France's consumer spending decreased more than expected in March, INSEE reported. Consumer spending dropped by 2.9% as compared to the previous month's expansion of 2.9%. Experts predicted the consumer spending in the country to lose 1.9% in March.
US economy advanced at slower pace than expected by economists. Country's GDP increased 2.2%, following a 3% growth in previous quarter, Commerce Department said on Friday. Economists questioned by Bloomberg, predicted a 2.5% gain. Government spending decreased for a sixth consecutive quarter.
German DAX index faced a choppy morning trade after news from Spain, however it rebounded after Italian bond auction. Rally was slightly breached in the afternoon as US reported a disappointing GDP figure. German Banks rallied with Deutsche Bank adding 2% and Commerzbank gaining 2.1%. BASF SE dropped 1.5% on news its profit declined in 1st quarter and the company
FTSE 100 index fluctuated sharply on Friday. It slipped in the morning on Spain's downgrade but retreated and climbed 0.3% as Italy successfully auctioned bonds. CRH jumped 3.1% and British Land soared 2.7% after both firm were upgraded by J.P. Morgan Cazenove. Banks also supported the index on the upside with Royal Bank of Scotland adding 2.2%. Barclays rallied 4.2%,
Japan's Nikkei Stock Average climbed in the morning trade as Bank of Japan announced monetary stimulus but retreated and slumped at the end of session on investor concerns about further easing amid Spain downgrade. Nikkei 225 index dropped 0.43% or 40.94 points to 9,520.89. Advantest Corp rallied 8% on news it managed to end the quarter with profit, despite reporting
Dow Jones Industrial Average index traded higher on Thursday as steady jobless claims data were overshadowed by strong home sales data. Blue chip index surged 0.87% or 113.90 points to 13,204.62. Exxon Mobil slipped 0.9% after the energy company said its profit declined by 11%. Wal-Mart Stores recovered from recent slump related to bribery scandal and gained 2.8%. Chevron added
S&P 500 index extended gains on Thursday as supported by earnings and almost four times increase in pending home sales in March. US index gained 0.67% or 9.29 points and finished at 1,399.98. Citrix Systems jumped 12% after the software provider's outlook for earnings in 2012 beat the median analyst estimate. In contrast, Akamai Technologies tumbled 14%, after predicted net
The 17-nation currency weakened on Friday after S&P ratings agency lowered Spanish short term and long term sovereign rating citing Spain's recession as factor that can negatively affect nation's efforts to reduce its budget deficit. Euro depreciated 0.4% versus greenback to USD 1.3169 and slipped 0.6% against Japanese Yen to JPY 106.43. Currently EUR/USD is trading at USD 1.3173.
Crude oil price declined from almost 4-week high in New York trade after S&P ratings agency cut Spain's sovereign credit rating, boosting concerns that further recession in Europe may halt demand for crude. Oil to be delivered in June lost USD 0.61, reaching USD 103.94 a barrel. June Brent oil gave up USD 0.49 and traded at USD 119.43 a barrel.
Hong Kong's shares showed strong performance, lifting Hang Seng in the morning trade. Nevertheless benchmark index later changed direction and ended down 0.33% or 68.26 points at 20,741.45 with energy sector posting the strongest gains while industrials tumbled most. PetroChina rallied 3% on its earnings results. BOC Hong Kong Holdings added 1.9% after releasing its financial report. In contrast Bank
South Korea's current account excess broadened in March, reaching a four-month record high as its shipments of electronics, oil products and cars advanced despite weaker demand from Europe. The current account surplus increased from revised USD 557 million in February to USD 3.0 billion in March, Bank of Korea said on Friday. South Korean Won appreciated 0.4% versus greenback.
US stock indices prolonged their gains on Thursday, supported by better than expected earnings and almost four fold increase in pending home sales. S&P 500 index gained 0.67% or 9.29 points and finished at 1,399.98, Dow Jones Industrial Average surged 0.87% or 113.90 points to 13,204.62 and Nasdaq Composite climbed 0.69% or 20.98 points, reaching 3,050.61.
