Silver and Copper futures increased on the Comex division of the New York Mercantile Exchange showing a positive correlation with the gold futures that increased on the weaker USD against Euro. Silver for March delivery surged by 2.95% to USD 32.01 a troy ounce while copper futures for March delivery gained 3% to USD 3.382 a pound.
The factory output of Thailand decreased by 35.8% in October after the most severe flooding in the last 50 years. The floods impacted seventh largest industrial regions of the country. The output of disk drives declined by 52.45% in October with the overall fall in electronics production of 45.5%. Car manufacturing tumbled by 61.3%.
FTSE 100 surged after weekend reports suggesting that EU officials have made progress in taming region's debt crisis. The index is experiencing the first rebound since November 11. At the moment of writing FTSE 100 is 2.3% up at 5,283.48. Similar to Asia, banks and mining companies contributed positively to the index. Lloyds Banking Group PLC edged up 5.0% while shares of Antofagasta PLC increased 4.3%
Japan's Nikkei Stock Average added 1.56% on Monday trade partly recovering from last week losses. Index closed at 8,287.49 or 127.48 points up as European leaders declared they have agreed on way how to finance EFSF salvage fund. Commodity sector companies and banks were the major gainers in Japanese markets. Nomura Holdings Inc. surged 4.4%, JX Holdings Inc. gained 3.1% whereas Sumitomo Metal Industries Inc. jumped
Yandex, Russian search engine company, buys SPB Software, a mobile software firm, in order to increase its mobile offerings. Yandex sees a mobile industry as a crucial part of its expansion strategy; the takeover of SPB Software creates new possibilities for Yandex to penetrate mobile industry, said Arkady Volozh, CEO at Yandex. Yandex company also reported about successful performance this year; earnings for the Q3
Italy's cost of borrowing increased after the country sold 567 million euros of inflation-indexed government bonds that mature in 2023. The gross yield of bonds is 7.30% as compared to 2.90% in previous auction in March 2010. The rapid increase in the bond yields raise fears that the third-largest economy in Europe will seek another bailout. More significant test will be on Tuesday when Italy
On Monday Hong Kong's Hang Seng Index experienced first appreciation since November 22 and closed at 18,037.81, gaining 348.33 points or 1.97%. Financial stocks added on growing investor confidence that European officials have moved closer to tackling sovereign debt trouble. Industrial & Commercial Bank of China Ltd. jumped 3.4% while Agricultural Bank of China Ltd. soared 3.6%. Energy and mining stocks also recovered: Jiangxi Copper Co. ascended
On Friday Dow Jones experienced a slight decline of 0.2% or 25.77 points, closing at 11.231.78. The total weekly loss for index was 4.8%. The major winner was Travelers Cos. Inc. as its shares added 1.2%, while Alcoa Inc. stocks surged 0.79%. Decline in the index was led by Chevron Corp dropping 1.56%, as oil prices fell sharply. Hewlett-Packard Company also provided substantial negative contribution to
The Bank of Israel announced its plan to decrease its benchmark interest rate by 0.25 points to 2.75%. The cut indicates Israel's concerns over the decline in the country's business activity as the amount of exports decreased due to a drop in demand of developed economies such as US and Europe that suffer from financial difficulties.
On Black Friday Nadaq Composite extended its 7-session loss and closed at 2,441.51 giving up 0.8% or 18.57 points. The total weekly loss for index was 5.1%. Decrease in the index was led by Micron Technology and Amazon.com losing 3.68% and 3.49% accordingly. Biggest gainers were Yahoo! Inc. which gained 1.07% and Expedia which advanced 1.01%.
