Hong Kong's Hang Seng index started lower on Tuesday, pushed down by Moody's downgrades across Europe. However, index erased losses during session and finished 0.15% or 30.43 points up at 20,917.83, supported by the rally of property shares. Property market retreated after a sharp sell off yesterday caused by Chinese city of Wuhu's cancellation of property purchasing easing. Henderson Land
European industrial production fell in December, weighted down by a drop in Germany, fuelling concerns the region might be entering in a new recession wave. The output in Euro Zone declined 1.1% in December compared to November. Analysts predicted a decline of 1.2%. On yearly basis production diminished 2%.
The sentiment of German investors surged more than expected in February, reported ZEW center in Manheim The confidence index jumped to 5.4 in February compared to minus 21.6 in January. February sentiment index is the highest reading since April 2011. Economists previously predicted an advance to minus 11.8.
UK consumer prices posted a 0.5% monthly drop in January, said the UK National Statistics Office on Tuesday. The annual consumer price index slowed from 4.2% to 3.6%, creating the lowest reading in 14 months. Economists predicted the yearly inflation rate to be at 3.5%. Current price level still is above the UK central bank's 2% inflation target.
Dow Jones Industrial Average Index rebounded from previous drop on Monday on Greece vote. Blue chip index added 0.57% or 72.81 points and closed at 12,874.04 supported by banks and other growth dependent stocks. 25 of 30 company shares posted gains on February 13. Bank of America gained 2.2% and JP Morgan Chase advanced 1.8%. Caterpillar and United Tech each
S&P 500 index erased gains during Monday trade on news Greek parliament finally approved austerity plan to secure bailout funding. US benchmark jumped 0.68% or 9.13 points and settled at 1,351.77. Apple gained 1.9% after company said the working conditions at the plants of its suppliers have been investigated. First Solar fell 5%, after Brigantine Advisors downgraded its stock from
India's consumer price index decelerated in January, marking 26 month record low. Country's inflation rate was 6.55% in January compared to 7.47% in previous month. Economists questioned by Bloomberg predicted the wholesale price index to reach 6.7%. Slowing inflation puts pressure on the Reserve Bank of India to cut nation's benchmark interest rates.
US stocks retreated on Monday, lifted by positive vote on Greek austerity measures. The Dow Jones industrial average index added 0.57% or 72.81 points and closed at 12,874.04, S&P 500 Index advanced 0.6% or 9.12 points and finished at 1,351.76. Nasdaq Composite index surged 0.95% or 27.51 points, settling at 2,931.39.
European shares gained notably on Monday as Greek parliament approved austerity plan and secured bailout package. Stoxx Europe 600 index added 0.7% and finished at 263.17, Athens General Index rallied 4.7% to 834.41 and UK FTSE 100 jumped 0.9% to 5,905.70. French CAC 40 index climbed 0.3% to 3,384.55 and German DAX index gained 0.7% and finished at 6,738.47.
US Dollar appreciated versus all its main peers after Moody's Investor Service lowered sovereign ratings on six European countries including Portugal, Italy and Spain. Greenback gained 0.2% against Euro to USD 1.3165 and strengthened 0.4% versus Japanese Yen to JPY 77.87. Currently EUR/USD is trading at USD 1.3159 while USD/JPY is trading at JPY 77.94.
Crude dropped from the five week record high on speculation US oil supplies are increasing and fuel demand may fade as Europe struggles with downgraded credit ratings. Oil futures to be delivered in March fell USD 0.54 to USD 100.37 per barrel. March Brent oil gave up USD 0.73 to USD 117.20 per barrel.
Gold futures extended losses on Asian trading hours as US Dollar strengthened on European sovereign downgrades. April gold futures lost 0.39% or USD 4.90 to USD 1720.10 on Tuesday. Silver for delivery in April gave up 0.44% or USD 0.21 to USD 33.53. March copper traded flat at USD 3.84 a pound. Platinum for delivery in April fell 0.35% or
The Bank of Japan unexpectedly contributed JPY 10 trillion (USD 128 billion) to the asset purchase program and determined inflation target rate as country received criticism it does not react to economy contraction fast enough. The asset fund expanded JPY 30 million with a lending program worth JPY 35 million. BOJ set target inflation at 1.0%.
