Aussie traded higher against most of its peers on Wednesday as Asian shares jumped after IMF improved its economic expansion prediction. Australian Dollar added 0.1% versus greenback to USD 1.0404 and jumped 0.8% against Yen to JPY 84.68. Meanwhile the Kiwi climbed to USD 0.8221 and soared 0.8% versus Japanese currency to JPY 66.92. Currently AUD/USD is trading at USD
Solar manufacturer First Solar Inc announced on Tuesday it will eliminate 2000 jobs through 2012, making the largest staff cut across solar industry since the bankrupt Solyndra fired 1100 workers on August 31. First Solar reported it also will cut production output. Solar producers are suffering from subsidy reductions in Europe and falling natural gas prices which make solar energy
US stocks soared on Tuesday as investors sentiment improved after Spanish debt auction. S&P 500 index gained 1.55% or 21.21 points and closed at 1,390.78. Dow Jones Industrial Average jumped 1.50% or 194.13 points to 13,115.54 while Nasdaq Composite surged 1.82% or 54.42 points to 3,042.82.
President Barack Obama proposed to raise criminal and civil penalties for firms and individuals who involve in market manipulation through buying large amounts of oil thus making a perception of crude deficit. Obama called for increase financing for the agency that monitors commodity markets. Republicans, however, claim President's energy policies are the main cause of the surge in oil prices.
Indonesia sold long term 10-year and 30-year government bills at USD 2.5 billion as the Southeast Asia's biggest economy is collecting benefits from relatively low yields which are closed to 8-month record. Indonesian government issued USD 2 billion of notes at 3.85% maturing in April 2022 and USD 500 million of debt at cost of 5.25% expiring at April 2042.
European stock markets rallied on Tuesday after Spain successfully sold its debt and data showing US building permits climbed more than predicted in March. Stoxx Europe 600 gained 2%, Italian FTSE 100 MIB index rallied 3.7% and IBEX 35 index jumped 2.3%. French CAC 40 index and German DAX index each added 2.7% while FTSE 100 index climbed 1.8%.
German DAX index jumped on Tuesday as data showed country's investor confidence unexpectedly surged in April, reaching a 2-year high and Euro Zone inflation remained stable at 2.7%. Additionally US building permits soared while new housing starts declined. Financials provided main upside contribution to the index on successful Spanish debt sale. Commerzbank advanced 3.2% and Deutsche Bank gained 2.5%. At
FTSE 100 index rallied on Tuesday as Spanish successfully auctioned bonds and US posted higher than expected number of building permits. Moreover data showed UK inflation unexpectedly surged in March sending pound higher versus greenback. Banks led the gains as Spanish yields declined. Barclays added 3.9% and Lloyds Banking gained 2.9%. On the downside store chains Burberry and Marks &
Energy commodities were mixed on Monday with rising natural gas and crude oil and falling Brent and heating oil. Crude and Brent oil came under pressure as talks between Iran and six main economies are expected to bring positive results. Brent oil tumbled as a reversal of one of the major US pipelines, the Seaway pipeline, is likely to be
Agricultural commodities extended previous slump on Monday as firmer US Dollar and softer global equities added pressure to the commodity pack. Grains were mainly impacted by the improving weather conditions in the main planting regions in the US, the Great Plants and Midwest, that are expected to boost harvest prospects. At the same time sugar declined as Brazil is likely
Industry metals except from zinc continued a bearish trend on Monday as stronger US Dollar and cooling China's economy pulled the commodity group lower. Ongoing Euro Zone's debt concerns after surging Spain's cost of borrowing also pressured the base metals pack. Aluminium's downswing was limited as demand strengthened while copper was marginally lower despite stimulating increase in the US retail
Japan's Nikkei Stock Average ended modestly lower on Tuesday ahead of Spanish debt auction. Nevertheless losses were limited as US posted a strong retail sales data. Nikkei 225 index shed 0.06% or 5.93 points and settled at 9,464.71. Sony Corp tumbled 2.3% as the electronics company gets about 20% of its revenue in European region. Olympus Corp. lost 2.3% after