On Friday S&P 500 index closed at 1,158.67 giving up 3.12 points or 0.3%. The total weekly loss for index was 4.7%. Downward trend through the week was mainly caused by surging European bond yields amid growing uncertainty regarding debt crisis. Energy stocks extended the major losses among 10 industries. Chevron Corp. declined 1.56%, Marathon Petroleum Corporation lost 1.71% while Devon Energy Corp. dropped 1.58%. Safeway
Chile growth is predicted to decrease in the next year as the country's export-led economy experiences difficulties caused by global economic instability, according to a report of OECD. The GDP growth is projected to be 4% in 2012 being below the government forecast of 5%. The country is also affected by the overall decline in copper prices as Chile is the world's largest producer of
Gold futures increased essentially above psychologically significant level of USD 1,700 an ounce after the USD declined against Euro on the signs of improving situation in the Euro Zone. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery cost USD 1,717.25 a troy ounce during the European morning trading, gaining 1.7%. EUR/USD reached 1.3398 within the European afternoon
Ratings agencies and banks are warning EU officials that euro zone risks are increasing rapidly as lawmakers are delaying implementation of any measures against the debt turmoil. Mansoor Mohi-uddin, UBS manager of foreign exchange strategy, emphasizes that markets move quicker and that European officials and investors are beginning to anticipate the end of the euro. Moody's also warned that credit risks will keep surging without
Primary dealers of US government securities said that Fed is planning to implement mortgage purchase program next quarter in order to inject additional money resources into the US economy. The Fed may purchase about $545 bn of home mortgage debt. Similar program was introduced in 2008 when Fed bought $2.3 trillion mortgage-related and Treasury bonds.
On Sunday United Russia party nominated Vladimir Putin, Russian Prime Minister as presidential candidate for upcoming elections in March 2012. Analysts believe Putin will face no real competitors in March's election. Although Putin is not in United Russia party, he is considered as its leader since 2008. Experts also claim that the nomination of Putin will contribute to positive outcome for United Russia in parliamentary elections
Online sales surged 24.3% during Black Friday and 39.3% on Thanksgiving Day compared to same days previous year. Mobile gadgets including smart phones and tablets made up 14.3% of all web retail sales on Black Friday. Online sales for beauty category were up 34.2%, home goods saw 48.8% increase and apparel sales climbed 47.2%. However, average value per purchase remained almost flat compared to last
US equities closed slightly lower on Friday as increasing euro area bond yields fuelled investors' concerns regarding extending crisis in the region. Standard & Poor's 500 Index lost 0.27% or 3.12 points and closed at 1,158.67. Nasdaq traded down 0.8% or 18.57 points reaching 2,441.51 while Dow Jones Industrial Average dropped 0.2% or 25.77 points to 11.231.78.
London bankers expect their bonuses to contract by about 20% compared to last year as Europe keeps struggling with debt crisis. The average employee of Canary Wharf and Square Mile expects to get a bonus worth approximately ВЈ19,920 or 24% of base salary. This measure is down compared to 35% of base pay last year. The approximation is based on average wage of ВЈ 83,000.
Jim Flaherty, Canada's PM is going to implement regulation that would give the government rights to allow or reject purchases by country's top banks. Flaherty claims such regulations will help to circumvent unexpected obstacles in nation's financial system. Canada reassesses banking legislature once in five years and country's banking system is considered as the world's healthiest.
On Monday Australian dollar advanced after news that IMF might provide aid for Italy and European officials may finally agree on a comprehensive solution for debt turmoil. Australia's dollar jumped 1.5% against US dollar reaching $0.9860. Kiwi appreciated 1.8% to $0.7536 after PM John Key won the elections with biggest majority in 60 years establishing hopes to balance nation's budget. AUD/USD currently is trading at $0.9879
In November home value in the UK decreased for the seventh consecutive month. According to Hometrack Ltd., a property researcher, the pace of deterioration may quicken as fragile consumer confidence hurts demand. The average value of home lost 0.2% compared to October and dropped 2.3% on a yearly basis, while consumer confidence reached a record low previous month.
European shares climbed on Monday morning as investors reacted to weekend reports suggesting European officials have found new solutions to tackle debt turmoil. On Tuesday they are expected to agree on means how to fund EFSF. Stoxx Europe 600 index edged up 1.0%, French CAC 40 added 1.6% while German DAX 30 index and FTSE 100 index each advanced 1.5% and 0.8% respectively.
Many people are already queuing to vote in the polling stations in Cairo today. However, the Egyptians who insist on the elections to be postponed still protest on Tahrir Square. At the moment the country faces a great uncertainty, said the military council. Today's voting starts the election schedule and will finish by March 2012.