European shares swung between gains and losses on Thursday, mainly affected by earnings reports and news from US. Stoxx Europe 600 index added 0.1%, French CAC 40 index slipped 0.1% while German DAX climbed 0.5%. British FTSE 100 also surged 0.5% while Spain's IBEX 35 tumbled 1.3%.
Spain's credit rating was lowered by Standard & Poor's for a second time in 2012 on enduring worries the nation will have to apply additional fiscal backing to lenders as the economy shrinks. S&P cut its long term grade for Spain from A to BBB+ adding a negative outlook. Country's short term rating was lowered from A-1 to A-2, S&P
The number of signed contracts to purchase US homes surged more than expected in March as cheap borrowing costs attracted buyers. The index measuring pending home deals jumped 4.1% to 101.4, reaching the highest reading since April 2010, National Association of Realtors said on Thursday. Experts questioned by Bloomberg predicted only a 1% gain. U.S. stocks advanced on the news.
The number of applications for jobless benefits stayed fetched up last week, signalling US labour market may weaken again. Unemployment claims dropped by 1000 to 388,000 last week, ended April 21, Labor Department reported on Thursday. However, the applications from week which ended in April 14 were reviewed up to 389 000, the highest figure since the beginning of January.
The Bank of Japan (BoJ) boosted monetary stimulus through increasing its asset buying fund from JPY 30 trillion to JPY 40 trillion (USD 494 billion) in order to support economic growth, representatives of central bank said on Friday. BoJ kept its benchmark rate unchanged between zero and 0.1%.
German DAX index fluctuated between gains and losses on Thursday amid mixed earnings results and steady US jobless claims. Deutsche Bank lost 3.7% after reporting a 33% fall in 1st quarter profit. In contrast Volkswagen rallied 6.8%, after the car maker surpassed analyst forecasts for 1st quarter revenue and confirmed full-year outlook. Fresenius SE fell 3.2% after the firm made
UK shares traded higher on Thursday supported by Shell earnings results. However the upside effect was erased during the session after several negative news. Royal Dutch Shell gained 3.0% as its 15.7% gain in 1st quarter profit outperformed analyst predictions. AstraZeneca tumbled almost 6% after company posted disappointing 1st quarter results and lowered fiscal year profit outlook. AstraZeneca's CEO David
Hong Kong's Hang Seng index traded higher on Thursday as several companies in the region delivered satisfying earnings results. Hang Seng index gained 0.79% or 163.42 points and closed at 20,809.71. China Unicom Hong Kong rallied 3.9% after the company said its profit jumped 7 times in the 1st quarter. China Life Insurance advanced 1.5%. Although the company posted a
Japan's Nikkei Stock Average fluctuated between gains and losses on Thursday as Bernake indicated the Fed will step up in bond purchases in case it is needed. However, gains were erased by disappointing earnings reports from Japanese companies. Nikkei 225 closed flat at 9,561.83. Canon lost 2.2% after reporting a 11% gain in quarterly net income. Heavyweight Fanuc tumbled 6.1%
Dow Jones Industrial Average index extended gains on Wednesday supported by Boeing earnings report. Blue chip index advanced 0.7% or 89.16 points and closed at 13,090.72. Boeing jumped 5%, posting the biggest daily gain for the Dow. Its first-quarter profit rallied 58% as local and overseas Airlines are replacing their aircrafts with more fuel-efficient planes. On the downside Caterpillar the
S&P 500 index rallied on Wednesday as investors incorporated into prices the late Tuesday's news from Apple Inc whose profit surged 94% in the first quarter. US benchmark index jumped 1.36% or 18.72 points to 1,390.69. Apple rocketed 8.9% to USD 610 a share. The firm sold 35 million iPhone in the first three months of 2012. Lorillard dropped 4% after the
Gold appreciated for a third consecutive day as Fed's chairman Bernake announced he is ready to add more stimulus via bond purchases if economy will slow. Spot gold advanced 0.3% to USD 1,648.65 an ounce. Gold to be delivered in June added 0.4% to USD 1.648.40 an ounce. U.S. Dollar slightly depreciated.