Clothing retailer Esprit Holdings plans to close all its North American stores as the company failed to sell the unprofitable unit. Esprit is attempting to cut costs and recover from 98% earnings drop last year. Representatives of company admitted, Esprit did not manage to get and maintain the market share in North America. Following the announcement Esprit shares lost 1.4%.
Indonesia's Rupiah and South Korean Won depreciated sharply this week as statistics showed economic outlook is worsening in the region. South Korea's exports declined first time since 2010 while several Asian countries including India and Thailand were forced to cut benchmark rates to support growth. The Rupiah lost 0.4% and traded 9,035 per Dollar while South Korea's Won weakened 0.3% to
Japan's Nikkei Stock Average closed slightly higher on Wednesday, lifted by financial stocks. Nikkei 225 index gained 0.08% or 7.28 points and finished at 8,809.79. Sumitomo Mitsui Trust Holdings jumped 3.4% and Mitsubishi UFJ Financial Group added 2.9%. All Nippon Airways surged 6.8% after company expanded its expectations for operating profit. Shipping companies also supported the index on the upside,
Dow Jones Industrial Average Index maintained its downward trend on Tuesday as US consumer confidence index dropped to 61.1 instead of predicted increase to 68.2. Blue chip index fell 0.16% or 20.81 points and finished at 12,632.91, weighted down by Exxon Mobil. The oil giant lost 2.1% on its worse than expected production report. Financials supported the index on the
UK production index rallied to eight-month record high during January 2012 and reverted back to expansion as British manufacturing rebounded. The plant gauge climbed from 49.7 in December to 52.1 in January. Economists questioned by Bloomberg predicted the figure to be at 50. The reading below 50 indicates contraction while the figure above means expansion.
S&P 500 Index slightly faded on Tuesday as US reported lower than expected consumer confidence amid declining home prices. US benchmark gave up 0.05% or 0.6 points and closed at 1,312.41, pushed down by energy shares. Mattel Inc. gained 5% after reporting strong results from 4th quarter, lifted by robust demand for Barbie and Monster High dolls. US Steel Corp.
House price in the US fell much more that initially projected in November. US prices for single-family houses declined by 0.7%, confounding the forecast of 0.5% increase. House price leveled off at the level of 2003 on the oversupply and weak demand. Consumer confidence also decreased in January, following gains over two preceding months.
US markets ended lower on Tuesday amid disappointing US consumer confidence data. Nevertheless, stocks posted the best January in the last ten years. S&P 500 index slipped 0.05% or 0.6 points and closed at 1,312.41, while Dow Jones Industrial Average Index gave up 0.16% or 20.81 points and finished at 12,632.91. Nasdaq Composite was up for the third straight session, gaining 0.07%
Australia's housing prices fell in 2011, making the biggest annual drop since 2002. The gauge estimating prices in eight biggest cities slipped 4.8% compared to previous year. Prices edged down 1% on quarterly basis. Sharp drop in prices might be associated with uncertainty about global economy and its possible effect on property market, suggest analysts.
Australian Dollar extended gains on Wednesday as investors positively anticipated news the manufacturing in China expanded in December. In contrast New Zealand Dollar depreciated amid weaker stock markets and disappointing US data. Aussie strengthened to USD 1.0607, while Kiwi dropped 0.2% to USD 0.8234. Currently AUD/USD is trading at 1.0575 and NZD/USD is trading at USD 0.8216.
An index measuring US consumer confidence unexpectedly fell in January as outlook for existing business environment and employment worsened. The confidence gauge dropped from 64.8 in December to 61.1 in January. Analysts suggest the recent decline in sentiment can be associated with a surge in gasoline price. Economists earlier predicted the confidence measure would climb to 68.2.
Canadian Dollar depreciated versus greenback on Tuesday as US consumer confidence unexpectedly fell, cooling investor optimism over global recovery. Canada's currency slipped 0.1% against US Dollar and traded at CAD 1.0026. Currently USD/CAD is trading at CAD 1.0036.
Preliminary estimation showed that RBA Index increased by 0.2% in SDR terms, following decline by 1.3% in the preceding month. The top contributors to the index appreciation were prices of oil and gold. Industry metals and agricultural commodities also stimulated rise of the index. However, the ongoing fall in the coal price limited the gains.
Crude oil futures advanced in electronic trade early on Wednesday ahead of the US weekly inventory report. Crude oil futures for delivery in March traded at USD 98.70 per barrel during Asian session, on the New Mercantile Exchange, gaining 0.2%. However, during the US late trade on Tuesday, oil lost 0.3% on the stronger US Dollar and negative economic data
UK home prices declined in January amid UK economy's contraction in Q4 of 2011. The typical house price lost 0.2% in January and weighted down on the annual house price inflation, pushing it to 0.6% as compared to 1% in the preceding months. Analysts expect the balance between supply and demand to move further to the outweighing supply thus creating
Canadian economy unexpectedly contracted in November, pushed down by crude manufacturers' shutdowns and the decrease in natural gas production. Canada's GDP fell 0.1% to USD 1.27 trillion in November for the first time in 6 months, said Statistics Canada. Economists questioned by Bloomberg predicted an increase of 0.2%.
Australian manufacturing activity remained in the positive area last month, reported Australian Industry Group. The PMI for January added 1.4 points, approaching 51.6 in January. The largest contributors to the gains were delivery inputs and finished goods inventories. However, experts cited global economic uncertainty as the major factor curbing the growth.
The global demand for China's exports declined in January amid world's economic fears that dampened consumers' confidence. New export order index decreased from 48.6 to 46.9 in December while import index also faced losses, falling from 49.3 to 46.9 in December. Experts predict China's exports to fall further unless key importers like Europe and the US manage to resolve economic
The prospects of new QE undertaken by the Bank of England aimed at boosting growth increased. The move has become more likely after Threadneedle Street reported contraction in money supply and poor borrowing by both households and businesses. The City experts predict the Bank of England may announce new round of QE at the monetary policy meeting due next week.
Amazon announced an essential decline in net income and warned of probable loss this year. Net income for Q4 of 2011 achieved USD 177 million as compared to USD 416 million in the preceding year. The decline appeared despite sharp growth in revenues that increased by 35% to USD 17.43 billion last year. Following the announcement, the company's shares lost
US manufacturing activity grew less than expected last month, reported the Institute for Supply Management. Its barometer index fell from 62.2 to 60.2 in January. Experts questioned by Bloomberg predicted the Chicago PMI to advance to 63 in January. Despite decrease in the PMI, reading above 50 indicates expansion.
Euro Zone's unemployment approached a new record in December, reported the Eurostat. The unemployment rate in the region jumped to 10.4% in December, after hitting 10.3% in November. About 16.5 million individuals were unemployed while the highest jobless rate of 22.9% was in Spain and the lowest rate of 4.1% was in Austria.
Chinese production gauge grew in January despite weaker demand from Europe. According to official statistics, purchasing managers' index rose from 50.3 in December to 50.5 in January. Analysts previously predicted the index to reach 49.8. HSBC Holdings Plc's separately estimated index climbed to 48.8.
17-nation currency depreciated against the US Dollar for the second consecutive session as Greece kept struggling to end debt talks. Euro lost ground also versus Yen ahead of Portuguese bond auction today on worries the country will need more financial aid. Euro slipped 0.1% against greenback to USD 1.3071 in Asian trade and lost 0.2% against Japanese Yen, touching JPY 99.59. Currently