S&P 500 index followed European market downward trend on Monday as investors digested news about political uncertainties in the Netherlands and France amid weak global PMI data. US benchmark fell 0.84% or 11.59 points and closed at 1,366.94. Hasbro tumbled 5.2% after reporting a 1st quarter loss on declining sales and costs linked to job cuts. Kellogg plunged 6.1% after
The winner of 1st round French presidential elections Francois Hollande claimed severe austerity measures boosted despair and fuelled popularity of anti Euro party (National Front) led by Marine Le Pen. The head of nationalist, anti-immigrant party Le Pen, gained 6.4 million votes or 17.9%, while Hollande and Sarkozy won 28.6% and 27.2% respectively.
Crude traded close to two-day low in New York as investors awaited data release which is expected to show supplies in US advanced to 11-month record high. June crude was little changed at USD 102.87 per barrel after dropping 0.7% yesterday. Brent oil to be delivered in June slipped USD 0.11 to USD 118.60 per barrel.
German bunds advanced sharply on Monday and benchmark 10- year yields dropped as a resistance against austerity measures faltered Dutch government. The borrowing costs for Dutch 10-year notes soared 11 basis points to 2.43%, record high since March 2009, while 10-year yield for German bills fell 7 basis points to 1.64%. The 5-year bund dropped to 0.601%.
Spanish economy contracted for a second straight month, Bank of Spain reported on Monday. Country's GDP dropped 0.4% in the 1st quarter and slipped 0.5% on annual basis. The official gauge will be delivered by The National Statistics Institute on April 30. Nation's government expects a 1.7% declined in the economy this year.
Dutch Premier Mark Rutte offered his minority coalition's resignation after his cabinet lost backing from Freedom Party caused by disagreements over deficit cut plans. The Freedom Party supported PM Rutte for about 18 months. Political uncertainty in the Netherlands cause boost concerns across whole Europe as the Netherlands was one of the nations than strongly favoured European Union fiscal treaty and
US major stock indices dropped sharply on Monday, following their European counterparts as investors digested news about political uncertainties in the Netherlands and France while retail giant Wal-Mart was engaged into bribery scandal in Mexico. S&P 500 fell 0.84% or 11.59 points and closed at 1,366.94, Dow Jones Industrial Average shed 0.78% or 102.09 points to 12,927.17 while Nasdaq Composite
Australia's core CPI climbed modestly in the first quarter of 2012, posting the slowest increase since 1998, sending the Aussie and government bills lower on investor speculation RBA will have to lower interest rate. The average measure of core prices or so called trimmed mean added 0.3% compared to previous quarter while quarterly CPI climbed only 0.1% compared to an
European equities plunged on Monday, marking a worst session in three months as investors sentiment was driven down by weaker Chinese and European PMI data amid rising political tensions in the Netherlands and France. Stoxx Europe 600 index fell 2.3%, French CAC 40 sank 2.8% and German DAX plunged 3.4%. UK FTSE 100 index slipped 1.85% and Amsterdam AEX index
China's banks reported four year record high net income for 2011, the fastest growth since 2007 as revenue from financial services and loans erased the negative effects from defaults caused by slowing economy. Chinese financial institutions earned a total net profit of CNY 1.25 trillion (USD 198 billion), a 39% improvement compared to 2010.
