Energy futures tumbled on Tuesday amid positive data from the EU and weak US Dollar. Falling durable orders and home prices in the US weighted down on oil's price Moreover, the commodity group lost momentum provided by geopolitical tensions and investors turned to the demand concerns. Record high energy prices created a downward pressure on the demand from key consumers
Industry metals were mixed on Tuesday with advancing zinc and copper and falling aluminum and nickel. Expanding manufacturing activity in the US and improved consumer sentiment in the Euro Zone both created a boost for the base metals' prices. Indications of property market recovery in China also contributed to gains. However, strong price stimulating factors failed to support nickel and
Precious metals posted strong gains as investors expect the ECB's LTRO to inject more liquidity into the Euro Zone's economy by providing 0.5 trillion Euros of cheap bonds. Moreover, announcement of the central bank of Iran that it would accept gold and other hard currencies in exchange for its oil products stimulated price growth. Broadly weaker US Dollar also lent
Japan's Nikkei Stock Average traded almost flat on Wednesday as appreciating Yen offset gains from stronger than expected industrial production in January. Nikkei 225 index closed 0.01% or 0.98 points up at 9,723.50. On monthly basis index has jumped 10.5%. Panasonic Corp added 1.5% on announcement it elected a new president to attempt to return to profitability. Toshiba Corp. climbed
Hong Kong's Hang Seng index prolonged its upward trend on Wednesday supported by positive US economic data and further declining oil prices. Hang Seng index surged 0.52% or 111.35 points and closed at 21,680.08. Airline sector provided the main upside contribution to the index. China Eastern Airlines Corp gained 1.7%, Air China Ltd added 1.9% and Cathay Pacific Airways Ltd
Dow Jones Industrial Average index climbed on Tuesday finishing above 13,000 points for the first time since 2008. Blue chip index gained 0.18% or 23.61 points and settled at 13,005.12 with six out of nine sectors posting gains. Intel Corp. advanced 1.3% on news Micron Technology will buy it stake. The main winner was Microsoft Corp. which added 1.7%. On
The Euro appreciated against the Yen ahead of the ECB's LTRO that will inject liquidity into the Euro Zone's economy by offering 500 billion Euros of cheap loans. Moreover, the Yen was pressured by the easing measures implemented by Bank of Japan. The pair EUR/JPY approached 108.45 during the Asian session, moving up by 0.15%.
Japan reduced its oil purchases from Iran by about 339,000 barrel per day, or by 22.5% in January, reported the Ministry of Economy. Japan was looking for ways to cut its Iranian oil imports to be avoid US ban. The US reported that the country that will manage to reduce essentially Iranian oil consumption will be allowed not halting totally
Fiat has confirmed that it will invest 1.1 billion US Dollars in setting up plants in Russia. Sberbank agreed to provide financial backup to the project in return of 20% stake. The plant will be built in the St Peterburg's area and the vehicles will be produced in cooperation with ZIL. The targeted output is 120,000 vehicles per year.
Australian retail sales increased in compliance with expectations last month, according to Australian Bureau of Statistics. The retail sales jumped by 0.3% on a seasonally adjusted basis last month as compared to a 0.1% fall in December. On an annual basis, retail sales increased by 2.7% in January. Following the data release, Australian Dollar appreciated against US counterpart and the
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.