Greek parliament has agreed on the 3.2 billion Euros spending cut as the step towards getting the next bailout package. The parliament passed reductions in minimum wage and pensions. However, the parliament still has to ratify further spending cuts later on Wednesday. Lucas Papademos, the country's PM, is going to visit Brussels to get approval for the bailout. The protests
Crude oil futures were flat on Wednesday after falling on the concerns that prices approached too high level and customers are going to restrict buying of oil and its derivatives at such an exorbitant price. Light, sweet crude oil April contract traded at 106.61 US Dollars per barrel on the New York Mercantile Exchange, easing up 0.06%.
Chinese housing market showed signs of recovery after the government abandoned some price lowering measures in major cities, said Citigroup. Softer credit terms and stronger demand both contributed to slight price increase in leading China's cities. Analysts predict a correction of the prices with potential of a 10% fall this year but not a 20%-30% tumble as it was initially
Euro Area lenders tapped the ECB for a record high amount of three-year debt supposed to stimulate stock and bond markets. ECB announced it will provide 800 lenders with EUR 529.5 billion (USD 712.2 billion) loan for 3 years. Economists expected an allotment of EUR 470 billion. A high number of small banks applied for the cheap cash, therefore it
S&P 500 index ended Tuesday session on the positive side as the drop in crude prices and better than predicted US consumer confidence supported investor optimism. The index added 0.34% or 4.59 points and finished at 1,372.18. Priceline.com Inc. jumped 7% on profit report that beat estimates. Micron Technology added 3.7% after acquiring Intel Corp stake. Apollo Group tumbled 16%
European equities fluctuated between gains and losses on Tuesday. Shares fell sharply on report US durable goods orders declined 4% in January but retreated later on data US consumer confidence climbed to 12-month record high. Stoxx Europe 600 index added 0.18% to 264.33, FTSE 100 index gained 0.21% and finished at 5,927.91 and German DAX advanced 0.56% to 6,887.63. French
India's economy expanded by 6.1% in Q4, indicating the slowest growth in about two years. The slowdown in expansion was mainly caused by the slowdown in mining and manufacturing. Economists surveyed by Dow Jones Newswires expected the country's economy to grow by 6.3% in the last quarter of 2011. However, investors remain optimistic about India's perspectives as they hope that
Japanese industrial production posted 2% gain on a monthly basis in January, reported the Ministry of Economy, Trade and Industry. The increase is impressing as analysts expected only 1.5% rise after industry production soared by 3.8% in December. Considering yearly changes, industrial production contracted by 1.2%, confronting the expectations of a 1.6% fall.
US shares traded higher on Tuesday lifted by one-year record high consumer confidence index. S&P 500 index added 0.34% or 4.59 points and finished at 1,372.18, Dow Jones Industrial Average index climbed 0.18% or 23.61 points and settled at 13,005.12 and Nasdaq Composite index added 0.69% or 20.60 points and closed at 2,986.76.
KGHM Polska Miedz SA posted essential increase in net profit in Q4 after the company disposed two telecommunications assets. The net profit grew to 1.17 billion US Dollars as compared to 1.27 billion US Dollars a year earlier. However, the figure is slightly smaller than analysts' forecast. The company also gained on the stronger US Dollar as it stimulated zloty-denominated
Consumer confidence in the US improved essentially much more than projected in February, hitting 12-month high. The consumer confidence index measured by the Conference Board advanced 9.3 points, approaching 70.8 this month as compared to 61.5 in the preceding month. Experts projected the index to gain 1.5 points, hitting 63.0 in February.
Elpida shares tumbled on the Tokyo Stock Exchange after announcement that the company filed for protection against bankruptcy. The shares of the company lost 98% attaining 5 Yen. The TSE reported Elpida will be delisted for the exchange starting from 28 March. The company applied for bankruptcy protection as it has to repay 448 billion Yen of debts. Currently, Japan's
Gold futures increased during the Asian session as the ECB is likely to pump 500 billion Euros in the economy thus pressuring the US Dollar. The yellow metal's April contract traded at 1,791.90 US Dollars per ounce during the electronic trade, gaining 3.50 US Dollars.
The ECB is preparing for another round of providing cheap loans to the European banks. The ECB plans to offer 500 billion Euros as low-interest loans to improve confidence in the European banks and motivate them for interbank and consumer lending. However, Fitch considers that smaller banks will use this opportunity only to stay afloat.
Japan's housing starts tumbled by 1.1% on an annual basis in January, indicating fall for the fifth consecutive month. Experts attributed the decline to global economic turmoil and slow increase in disposable income. However, the decrease was less remarkable than a 7.5% fall in December. Moreover, orders of 50 largest construction companies increased by 24.6% last month.
German CPI increased more than initially expected in February, according to German Federal Statists Bureau data. The CPI increased by 0.7% this month as compared to a 0.4% fall in January. Analysts predicted the indicator to add 0.5% in February. Considering yearly changes, the CPI rose by 2.3% this month, confronting the expectations of a 2.1% gain.
Canadian currency appreciated for the second consecutive day, reaching weekly record as ECB loan program lessened demand for US Dollar. Loonie gained 0.4% to CAD 0.9953 in Toronto session. On year to day basis Canadian Dollar has climbed 2.6%. Currently USD/CAD is trading at CAD 0.9936.
Bank of Montreal, the fourth biggest Canadian lending institution reported a record high first quarter net profit of CAD 1.11 billion or CAD 1.63 per share. Analysts earlier predicted net income to reach CAD 1.36 a share. The sharp increase in net income was supported by successful acquisition of Marshall & Ilsley Corp in July. Bad loan provisions fell annualized 56%.
Australian currency appreciated sharply against its US peer, reaching one-week record ahead of ECB refinancing operation due today to support region's lenders. Aussie climbed 0.1% against greenback to USD 1.0767 and was little changed versus Japanese Yen. In contrast New Zealand Dollar fell 0.4% against US Dollar to USD 0.8374. Currently AUD/USD is trading at USD 1.0809 and NZD/AUD is trading USD
International Business Machines Corp. (IBM) fired approximately 1000 workers in its North America unit this week, said Advocacy group. The jobs cuts happened mostly in US while some of them were in Canada. Doug Shelton, New York based IBM spokesman, declined to name exact number of fired employees and claimed the job elimination is a part of company's policy in order
Greece's lawmakers approved EUR 3.2 billion (USD 4.3 billion) spending cuts for the year 2012 and took one step further to securing the bailout package and save country from default. 202 members of parliament voted in favour of budget cuts and 80 voted against. Today Greek parliament is set to agree on expenditure reduction in health care and reforms in
17-nation currency climbed close to three-month record high against the US Dollar on investor hopes the second round of ECB three-year loans to lenders due today will bolster demand for Euro Zone assets. Euro strengthened 0.2% against is US peer to USD 1.3483 during Asian session. Currently EUR/USD is trading at USD 1.3473.
US durable goods orders fell 4% in January, reaching three-year record low as demand for business equipment and commercial aircraft contracted. Bookings for goods supposed to last minimum three years dropped four times more than economists surveyed by Bloomberg had predicted. In December 2011 orders for durable goods climbed revised 3.2%.
German DAX index fluctuated between gains and losses on Tuesday. The index surged higher earlier in the session on better than predicted European economic confidence index. However index retreated afterwards on news US durable goods orders fell to a 3-year record low. Pharmaceutical firm Bayer AG tumbled 2% after reporting disappointing 4th quarter net profit. Losses for the index partly