German DAX index fell sharply on Monday as political pressure in the Netherlands and France amid contracting manufacturing activity both in China and Euro Zone fuelled fears about deepening Euro Area crisis. All 30 shares posted losses within the German benchmark index. Among major decliners were Heidelbergcement and Commerzbank each dropping 6.5%. BMW AG sank 3.8% after its sales chief
British FTSE 100 index tumbled on Monday, weighed down by disappointing manufacturing data from China amid political worries over France and the Netherlands. Banking sector contributed significantly to the downside with Lloyds Banking Group tumbling 3.2% and Royal Bank of Scotland Group plunging 4.4%. Miners were also falling as Vedanta Resources lost 6% and Rio Tinto shed 5.2%. At the
Japan's Nikkei Stock Average extended a drop on Monday as as utility stocks fell on public resistance to nuclear power and shipping firms declined on weaker than expected earnings. Nikkei 225 index fell 0.2% or 19.19 points and closed at 9,542.17. Kansai Electric fell 4.2% and Tokyo Electric Power dropped 2.5%. Export shares were negatively affected by weaker Yen as
Hong Kong's Hang Seng index tumbled on Monday as HSBC reported showed the manufacturing activity in China kept contracting in April and investors remained cautious before the final round of French presidential elections. Hang Seng index fell 1.84% or 386.25 points and settled at 20,624.39 with only two companies ending in green area. HSBC Holdings declined 1.8% and China Life
Dow Jones Industrial Average index appreciated on Friday lifted by Microsoft Corp earnings report amid strong business confidence data in Germany. Blue chip index surged 0.50% or 65.16 points and closed at 13,029.26 with eight of nine sectors posting gains. Microsoft rallied 5.2%. The world's biggest software producer posted fiscal 3rd-quarter net income that surpassed estimates on higher-than-predicted sales of
S&P 500 index rose on Friday as better than forecast earnings erased losses from global worries. US benchmark index gained 0.12% or 1.61 points and finished at 1,378.53.Among other firms that announced results, Morgan Stanley gained 1.2% after outperforming estimates and reporting share and bond-trading income that climbed more than at any other leading US bank. Citigroup added 1.4% as
Current President Nicolas Sarkozy and Socialist Francois Hollande have entered the second round of France's presidential election and will compete on the final round due May 6. Hollande got 28.6% of the vote versus 27.1% for Sarkozy, the Interior Ministry reported on Monday Le Pen took 18.1%. French bills and Euro weakened today.
Asian stocks traded lower on Monday as HSCB data showed Chinese production activity improved but stayed below 50, indicating persisting contraction in manufacturing. Hong Kong's Hang Seng Index fell 1.8%, China's Shanghai Composite lost 0.8% and Australia's S&P/ASX 200 index slipped 0.3%. Japan's Nikkei Stock Average shed 0.2% and South Korea's Kospi gave up 0.1%.
US shares ended mostly in the positive territory on Friday as better than forecast earnings erased global worries. S&P 500 Index added 0.12% or 1.61 points and finished at 1,378.53, Dow Jones Industrial Average surged 0.50% or 65.16 points and closed at 13,029.26 while Nasdaq Composite fell 0.24% or 7.11 points to 3,000.45 weighed down by Apple shares.
Chinese production activity continued to fall in April, reported HSBC on Monday. The HSBC's preliminary figure of China's PMI soared to 49.1 in April from 48.3 in March. Although the activity has increased compared to March, it still is below 50, indicating contraction. Hongbin Qu, HSBC China chief economist claimed that better reading signals the previous State easing measures start to work. He also added,
Crude oil price dropped from the three-day record high after crude demand from China fell to the lowest figure in 5 months. Oil to be delivered in June lost USD 0.74 to USD 103.14 per barrel while June Brent oil fell 0.4% or USD 0.46 to USD 118.30 per barrel. According to Bloomberg estimates, Chinese oil demand weakened to 9.51
Euro Region debt climbed last year reaching the record high since the introduction of shared currency as governments boosted borrowing in order to restrict national deficits and finance bailouts. The total debt of 17 countries surged to 87.2% of GDP in 2011 compared to 85.3% of GDP in 2010. Greece was leading debtor with 165.3% of GDP whereas Estonia possessed the least
Shared currency's region production output and services contracted more than expected in April, as the Euro Zone struggled to recover from a 2011 last quarter's slow down. The Euro Area PMI dropped to 47.4, reaching a five month record low, compared to 49.1 in March, Markit Economics reported on Monday. Analysts had expected an improvement to 49.3. A figure below
Rural commodities caught momentum on the expectation for strong China's demand and slightly better situation in the Euro Zone. Sugar retested 10-month low as improving weather conditions in top-producers of the sweeter and additional Indian exports created pressure on the commodity. The sweetener may seek support on the increased bargain buying.Wheat rebounded after sharp fall during previous sessions as low