Samsung announced it plans to invest about 7 billion US Dollars to set up a chip production in China. The initial investment will be 2.3 billion US Dollars to establish the plant that will manufacture chips for tablets, smartphones and MP3 players. The company will increase investments gradually. Samsung was willing to penetrate China's market but had a reservation on
Crude oil price dropped during Asian trade on Tuesday despite inspiring US manufacturing data release. Investors continued to worry about high crude oil inventory level in the US that is expected to rise further. Light, sweet crude oil futures for May delivery traded at 104.17 US Dollars per barrel on the New York Mercantile Exchange, decreasing by 0.28% from the
UK manufacturing PMI strengthened in March, indicating the fastest growth in the last 10 months. The manufacturing PMI in the UK added 0.6 points to 52.1 on a seasonally adjusted basis last month as compared to a February reading of 51.2, according to Markit research group. Experts had predicted the figure to lose 1.0 point, approaching 50.5 in March.
Gold futures were firm during Asian session on Tuesday as inspiring manufacturing data improved risk appetite among investors thus stimulating selloff of the greenbacks. The yellow metal was also bolstered as strikes in India ended. COMEX gold June contract traded at 1,681.05 US Dollars per troy ounce on the New York Mercantile Exchange, easing up by 0.08%.
Energy commodities soared on Monday on the improved demand perspectives from the US and China. Moreover, BP has reported that it has closed its oil output terminal at the Valhall platform for compressor maintenance that is likely to create short time supply disruptions in the North Sea. However, poor Euro Zone data coupled with eased supply concerns from Iran limited
Industry metals rallied on Monday after upbeat manufacturing data releases from the US and China. Broadly stronger equities also supported the gains. However, disappointing Euro Zone's unemployment data and stronger US Dollar weighted down on the base metals pack. Aluminium was mainly tracking the economic data releases while zinc continued to face weak spot demand and high inventory levels. Copper
Precious metals advanced on Monday despite broadly stronger US Dollar. The commodity pack drew strength from the solid performance of the base metals and energy commodities. However, controversial announcements of Fed officials limited the gains. Gold, being the main engine for the group, was also pressured by persistent strikes in India against the gold import duty hike. Moreover, the yellow
German DAX index edged slightly lower on Tuesday pushed down by banks in a rather calm, low volume session. Drug producer Bayer AG added 0.6% after company said it received positive results in its third phase of cancer drug trial. K+S AG swung between gains and losses after Nomura lowered the stock from neutral to reduce. Heavyweight Deutsche Bank and
FTSE 100 index erased morning gains and strived lower on Tuesday as miners and banks weighed down on the index as metal prices tumbled. Compass Group fell 1.8% after Morgan Stanley cut the company's rating from overweight to equal weight. Bunzl dropped 0.9% on news Bank of America Merrill Lynch lowered the stock from neutral to underperform. On the upside
Asian markets closed mostly up on Tuesday as US PMI data signalled improvements in US manufacturing. Hong Kong's Hang Seng index added 1.3%, South Korea's Kospi surged 1% and S&P/ASX 200 index soared 0.2%. In contrast Japanese Nikkei Stock Average fell 0.6% and Taiwan's Taiex tumbled 1.3%. Shanghai market remained closed.
