Wheat futures experienced gains approaching close to two-week high due to improved market sentiment after successful France's and Spain's bond auctions. On the Chicago Mercantile Exchange, wheat futures for March delivery achieved $6.1888 a bushel at the European morning trade, adding 0.78% since opening.
Google Inc.'s Chrome browser has become number two Internet browser overtaking Mozilla's Firefox. Currently Google Chrome has 25.69% market share as compared with 4.66% two year ago. Meanwhile, Firefox has 25.23% as compared to the market leader Microsoft Corp.'s Internet Explorer that holds 40.63% of the worldwide search engine market.
Anadarko Petroleum Corp. stated that the company has found large deposits of the natural gas in Mozambique. The reserves are estimated to be more than 30 trillion cubic feet of gas. About 20% of the project is owned by the Japanese company Mitsui, thus highly benefiting Japan as country's power generation operates mainly on the natural gas.
On Thursday US stock futures traded flat after rocketing during the previous session. Future prices were relatively steady in contrast to successful yesterday's trade as investors absorbed frail economic data regarding China. Bond auctions in France and Spain also calmed the market. Dow Jones Industrial Average futures edged down 12 points attaining 12,022, while Standard & Poor's 500 stock index futures dropped 3
Federal Reserve claimed it might cut US benchmark rate if necessary. Since February 2010 US key interest rate has been set at 0.75% which means European financials after yesterday's swap rate reduction, will pay about 0.6% cheaper for borrowing in dollars than currently US banks do. Therefore Michael Cloherty, RBC Capital Markets' strategist expects 25 b.p. reduction in US discount rate in
French and Spanish bonds extended gains on Thursday's auction as six central banks cut dollar borrowing costs creating additional funds while China eased its monetary restraints. Spanish 5-year note yield declined to 28 b.p. to 5.58% and French 10 year bond yields dropped 21 b.p. to 3.18%. Spain managed to sell all planned amount worth $5.1 bn.
Christine Lagarde, executive of the International Monetary Fund, has welcomed the joint decision of Fed and 5 other central banks to deliver cheaper dollar financing to European financials. According to Lagarde, yesterday's action indicates a high efficiency in international cooperation which has been positively evaluated in markets. IMF also has announced it will collaborate with central banks to support the measures they have
On Thursday Japan's Nikkei Stock Average followed Asian market upward trend, though at a slower pace. Japanese benchmark index gained 1.93% or 162.77 points and closed at 8,597.38. Miner companies provided major positive contribution to the index. JFE Holdings Inc. added 8.9% while Nippon Steel Corp. jumped 7.1%. Japanese auto makers return on positive side as Mazda Corp. traded up 4.38% and
On Thursday Hong Kong's Hang Seng Index rallied amid central banks' decision to cut dollar swap rates as well as China's easing monetary policy. Hong Kong's benchmark gained 5.6% or 1,012.91 points and closed at 19,002.36. Financials boosted index heavily: Bank of China Ltd. added 10.4%, China Citic Bank Corp. jumped 10.8% whereas Agricultural Bank of China Ltd. advanced 9%. Chinese real estate
Most European stocks markets opened lower on Thursday as markets gave back part of yesterdays excessive gains that were encouraged by central banks' announcement about reducing dollar borrowing costs. Stoxx Europe 600 lost 0.2% to 239.46, pushed by mining and drug stocks. French CAC 40 and German DAX declined both edged down 0.4% to 3,141.94 and 6,062.69 respectively. FTSE 100 was the
Australian retail sales increased less than expected in previous month, according to official data. The retail sales in the country increased by 0.2% on a seasonally adjusted basis as compared with 0.4% a month before. Experts projected retail sales to increase by 0.4%.