Moody's Investors Service downgraded the credit ratings of six Europe's nations including Spain, Portugal and Italy. Rating agency also said it considers lowering the ratings of UK and France amid region's debt turmoil. Both countries currently are Aaa rated. Spain's rating was cut from A1 to A3, Italy's from A2 to A3 and Portugal's from Ba2 to Ba3. European officials have
German DAX 30 retreated on Monday as Greece parliament voted against austerity measures required to secure EUR 130 billion rescue fund. Banking and car maker shares provided the main upside support. Commerzbank jumped 4.7% and Deutsche Bank AG gained 1.1%. Volkswagen AG added 2.6% after company announced it made monthly light vehicle sales record for the unit in January. At
After a sharp decline on Friday, British FTSE 100 index rebounded on Monday, climbing 1%, helped by financial and resource shares as investors digested news about parliamentary approval of Greece austerity plan. HSBC Holdings PLC added 1.3% and Barclays PLC gained 2%. Among resource shares Antofagasta PLC jumped 3.7%, while Rio Tinto PLC advanced 2.6%. Drug markers also contributed to
Swiss producer and import prices fell in January as appreciating Switzerland's currency and weaker demand from Euro Zone drove costs down, said Swiss Federal Statistics Office on Monday. The index, which estimates producer and import prices, dropped 2.4% in January. Economists earlier predicted a decline of 2.1%.
The number of Norwegian mortgages and home values are accelerating at a pace that is likely to result in credit market overheating, warned M. Baltzersen, Financial Supervisory Authority director in Oslo. Baltzersen pointed out that households keep accumulating loans at unmaintainable levels, threatening to cause a housing bubble.
Canadian Dollar depreciated sharply against its US peer on Friday as investors curbed their demand for higher yielding assets on fresh Greece worries. Loonie dropped 0.8% against greenback to CAD 1.0014 on Toronto evening session. Currently USD/CAD is trading at CAD 0.9984.
Japan's Nikkei Stock Average climbed on positive news from Greece, but gains were limited by higher than expected contraction in Japanese 4th quarter GDP. Nikkei 225 index added 0.58% or 52.01 points and settled at 8,999.18. Shinsei Bank jumped 4.3% after Nikkei news reported the company may gain new spectrum. Export-reliant car makers advanced with Mazda, adding 1.4% and Mitsubishi
Hong Kong's Hang Seng index recovered on Monday and traded 0.5% or 103.54 points higher at 20,887.40 after Greek parliament approved country's austerity plan. Among winning stocks were insurers with Ping An Insurance Group advancing 2.2% and AIA Group adding 1.9%. Gains were limited due to weak property stock performance after Chinese city of Wuhu said it won't continue planned
Dow Jones Industrial Average Index weakened rapidly on Friday, weighted down by renewed worries on Greece rescue plan. Blue chip index slumped 0.7% or 89.23 points to 12,801.23 with 29 of 30 companies posting declines. Alcoa led the drop, tumbling 3.3% and Caterpillar lost 1.9% as investors sold stocks of firms most linked to economic growth. Among main decliners were
Asian markets advanced on Monday after Greek parliament voted in favour of nation's austerity plan. Japan's Nikkei Stock Average added 0.58%, South Korea's Kospi gained 0.6% and Australia's S&P/ASX 200 index surged 0.9%. Hong Kong's Hang Seng Index soared 0.5% but Shanghai Composite Index was the only of the leading Asian indexes that traded flat.
S&P 500 index fell sharply on Friday as European finance ministers blocked bailout funding for Greece until parliamentary approval of austerity plan. S&P 500 index dropped 0.7% or 9.31 points to 1,342.64 with all 10 industries posting losses. NYSE Euronext jumped 4.5% after its revenue and profit outperformed Wall Street expectations. First Solar tumbled 10.5% after the firm announced a