Japan's Nikkei Stock Average declined on Tuesday despite positive manufacturing data from US as stronger Yen pushed export shares into red area. Nikkei 225 index slipped 0.59% or 59.48 points and settled at 10,050.39 with eight of ten sectors posting losses. On the upside Mitsui Chemicals rallied 3.3% after Jefferies Group lifted stock's rating from underperform to buy. Sumitomo Realty
Hong Kong's Hang Seng index traded higher on Tuesday as gains from Chinese official PMI data were accompanied by a surge in US manufacturing activity. Hang Seng index rallied 1.31% or 268.72 points and closed at 20,790.98. Index was positively affected by the appreciation of property, financial and resource shares. Jiangxi Copper Co added 3.6% and Angang Steel Co surged
Dow Jones Industrial Average index surged on Monday lifted by US manufacturing data and reached the highest value since December 2007. Blue chip index added 0.4% or 52.45 points and closed at 13,264.49 with all nine sectors posting gains. On the upside Alcoa and Bank of America advanced 1.5% and 1.2% respectively. The main decliner within the index was retailer
S&P 500 index advanced on Monday as data showed US manufacturing activity expanded in March. US benchmark index gained 0.75% or 10.57 points and closed at 1,419.04. Avon Products rallied 17% on news Coty Inc. considers acquiring the door-to-door cosmetics provider. Apple Inc. jumped 3.2% after its new iPad received the best tablet computer title from Consumer Reports. Hartford Financial
The jobless rate in Spain advanced by 0.8% or 38,769 in March reaching 4.75 million, government officials said on Tuesday. Annual unemployment level added 9.6% in March. In February Spain's jobless rate of 23.6% was the top level in the European Union. Spain currently works on massive reforms in its labour market. Economists expected the unemployment my surge even more before it
Australian currency slipped closer to a 6-month record low as RBA signalled it is ready to implement further policy easing if necessary. Aussie dropped 0.2% versus greenback to USD 1.0402. New Zealand Dollar was traded almost flat against its US peer at USD 0.8236. Currently AUD/USD is trading at USD 1.0402 and NZD/USD is trading at USD 0.8239.
US stock markets began the second quarter with gains as data showed US manufacturing activity expanded at faster pace than expected. S&P 500 index climbed 0.75% or 10.57 points and closed at 1,419.04, Dow Jones Industrial Average added 0.4% or 52.45 points and closed at 13,264.49 points while Nasdaq Composite surged 0.91% or 28.13 points to 3,119.70.
US manufacturing PMI expanded more than expected last month, indicating growth for the 32th month in line. The PMI measured by the Institute for Supply Management jumped by 1.0 point attaining 53.4 last month as compared to a February figure of 52.4. Experts had predicted the manufacturing PMI in the US to expand by 0.6 points to 53.0.
European shares advanced sharply on Monday as data showed manufacturing in US accelerated in March. Stoxx Europe 600 index climbed 1.5%, French CAC 40 index added 1.1% and German DAX jumped 1.6%. UK FTSE 100 index rallied 1.9%. Athens General index broke the positive trend and shed 2.1% driven by local banks.
Switzerland's retail sales growth decelerated in February, said Federal Statistical Office on Monday. The growth of Swiss retail turnover slowed rapidly from annual 4.7% in January to 0.8% in February. Sales in nominal terms shed 2.2% on year-on-year basis. Eliminating gasoline, the retail industry posted a yearly advance in real turnover of 0.4%. Food, tobacco and drinks added 0.3% while non food sector
Australia's central bank decided to leave its key interest rate unchanged on Tuesday meeting citing stabilization in Europe and better macroeconomic data from U.S. RBA kept the benchmark rate at 4.25%, matching analyst expectations. RBA board leaves constant rate for a third straight round after two cuts in 2011.
German DAX index fluctuated between gains and losses on Monday lifted by technology and health care shares. Deutsche Post AG advanced 1.0% after Deutsche Bank upgraded the stock from hold to buy. BMW AG jumped 1.7% after Barclays Capital confirmed car maker's overweight rating. Banks weighed on index with Deutsche Bank dropping 1.7% and Commerzbank declining 1.3%. At the moment
FTSE 100 faced a choppy session on Monday despite better than expected PMI data. Banks put negative pressure on the index after Financial Times reported several leading European lenders prepare to return the money borrowed via the ECB long-term refinancing operation. Barclays PLC lost 2.1%, Lloyds Banking Group PLC fell 2.2% while HSBC Holdings PLC slipped 1.3%. On the upside
Hong Kong's Hang Seng index extended losses on Monday giving up 0.16% or 33.2 points to 20,522.26 . The index still was negatively affected by property shares as the arrests of two Sun Hung Kai Properties executives on Friday put downward pressure on the whole index. The company fell 3% on Monday trade. New World Development Co shed 3.5%. Meanwhile