New Zealand Dollar and Australian climbed on news China may invest in European bailout funds to rescue the region from debt crisis. Kiwi gained extra upward momentum on better than predicted retail sales. Aussie and Kiwi each strengthened 0.4% against greenback to USD 1.0728 and USD 0.8374 respectively. Currently AUD/USD is trading at USD 1.0745 and NZD/USD is trading at USD 0.8384.
Chinese PM Wen Jiabao claimed the country considers participating in containing the European debt turmoil through investments in region's bailout funds. China may bear its holdings in Euro denominated assets and purchase European bills to support the 17-nation currency. China is interested in supporting its biggest export region, added PM Jiabao.
Gold futures for April delivery added 0.59% or USD 10.40 to USD 1,7228.10 per once on Wednesday in electronic trade. The appreciation of gold came after China expressed its willingness to invest in European bailout, pushing US Dollar lower and spurring demand for riskier securities.
European markets finished into negative territory on Wednesday as US government reported the nation's retail sales expanded less than predicted and Moody's cut credit ratings for six European countries including Spain and Italy. Stoxx Europe 600 index lost 0.2%, Athens General Index dropped 2.8% and CAC 40 index gave up 0.3%. German DAX 30 index slipped 0.2% and FTSE 100 index
US retail sales advanced 0.4% in January, said the government on Tuesday. Retail sales excluding auto industry climbed 0.7%. Economists predicted retail sales to expand by 1%. Although auto sales accelerated sharply in January, the vehicles were sold at huge discounts and revenue fell from USD 72.5 billion in December to USD 71.1 billion in January.
German DAX index moved in both directions on Tuesday supported by unexpected jump in investor confidence and weighted down by Moody's and weaker US retail sales. Despite reporting a big decline in 2011 profit, MAN SE rallied 1.5% as its CFO H. Lutz claimed the company has a notable growth potential in medium and long run due to the collaboration
British FTSE 100 index started lower on Tuesday on news Moody's cut sovereign ratings for 6 European nations and also threatened to downgrade UK. British index fluctuated between gains and losses during session on UK inflation data and German investor confidence report. On the upside it was supported by oil stocks with Royal Dutch Shell PLC gaining 1.1% and Tullow
Japan's Nikkei Stock Average bucked the downward trend in Asian markets on Tuesday and ended 0.69% or 62.21 points higher at 9,061.39, lifted by Bank of Japan's unexpected JPY 10 trillion capital injection in economy. Export-oriented stocks rallied with Toyota Motor advancing 1.6%, Suzuki Motor Corp adding 1.5% and Nissan Motor Co. gaining 0.8%. Shares of Olympus Corp. climbed out
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