Toyota Motor Corp. and BMW AG announced they started to cooperate in environmental technologies including joint creation of lithium-ion batteries. The batteries will be used for more advanced generation of battery-powered cars. The partnership stipulates that BMW also supplies 1.6-and 2.0 liter diesel engines for Toyota cars for sale in Europe. The partners will share expenses on development of batteries
The Canadian domestic currency gained most since previous year's May as major central banks including Bank of Canada cut the cost of dollar swaps to relieve European debt turmoil. Loonie jumped against greenback to a 2-week high as Canadian statistics reported than country's GDP added at faster pace than expected. Canadian dolllar gained 1.4% against its US peer, reaching C$
Starbucks Corp., one of major coffee-bar chains, announced it plans to open new 200 drive-through stores and some ordinary stores by 2016. The expansion would create 5,000 jobs in the UK. Currently the company has 700 stores in UK. More than a half of planned stores will be opened under license by Euro Garages, the fuel retailer, Starbucks added.
Swiss manufacturing activity declined more than expected for the third month in line, according to industry data. Purchasing managers' index lost 2.1 points on a seasonally adjusted basis to 44.8 in November as compared with 46.9 in October, reported Swiss SVME, the purchasing manager's association, and Credit Suisse.
Use of the ECB overnight deposit achieved a new high for 2011 after global central banks took a coordinated action to ease cost of USD borrowings. The deposit level reached EUR 304.42 billion on Wednesday up from EUR 297.112 billion on Tuesday. Banks borrowed EUR 4.638 billion from the overnight facility on Wednesday as compared with EUR 2.705 billion on Tuesday, ECB reported.
Copper prices are highly dependent on China consumption and market deficit. Recent fall in China's PMI led to a decrease in copper prices. LME copper currently is traded at $8000/tonne falling by more than 20% since the beginning of 2011. However, the expected 250,000 tonnes copper deficit in 2012 may stimulate the growth of prices, however in case the metal's consumption also decreases, the deficit
European manufacturing activity decreased at the fastest speed in the last 28 months. The PMI tumbled from 47.1 in October to 46.4 in November. Analysts expected the indicator will be unchanged for the period. All euro-zone countries experienced a fall that signals spreading downturn, said Chris Williamson, Markit chief economist.
On Wednesday Senate Republicans came up with their proposal of payroll tax cut, significantly differing from that offered by Senate democrats. The Republicans propose to prolong tax cut by one year and keep rates at 4.2% on salaries below $106,800 instead of 6.2%. In contrast, Senate democrats earlier proposed further tax reduction to 3.1% next year. Both parties also cannot agree
US dollar was perceived to a the safe haven in November as spreading European sovereign debt crisis was increasing European bond yields meanwhile pushing down stock and commodity returns. In November US dollar gained 2.9% against Euro as investors hold their money in dollar nominated assets. Nevertheless, the greenback still is 1% down compared on yearly basis.
European stocks are traded mainly lower in Thursday morning giving back exorbitant gains caused by yesterday's action taken by global central banks. The Stoxx Europe 600 index lost 0.2% to 239.46, the German DAX 30 was down by 0.4% to 6,062.69 and the French CAC 40 index tumbled by 0.4% to 3,141.94. Meanwhile, the FTSE 100 index gained 0.2% to 5,517.75.
Gold futures are steady near two-week high after rapid yesterday's increase caused by news about coordinated action of central banks to inject liquidity in financial system. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were traded at USD1,748.95 a troy ounce at the European morning trade, edging down 0.08% since opening.
Switzerland's GDP expanded in compliance with analysts' forecasts in Q3, according to official data. The country's GDP added 0.2% on a seasonally adjusted basis in Q3 compared with 0.4% growth in Q2. The economy of the country grew by 1.3% in Q2 at annual rate exceeding the expected 1.8%. The growth was mostly stimulated by increase in consumption and investments in construction. USD/CHF was traded
France and Spain are going to offer bonds worth €8.25 bn ($11 bn) in today's auction in order to reinforce euro zone's fire powers against contagion. Spain is planning to sell notes valued at €3.75 bn while France is going to offer bonds at €4.5 bn. The bond auction will examine investor confidence as Fed, ECB and four more central banks eased cost of dollar