KGHM Polska Miedz SA posted essential increase in net profit in Q4 after the company disposed two telecommunications assets. The net profit grew to 1.17 billion US Dollars as compared to 1.27 billion US Dollars a year earlier. However, the figure is slightly smaller than analysts' forecast. The company also gained on the stronger US Dollar as it stimulated zloty-denominated
Consumer confidence in the US improved essentially much more than projected in February, hitting 12-month high. The consumer confidence index measured by the Conference Board advanced 9.3 points, approaching 70.8 this month as compared to 61.5 in the preceding month. Experts projected the index to gain 1.5 points, hitting 63.0 in February.
Elpida shares tumbled on the Tokyo Stock Exchange after announcement that the company filed for protection against bankruptcy. The shares of the company lost 98% attaining 5 Yen. The TSE reported Elpida will be delisted for the exchange starting from 28 March. The company applied for bankruptcy protection as it has to repay 448 billion Yen of debts. Currently, Japan's
Gold futures increased during the Asian session as the ECB is likely to pump 500 billion Euros in the economy thus pressuring the US Dollar. The yellow metal's April contract traded at 1,791.90 US Dollars per ounce during the electronic trade, gaining 3.50 US Dollars.
The ECB is preparing for another round of providing cheap loans to the European banks. The ECB plans to offer 500 billion Euros as low-interest loans to improve confidence in the European banks and motivate them for interbank and consumer lending. However, Fitch considers that smaller banks will use this opportunity only to stay afloat.
Japan's housing starts tumbled by 1.1% on an annual basis in January, indicating fall for the fifth consecutive month. Experts attributed the decline to global economic turmoil and slow increase in disposable income. However, the decrease was less remarkable than a 7.5% fall in December. Moreover, orders of 50 largest construction companies increased by 24.6% last month.
German CPI increased more than initially expected in February, according to German Federal Statists Bureau data. The CPI increased by 0.7% this month as compared to a 0.4% fall in January. Analysts predicted the indicator to add 0.5% in February. Considering yearly changes, the CPI rose by 2.3% this month, confronting the expectations of a 2.1% gain.
Canadian currency appreciated for the second consecutive day, reaching weekly record as ECB loan program lessened demand for US Dollar. Loonie gained 0.4% to CAD 0.9953 in Toronto session. On year to day basis Canadian Dollar has climbed 2.6%. Currently USD/CAD is trading at CAD 0.9936.
Bank of Montreal, the fourth biggest Canadian lending institution reported a record high first quarter net profit of CAD 1.11 billion or CAD 1.63 per share. Analysts earlier predicted net income to reach CAD 1.36 a share. The sharp increase in net income was supported by successful acquisition of Marshall & Ilsley Corp in July. Bad loan provisions fell annualized 56%.
Australian currency appreciated sharply against its US peer, reaching one-week record ahead of ECB refinancing operation due today to support region's lenders. Aussie climbed 0.1% against greenback to USD 1.0767 and was little changed versus Japanese Yen. In contrast New Zealand Dollar fell 0.4% against US Dollar to USD 0.8374. Currently AUD/USD is trading at USD 1.0809 and NZD/AUD is trading USD
International Business Machines Corp. (IBM) fired approximately 1000 workers in its North America unit this week, said Advocacy group. The jobs cuts happened mostly in US while some of them were in Canada. Doug Shelton, New York based IBM spokesman, declined to name exact number of fired employees and claimed the job elimination is a part of company's policy in order
Greece's lawmakers approved EUR 3.2 billion (USD 4.3 billion) spending cuts for the year 2012 and took one step further to securing the bailout package and save country from default. 202 members of parliament voted in favour of budget cuts and 80 voted against. Today Greek parliament is set to agree on expenditure reduction in health care and reforms in
17-nation currency climbed close to three-month record high against the US Dollar on investor hopes the second round of ECB three-year loans to lenders due today will bolster demand for Euro Zone assets. Euro strengthened 0.2% against is US peer to USD 1.3483 during Asian session. Currently EUR/USD is trading at USD 1.3473.
US durable goods orders fell 4% in January, reaching three-year record low as demand for business equipment and commercial aircraft contracted. Bookings for goods supposed to last minimum three years dropped four times more than economists surveyed by Bloomberg had predicted. In December 2011 orders for durable goods climbed revised 3.2%.
German DAX index fluctuated between gains and losses on Tuesday. The index surged higher earlier in the session on better than predicted European economic confidence index. However index retreated afterwards on news US durable goods orders fell to a 3-year record low. Pharmaceutical firm Bayer AG tumbled 2% after reporting disappointing 4th quarter net profit. Losses for the index partly
British FTSE 100 index traded close to flat on Tuesday, supported by mining shares and financials on the upside. India-oriented Essar Energy erased some of losses and climbed 4.3%. Nevertheless, Goldman Sachs downgraded Essar shares citing weak annual earnings and uncertain outlook. On negative side Barclays PLC dropped 0.2% on news lender might be forced to pay a GBP 500
Hong Kong's Hang Seng index rallied on Tuesday as oil prices retreated from 9-months record high. Hang Seng index jumped 1.65% or 350.87 points and finished at 21,568.73 with airline firm Cathay Pacific Airways posting a substantial advance. Company rocketed 5.7% on declining crude. HSBC Holdings PLC extended losses on Tuesday, edging down 0.7% on yesterday's disappointing earnings report. Hang
Swiss level of unemployment decreased less than initially projected in Q4. The number of individuals without job approached 4.04 million on a seasonally adjusted basis in Q4 as compared to 4.05 million in the previous quarter, reported Swiss Federal Statistics Office. Experts predicted the level of unemployment to fall to 4.03 million in the period.
China is expected to export more of rare earth minerals due to firm demand for these commodities. However, the country plans to increase quotas only slightly this year due to environmental and regulatory issues as well as due to expected price fall as China has export quotas. Recently, the country came under criticism for violating international trade by strict regulations
Italian 10-year cost of borrowing approached six-month low during the key bond auction on Thursday as prospects of cheap ECB loans stimulated the debt sale. The country sold about 6.25 billion euro worth debt with the yield of 5.50% as compared to 6.25% at the January's bond sale. Demand for 10-year debt exceeded supply 1.4 times and the sale amounted
The economic confidence in the Euro Zone improved more than expected this month. The survey of EC showed that economic confidence in the region grew to 94.4 this month as compared to 93.4 in the preceding month. Analysts projected the index to ease up to 94 this month. Industrial confidence climbed from minus 7 to minus 5.8 in February on
Agricultural commodities advanced on Monday despite expectations on high world's crops. Even stronger US Dollar failed to weight down on the rural commodities price. Grain commodities mainly tracked soaring soybean futures on the record strong China's demand. However, the upswing may be capped due to reports on the expected high EU crops even despite adverse weather conditions in winter and
Energy commodities sank on Monday following negative outcome of the G20 meeting and broadly stronger US Dollar. Moreover, policymakers across the globe started to look for the ways to limit the oil price jump as it may harm fragile recovery of such economies as the US. This move also created strong downward pressure on the oil prices. At the same
Industry metals were little changed on Monday as market was balancing between disappointing news from the G20 meeting and inspiring hosing data from the US. Moreover, investors mainly look on the China's demand that showed mostly negative signs due to growing inventories. Mixed equities also added to the volatility of the base metals pack. Alunimium futures may be backed up