Allianz SE plans to restructure its real estate insurance operations in Germany; the revamp will involve layoffs and new products' launch being in line with the company's long-term strategy, reported Markus Riess, chief executive of Allianz Germany. The company projects the sales to achieve EUR9.5 billion by 2014 while currently it implements cost reduction strategy by eliminating 400 jobs by the same year.
The annual inflation rate in the 17 euro-zone countries remained the same in November as month before. The rate of inflation in November was 3% in compliance with forecasts but being still higher than 2% inflation rate target of ECB. Steadily higher inflation rate indicates the slowdown in the euro-zone economy caused by spreading fiscal crisis.
Turkey announced it imposes economic restrictions on Syria as Syrian forces employed violent measures to end demonstrations. More than 3,500 people were killed since the beginning of the demonstrations against regime of Assad. Turkey is going to cease all financial transactions with Syria and freeze all government assets of the country, said Ahmet Davutoglu Turkish Foreign Minister.
In last sessions gold futures have showed a positive correlation with other stocks and commodities, according to report of Commerzbank. There is a high probability the gold prices fall in a short run as equity and commodity markets remain quite weak due to higher risk aversion, Commerzbank added.
Gold futures experienced slight fluctuations on Tuesday remaining above psychologically significant level of USD 1,700-an-ounce as investors were affected by the developments in the EU like meeting of euro-zone finance ministers and successful Italian auction. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery achieved USD 1,718.75 a troy ounce at the U.S. early trade, adding 0.25% since opening.
Copper futures increased on Tuesday moving close to the two-week high due to weaker dollar on the rising hopes for the euro-zone. Weaker dollar often increases demand for industrial metals as they become an alternative investment option being less expensive for buyers using other currencies. On the Comex division of the New York Mercantile Exchange, copper futures for March delivery achieved USD3.385 a pound at
Samsung won the case of its Galaxy tablet ban in Australia initiated by Apple's claim that Samsung violated Apple's IPRs as Samsung's new tablet seems to be copied from touch-screen Apple's concept. Samsung redesigned the device and the court overturned a sales ban on Galaxy tab. In case Apple is not satisfied with the court decision it should go to the High Court.
Natural gas prices added 5% as the expiration of the December's natural gas contract is approaching. Contract expiration typically results in higher volatility on the gas market as investors tend to close their positions or reposition portfolios thus contributing to price fluctuations expected during the next sessions.
Nasdaq Composite Index consisting mainly of technology stocks experienced a slight decline in contrast to its major peers and traded down 0.50% or 11.83 points down, closing at 2,515.51. Netflix provided substantial negative contribution to index giving up 3.4% after reporting expectations for upcoming losses. Stocks of Green Mountain Coffee Roasters declined 4.06% while Wynn Resorts Limited lost 3.89%. Among biggest gainers were Research In Motion Limited and
The USD mainly declined against the major currencies; the dollar index lost 0.4% to 79.08 while gold futures added 0.25% to USD 1, 718.75 a troy ounce. The move was in line with expectations as gold prices typically fluctuate inversely to the greenback's value because the yellow metal becomes less expensive for other currency holders.
Chile Collahuasi Copper announced the miners finished strike on the mine Dona Ines, the world's third-largest copper mine. Workers started strike on Monday protesting against unfair employment contracts. The mine was obliged to cease its production in order to provide safety of miners and equipment during the strike.
Natural gas futures increased essentially after previous losses as the market sentiment was affected by forecasts that the peak heating period in the US is approaching. Natural gas prices usually tend to correlate with weather forecasts. On the New York Mercantile Exchange, natural gas futures for January delivery were traded at USD3.615 per million British thermal units at the U.S. morning trade, increasing by 2.57%.
Crude oil futures increased on the attack of the British embassy in Iran and the meeting of the finance ministers of the euro-zone. Escalated dispute between South Sudan and Sudan on the oil transit fee also contributed to price increase. On the ICE Futures Exchange, Brent oil futures for January delivery added 1.02% to USD110.11 a barrel, with the difference between the Brent and crude
Indian PM supported the reform aimed at opening retail market for global retail chains claiming that it will benefit both farmers and all other citizens. PM believes that allowing 51% ownership of retails outlets by foreign companies will boost technological development, improve infrastructure and provide better prices for farmer's crops. Opposition argues the reform would ruin local retailing. The parliament was unable to agree and
Despite recent cuts in the projected gold prices experts see high growing potential in the yellow metal's price. According to forecast of BNP the gold price will be about $2,025 an ounce in the next year as compared with $2,080 expected earlier but it will jump to $2,280 an ounce from $2,200 an ounce projected before.
The number of gold positions decreased essentially as hedge funds and money managers cut the number of their futures and options during last week, according to Commitment of Traders data. Gold market experienced a decline by 21,697 long positions and an increase by 679 short positions; the net cut in position in long contracts was by 13% to 149,256 as compared with 171,632 in previous
Facebook was accused of violating privacy rights of its users in 2009 when the social network made user details available publicly. The Federal Trade Commission announced today the case was settled with the Facebook did not admitting guilt and no fines imposed on the company. However, Facebook has to make stricter privacy controls and the company must undergo checks on privacy issues regularly.
Dow Jones Industrial Average Index gained 0.28% or 32.62 points and ended at 11,555.63 on Tuesday trade mirroring modest investor optimism towards Europe. Home Depot and Chevron Corp. posted biggest gains for the index adding 4.45% and 1.69% accordingly. Amid earlier successful retail data Coca-Cola Company and Wal-Mart Stores also positively contributed to index trading up 1.57% and 1.61% respectively. Gains were offset by financials as
World aluminium production rose by 5.85% in the 10 months of 2011, according to the report of International Aluminium Institute. The level of aluminium output continues to increase even despite this year's sharp price fall by 20% caused by global economic uncertainty. Currently LME Aluminium is trading at $2100/tonne.
World aluminium production rose by 5.85% in the 10 months of 2011, according to the report of International Aluminium Institute. The level of aluminium output continues to increase even despite this year's sharp price fall by 20% caused by global economic uncertainty. Currently LME Aluminium is trading at $2100/tonne.
World aluminium production rose by 5.85% in the 10 months of 2011, according to the report of International Aluminium Institute. The level of aluminium output continues to increase even despite this year's sharp price fall by 20% caused by global economic uncertainty. Currently LME Aluminium is trading at $2100/tonne.
British stocks fall sharply after Standard & Poor's Ratings Services downgraded ratings of many global financial institutions. The FTSE declined by 0.5% to 5,312.12 in early trade. The bank shares lead the decrease, Barclays PLC shares lost 1.8% and HSBC Holdings PLC edged down by 1.2% in early London trade.
US natural gas market waits for Energy Information Administration's weekly report on the commodity stockpiles for last week due on Thursday. Recent estimates show the stockpiles were at 3.852 trillion cubic feet just below the ever-high level of 3.867 in the beginning of November.
US natural gas market waits for Energy Information Administration's weekly report on the commodity stockpiles for last week due on Thursday. Recent estimates show the stockpiles were at 3.852 trillion cubic feet just below the ever-high level of 3.867 in the beginning of November.