Italian austerity measures announced by Mario Monti, PM, eased pressure on Italy's credit rating, according to Fitch Ratings. The outlook of Italy's A-plus rating stays negative indicating the necessity to implement structural reforms but the country is seeking to execute fiscal consolidation to rectify economic difficulties, the agency added.
Vladimir Putin, Russian PM, claimed the US was behind protests against results of the recent parliamentary elections. The PM accused Hillary Clinton, US Secretary of State, of inspiring opposition activists to protest. Foreign monitors also acted in line with certain political interests and expressed worries over election process, he said. The country has to defend its sovereignty from abroad interference, he added. United Russia,
Britain's stocks rallied as investors anticipated the Bank of England's announcement of the monetary policy and euro-zone summit. Analysts expect the bank to keep the interest rates unchanged at 0.5% and hold the budget of its bond-buying project at ВЈ275 billion. The FTSE 100 added 0.3% to 5,564 in the early trade. Software and pharmaceutical firms lead the gains with Sage Group PLC increased by
Anticipating the second decrease in the interest rate by the ECB, the stock indexes started to climb. The Stoxx Europe 600 index added 0.49% to 242.59, Germany's DAX 30 index increased by 0.77% to 6,041.82 while France's CAC-40 index advanced 0.65% at 3,196.82 and the FTSE 100 index gained 0.44% to 5,570.44.
The ECB is likely to look for new ways to boost bank lending and halt the slowdown of the European economy today, while EU policy makers will attempt to create a fiscal union on the summit starting tomorrow. According to a Bloomberg survey, majority of investors expect the benchmark rate to be lowered by 0.25% to 1% at the regular
According to a poll by Bloomberg, majority of global investors forecast a banking crisis in China by the end of 2016 due to diminishing demand of Chinese shares and decreasing confidence in country's government. A crash of Chinese financial industry is expected until late 2016, 61% of those surveyed claim. Decreasing home sales, record-weak manufacturing data and diminishing export growth are
Gold futures recovered after two-day losses as yellow metal returned its safe-haven appeal on the more pessimistic economic outlook on the euro-zone. On the Comex division of the New York Mercantile Exchange, gold futures to be delivered in February were traded at USD1,739.55 a troy ounce at the U.S. morning trade, gaining 0.45% since opening.
The government of Ecuador approved Kinross, Canadian gold production company, plan to start gold mining on the Frute del Norte deposit and the contract will be signed in the end of December or in the beginning of January, according to Wilson Pastor, Minister of non-renewable resources in Ecuador. The royalties from commodity contracts will fall in range between 5% and 8% depending on the gold
Crude oil futures for delivery in January fall below $100 a barrel as market sentiment was impacted by bleaker economic outlook on the euro-zone coupled with supply report that indicated a large increase in the oil inventory level. The inventories increased by 1.3 million barrels this week, according to EIA report. Crude oil futures lost 0.9% to$99.67 on the New York Mercantile Exchange.
Foreigners own over 55% of privately held Treasury bonds in the US, according to Treasury Department. The rise can be explained by decreasing growth pace in debt available to investors to purchase while Treasurys increase their debt issuance each three months. Total privately-owned debt rose from $8.12 trillion in previous quarter to $8.46 trillion this quarter.
Natural gas futures tumbled, returning to the two-week low on the mild weather forecasts in the US East Coast that reduces the commodity demand. On the New York Mercantile Exchange, natural gas futures for delivery in January were traded at USD3.433 per million British thermal units at the early U.S. trade, losing 1.58% since opening.
Peru's gold and silver output increased in October; however the output of zinc and copper dropped, reported the government. The gold production reached 14,334 kilograms jumping by 8.06% on an annualized rate. The silver output added 0.84% to 305,036 kilograms on a yearly basis while copper output fell by 7.43% and zinc production declined by 14.12%.
On Wednesday German government discarded all proposals to merge and operate simultaneously existing and perpetual euro region rescue funds. Government representative also admitted that disagreements may foil consensus on debt-woe strategy during summit this week. Official also emphasized Germany will resist any effort to switch the decided order according to which European Stability Mechanism will take control from existing rescue fund at agreed time.