Dow Jones Industrial Average index advanced on Monday as US retail sales in March surged by 0.8% instead of expected 0.4% gain. Blue chip index gained 0.56% or 71.82 points and closed at 12,921.41 with all sectors posting gains. Procter& Gamble jumped 1.5% after the firm raised its quarterly dividend. Caterpillar climbed 0.8% after heavy machinery equipment provider was upgraded
S&P 500 index traded almost flat on Monday as gains from higher that expected retail sales in March were offset by Apple Inc which faced the biggest daily drop since October. US benchmark slipped 0.05% or 0.69 points to 1,369.57. Apple lost 4.2% on news mobile-phone carriers may decrease subsidies for the iPhone. Mattel plunged more than 9% after posting
Precious metals apart from palladium dropped on Monday amid renewed concerns over the Euro Zone's debt crisis and broadly stronger US Dollar. Weakness of the energy markets due to vanishing supply risk premium also added pressure to the precious metals. Gold and platinum were the weakest metals in the group as Fed is still undecided about whether to provide fresh
Spanish efforts to reduce debt burden and relieve the concerns of lenders are boosting nation's risk to fall into bigger recession, claims Madhur Jha at HSBC Holdings Plc. Spain should be provided with external financing to gain time for its policy makers to introduce reforms in country's pension system, labour market and housing market Tom Keene and Ken Prewitt from HSBC added
Hong Kong's Hang Seng index traded slightly lower on Tuesday as investors remained cautious regarding Spain and data showed FDI in China fell 6.1% in March. Hang Seng index shed 0.23% or 48.33 points and finished at 20,562.31. Chinese banka contributed the main losses to the index as China Construction Bank dropped 2%. China Southern Airlines and China Eastern Airlines
China faced a 6.1% annualized fall in FDI last month, according to official data. The country received about 11.76 billion US Dollars in overseas investments in Mach that is more than in February when China's FDI tumbled to 7.7 billion US dollars. The FDI inflows for Q1 approached 29.5 billion US Dollars, falling by 2.8% from Q1 of 2011.
Japan's industrial production declined more than initially expected in March, reported the Ministry of Economy, Trade and Industry. The industrial production shank by 1.6% on a seasonally adjusted basis in March as compared to a 1.2% fall in February. Experts predicted the industrial production to slide by 1.2% in March.
Crude oil futures increased during Asian trading hours on Tuesday, being supported by firm US retail sales that are likely to spur demand for the commodity. Light, sweet crude oil futures for May delivery traded at 103.53 US Dollars per barrel on the New York Mercantile Exchange, inching up by 0.15% from the previous session's low of 103.52 US Dollars
The Yuan appreciated against its US counterpart during morning session on Tuesday, rallying for the second consecutive day after China widened the daily currency band. USD/CHY exchange rate attainted 6.3010 amid global greenback's weakness. The trade was slightly choppy as risk-aversion among investors increased in view of global economic concerns, said one trader from China.
President Obama's advance over Republican rival Mitt Romney has declined reaching a gap of 4 percentage points compared to 11 points in previous month as Romney has become as the potential presidential nominee from Republican Party. 47% of registered voters supported Obama in telephone poll made from April 12-15 while 43% voted in favor of Romney. In same type of
India's central bank unexpectedly reduced its interest rate by 50 basis points instead of 25 basis points widely projected. It is the first interest rate cut in the last three years. The move is intended to boost sluggish economic growth of the country as GDP expansion in Q1 slowed to three-year low of 6.1%. The RBI also warned there is
Gold futures jumped at the Asian session on Tuesday, erasing some of the previous losses despite stronger US Dollar. Traders were mainly inspired by waning corners over Spain's debt crisis as the ECB is likely to intervene to ease credit pressure in the country. COMEX gold futures for delivery in June traded at 1,652.85 US Dollars per troy ounce on