Hong Kong's Hang Seng index erased previous day's losses and rallied on Friday, supported by economic data and earnings reports. Hang Seng index rose 1.01% or 214.34 points and settled at 21,491.62 with exporters and financials climbing most. China Life Insurance gained 3.5% and Ping An Insurance Group added 1.6%. Foxconn International Holdings advanced 0.7% and Esprit Holdings jumped 5%
Dow Jones Industrial Average Index recovered on Thursday on positive job and housing data amid renewed optimism about Greece, as country expects to get bailout approval on February 20. Blue Chip index advanced 0.96% or 123.13 points and closed at 12,904.08 with 29 of 30 stocks posting gains. Microsoft led the gains, jumping 4% on news S&P is likely to
S&P 500 index rallied on Thursday as investors anticipated news the jobless claims fell to a three-year record low in January while housing starts surged. US benchmark jumped 1.1% or 14.81 points and finished at 1,358.04 with all 10 sectors posting gains. J.M. Smucker tumbled 8% after its net income and revenue missed estimates. The company raised prices for Jif
The New Zealand and Australian Dollars maintained weekly advances on news ECB is exchanging Greece's bills for new securities. Kiwi gained extra upward momentum as A. Bollard, New Zealand central bank's Governor claimed nation's economic performance to be understated. Kiwi appreciated 0.5% against US Dollar to USD 0.8368 while Aussie gained 0.2% to USD 1.0775. Currently AUD/USD is trading at USD
The number of new house start ups rose more than expected in the US in January, reported Commerce Department on Thursday. Starts added 1.5% to annual 699 000 compared to 689 000 in December. Economists questioned by Bloomberg predicted on average a growth of 675 000. The number of building permits also surged in January. Analysts suggest upward momentum in construction was
Canadian Dollar appreciated on Thursday as US Labor department reported record low number of unemployment claims received in the week ended February 11. Loonie climbed 0.3% against US Dollar to CAD 0.9966 after a sharp depreciation in previous trading sessions. Currently USD/CAD is trading at CAD 0.9965.
US stock markets recovered on Thursday as Americans last week filled the lowest number of jobless claims since 2008. S&P 500 index jumped 1.1% or 14.81 points and finished at 1,358.04, Dow Jones Industrial Average Index added 0.96% or 123.13 points and closed at 12,904.08, while Nasdaq Composite rallied 1.51% or 44.02 points to 2,959.85 lifted by Apple and Microsoft.
Americans filled the lowest number of unemployment claims last week since 2008, indicating recovering US labour market may support nation's economic growth. Jobless applications fell by 13 000 during the week ended February 11 to 348 000, outperforming even the most optimistic forecasts of analysts. The median forecast totalled 364 000 claims.
April gold futures traded higher on Thursday, adding USD 0.3 to USD 1,728.40 per ounce. Silver futures to be delivered in March lost 0.1% to USD 33.37 per ounce while March palladium futures jumped 1.9% to USD 696.60 per ounce. In contrast, April platinum futures tumbled 0.7% to USD 1,626.10 per ounce.
Benchmark crude futures for March deliver added 0.24% or USD 0.23 to USD 102.54 per barrel, lifted by successful Asian stock market performance. In contrast March natural gas futures lost 1.09% or USD 0.03 and traded at USD 2.54 per million British thermal units.
Chinese foreign direct investment slowed 0.3% in January, posting the third consecutive drop in three months on weakening demand from Europe, said Ministry of Commerce on Thursday. Monthly investment inflows totalled USD 10 billion compared to USD 12.2 billion in December. Inflows from EU tumbled 42% from previous year to USD 452 million. In contrast FDI from US surged 29% to USD
European creditors are struggling to assure that bailout financing is spent properly. European finance officials demand particular mechanisms to pledge the successful implementation of rescue program. Greece is obligated to meet all requirements set by EU and IMF to receive second bailout financing and repay debt on March 20.
Ex-chairman of Olympus Tsuyoshi Kikukawa and other former executives were arrested Tokyo prosecutors on Thursday in connection with an accounting fraud involving a cover up of investment shortfalls. Former executives Hisashi Mori, Hideo Yamada, and Akio Nakagawa, were also arrested as they are suspected of breaching the Financial Instruments and Exchange Law via faking financial statements.
European shares traded down on Thursday amid worries EU FMs may cancel rescue package for Greece and Moody's rating agency threatened to cut credit ratings for more than a hundred large-scale global lenders. German DAX and FTSE 100 index each fell 0.1% to 6,751.96 and 5,885.38, respectively. In contrast French CAC 40 index and Stoxx 600 Europe index closed 0.1% up at 3,393.25 and 264.31,
Credit Suisse Group AG, Morgan Stanley and UBS AG credit ratings are likely to be lowered by 3 levels, said Moody's Investors Service, currently reviewing 17 lenders and securities companies. Several large banks including Goldman Sachs, Deutsche Bank AG and HSCB Holding Plc may face two-notch downgrade. Moody's already lowered some European region insurer credit ratings, citing risks from debt
Germany expects EU finance officials to reach an agreement over Greek bailout on meeting due February 20, said German lawmakers. Greece should increase its responsibilities in order be rescued otherwise Europe will have to take another way of action, the one that nobody really wants, emphasized Steffen Kampeter, German Deputy FM.
Singapore exports tumbled in January, first time since November as European debt turmoil harmed demand for petrochemical and electronics shipments and the Lunar New Year celebration cut the number of working days. Non-oil home exports fell 2.1% on a yearly basis, compared to a 9% improvement in December. Economists predicted a drop of 1.6%. Deliveries to European region declined 14.5%.
US shares swung between gains and losses on Tuesday as nation's retail sales expanded less than expected and China expressed willingness to support European bailout fund. Dow Jones Industrial Average added 0.03% or 4.24 points and finished at 12,878.28, S&P 500 index lost 0.09% or 1.27 point and settled at 1,350.5 while Nasdaq Composite index ended 0.02% or 0.44 points up
Asian markets appreciated sharply on Wednesday as investors anticipated news China may step in and invest in European bailout funds to support its biggest export region. Japanese Nikkei Stock Average rocketed 2.3%, Hong Kong's Hang Seng Index climbed 2.1% and Shanghai Composite Index added 0.9%. South Korean Kospi advanced 1.1% and Australia's S&P/ASX 200 index surged 0.2%.
Europe's largest economy contracted less than expected in fourth quarter, signalling Germany may avoid crisis despite declining demand across region. German GDP dropped 0.2% in last quarter of 2011 compared to 0.6% growth in the third quarter. Economists questioned by Bloomberg predicted a drop of 0.3%. Meanwhile France's economy unexpectedly in expanded 0.2% in last three months of 2011.
March crude oil futures rallied during Asian electronic trading session on Wednesday, lifted by weaker US Dollar and Chinese officials' announcement Europe is likely to contain its crisis. Crude to be delivered in March rallied 0.81% or USD 0.91 to USD 101.56 per barrel. Meanwhile March gasoline futures climbed 0.64% to USD 3.00 per gallon and same maturity natural gas
Canadian currency strengthened on Tuesday against all its main peers as US Dollar appreciated and oil surged to a three-week record high. Loonie traded flat against greenback at CAD 0.9991 but gained 1.3% versus Japanese Yen to JPY 78.60 and soared 0.5% against Australian Dollar. Currently USD/CAD is trading at CAD 0.9951 while CAD/JPY is trading at JPY 78.82.
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.