German stocks dropped on Wednesday afternoon after German Chancellor Angela Merkel's government rejected any proposal to merge Eurozone's current and perpetual rescue funds. German government also expressed concerns regarding positive outcome of upcoming summit due December 9. DAX 30 index lost 1.1% to 5,964.45 after surging almost 1.8%. Banks, retailers and transportation stocks pushed on the index. Deutsche Bank AG edged down 3%, Metro AG extended
After closing flat on Tuesday, UK's benchmark FTSE 100 experienced a slight increase on Wednesday. Index gained 0.2% reaching 5,583.33 led by financials and miners. Lloyds Banking Group PLC ascended 2.4% whereas Barclays PLC added 1.3%. Resource company Randgold Res Ltd jumped 2.76%. However, in late afternoon FTSE 100 retreated after Germany rejected merging current and durable rescue funds as well as conveyed pessimism regarding the
UK industrial output declined more than was previously predicted by economists as escalating European debt crisis hurt demand for UK's export goods. Factory output lost 0.7% compared to September which is the biggest drop since April, said Office for National Statistics today. On yearly basis, however, manufacturing output added 0.3%.
Hong Kong's Hang Seng Index gained 1.58% or 298.35 points and closed at 19,240.58 showing increased investor confidence about upcoming European summit. Chinese real estate shares added substantially to index as China Resources Land Ltd. edged up 1.6% and China Overseas Land & Investment added 3%. Resource companies also boosted the index: Aluminum Corp. gained 2.7% while Jiangxi Copper Co surged 3.7%.
On Wednesday Japanese Nikkei Stock Average gained 1.71% or 147.01 points and ended trade at 8,722.17 as investor optimism on upcoming European summit returned. Export-dependent companies rallied, as Toyota Motor Corp. and TDK Corp. ascended 2.3% and 3.1% respectively. Sony Corp. surged 5.8% whereas Elpida Memory climbed 5.7%. Shipping firm Mitsui O.S.K. Lines rocketed 9.3% after it reported plans to operate several large tankers together with
Copper futures increased for a second consecutive day on the better market sentiment as EU summit may result in resolution of the debt-crisis. On the Comex division of the New York Mercantile Exchange, copper futures for delivery in March were traded at USD3.600 a pound at the early European trade, gaining 0.7% since opening.
Dow Jones Industrial Average Index kept upward trend on Tuesday at closed slightly up at 12,150.13 adding 0.43% or 52.30 points. General Electric Co. advanced 2.4% after company was upgraded by Bernstein Research. Assessment was based on General Electric Co robust fundamentals and projected dividend increases. 3M Corp gained 1.5% after the manufacturer predicted 2012 earnings slightly above previously estimated figures. On the downside J P
On Tuesday benchmark S&P 500 Index traded slightly up, gaining 0.11% or 1.39 points and closed at 1,258.47. Minor index's fluctuations indicate that markets are hesitating ahead of European summit on December 9. On the upside were Metropcs Communications and Federated Investors adding 7.78% and 4.69% respectively. Major downside contrition provided Darden Restaurants as its shares plunged 12.38% after the chain lowered its revenue and sales
UK manufacturing production decreased more than expected in October, according to official data. Manufacturing production of the country declined by 0.7% in October as compared to 0.1% in September. Experts predicted slight decline of 0.1%. On a yearly basis, manufacturing production increased by 0.3% while the expected gain was 1.4%.
Experts of Sterne Agee increased their growth forecast for Apple Inc. as the demand for the company's products such as iphone and Mac computers is strong. Analysts project Apple Inc. to earn about $10 a share with $37.7 billion of turnover. Apple Inc. previously estimated its gains to be $9.30 a piece with $37.7 billion of sales. The current share price of the company
The sign that gold is accepted as currency and effective promotion tool is that Japanese government plans to reward purchasers of its reconstruction bonds with coins made of gold. The government will provide 15.6 gms golden coins to investors buying over 10 million yen of funds aimed at supporting rebuilding programme after the earthquake.