rates would not climb until 2014. Yields for US long term bonds slightly declined while stocks advanced.
German shares followed their European and US peers on Wednesday, lifted by earnings reports. Benchmark DAX index climbed higher in the morning though pared gains in late trade on larger-than-expected fall for US durable goods orders. Financials Deutsche Bank and Commerzbank supported DAX, adding 2.7% and 4.5% respectively. Deutsche Lufthansa extended gains and surged 3.5%. At the moment of writing
British FTSE 100 index rose on Wednesday though the gains were limited as data unexpectedly showed UK GDP contracted for the second straight quarter, signalling economy is in recession. Chip-producer ARM Holdings jumped 3.3% on Apple earning report while miners Vedanta Resources and Kazakhmys rallied 4.3% and 3.1% respectively as metal prices surged. On the downside tobacco companies extended declines
Hong Kong's Hang Seng index faced a choppy session on Wednesday as region's shares struggled between gains and losses. Gains from financial and property stocks were erased by Internet major Tencent Holdings which dropped 4.3% after a rapid appreciation recently. Hang Seng index slipped 0.15% or 30.87 points and finished at 20,646.29. China Overseas Land & Investment gained 2.9% and
Crude oil futures to be delivered in June advanced 0.1% or USD 0.11 and reached USD 103.66 a barrel in Asian session on inventory report which showed supplies declined by 985 000 barrel last week. May heating oil climbed 0.3% or USD 0.01 to USD 3.14 per gallon whereas natural gas to be delivered in May also gained 0.3%, reaching USD 1.98
According to anonymous sources, the Bank of Japan is expected to expand its asset purchasing programme by 10 trillion yen, instead of the usual amount of 5 trillion yen. The decision should be announced on Friday (Apr 27) after BoJ policy board meeting. The national bank has come under pressure by politicians lately and is currently struggling to meet the
The UK economy unexpectedly contracted during the 1st quarter of 2012 as manufacturing output and construction activity declined. The British Gross Domestic Product fell 0.2% in the first quarter, following a 0.3% drop in the fourth quarter of 2011, Office for National Statistics said on Wednesday. GDP remained unchanged from the similar period year earlier. Economists predicted the economy to grow
Asian shares mostly climbed on Wednesday as Apple posted a 94% surge in its quarterly profit while Asia's financials and developers rallied on hopes for China's monetary accommodation. Japan's Nikkei Stock Average jumped 1%, Taiwan's Taiex surged 0.9% and China's Shanghai Composite Index added 0.8%. Hong Kong's Hang Seng index slipped 0.2%. Markets in Australia and New Zealand remained closed for a holiday.
Japan's Nikkei Stock Average climbed for the first time in 5 days as US housing market showed improvements and Apple posted a 94% gain in last quarters profit. Weaker Yen helped to support export stocks. Nikkei 225 index soared 0.98% or 92.97 points and closed at 9,561.01. Nomura Holdings added 2.4% on speculation it will post an improvement in quarterly
Dow Jones Industrial Average index appreciated on Tuesday as US consumer confidence data matched analyst estimates and new home sales improved. Blue chip index climbed 0.58% or 74.39 points to 13,001.56. AT&T rallied 3.6% and 3M gained 1.5% as their earnings beat predictions. Wal-Mart Stores shed 3% on news the company is investigating assertions that management in Mexico gave around
S&P 500 index advanced on Tuesday supported by earnings and improved investor sentiment over Europe. US index added 0.37% or 5.03 points, and finished at 1,371.97. Hershey Foods and Regions Financing rallied 6% and 5.9% as both companies outperformed Wall Street's expectations. Big Lots tumbled 24% after retailer cut its fiscal first quarter sales outlook citing weaker demand for electronics.
New Zealand and Australian Dollars weakened versus most of their counterparts after slower CPI in Australia fuelled speculation, the Reserve Bank of Australia will cut interest rates. Aussie fell 0.7% against greenback to USD 1.0247 while Kiwi traded flat at USD 0.8132 after falling 0.5%. Currently AUD/USD is trading at USD 1.0318 and NZD/USD is trading at USD 0.8111.
Canadian Dollar advanced versus its US peer on Tuesday as crude and shares rallied amid speculation Bank of Canada may increase interest rates. Loonie climbed 0.4% versus greenback to CAD 0.9871. Canadian currency is heading towards a 1% gain against US Dollar in April. Currently USD/CAD is trading at CAD 0.9871.
Credit Suisse Group AG posted its first loss in quarterly profit in three years. The net income tumbled to CHF 44 million (USD 48 million) compared to CHF 1.14 billion in similar period previous year, said Credit Suisse on Wednesday. Economists questioned by Bloomberg predicted a loss of around CHF 297.9 million. Credit Suisse scaled down its investment division in 2011. Bank's
Apple Inc net income almost doubled in the first quarter this year on strong demand for the new version of iPad and robust sales of iPhone in China, offsetting the worries that pushed shares lower during last two weeks. The net profit last quarter rallied 94% reaching USD 11.6 billion or USD 12.30 per share. Sales jumped 59% to USD
US stock markets mostly ended on positive note on Tuesday, supported by earnings reports. S&P 500 index gained 0.37% or 5.03 points, finishing at 1,371.97, Dow Jones Industrial Average climbed 0.58% or 74.39 points to 13,001.56 while Nasdaq Composite breached the upward trend in the market and slipped 0.30% or 8.85%, closing at 2,961.60.
European equities rallied on Tuesday, after the Netherlands sold bonds and data from US showed new home sales remained strong in March while consumer confidence slightly declined matching analyst expectations. Stoxx Europe 600 gained 1.0%, Spanish IBEX 35 index jumped 2.2% and French CAC 40 advanced 2.3%. British FTSE 100 index surged 0.8% while German DAX index added 1%.
Canadian core retail sales surged at slower pace than expected in February whereas the total sales fell first time in 6 months, Statistics Canada reported on Tuesday. Core retail sales excluding car sales, advanced by 0.5% in February compared to an expected gain of 0.6%. The total retail sales dropped by 0.2% compared to a predicted increase of 0.1%.