Nokia Oyj experiences a most rapid decline in share value over decade. The mobile device producer turns into attractive takeover target for investors who believe it still has a potential in developing smart phones. Nokia tumbled 18% yesterday after the firm raised the forecast for second quarter loss and announced it prepares to eliminate around 10 000 jobs.
Around 10 million Greek voters will attempt to elect their new government on Sunday, June 17. This will be the second ballot in six weeks. According to most recent polls done on June 1 no political party posses a strong majority. Country's constitution permits one more election. First official results will be released on Sunday evening at around 9.30 p.m.
Honda Motors has increased its production at North American factories, reaching the fastest expansion pace in the region. Honda is attempting to regain market share it lost during disasters at its supplies in 2011. In the first five months of 2012 Honda produced in total 748,217 vehicles in US, Mexico and Canada. In comparison Toyota experienced 64% growth for the respective period.
The Euro continued gaining against the Greenback, after disappointing economic data in the U.S., however, gains seemed to be fragile amid concerns about the deepening Eurozone crisis. EUR/USD peaked at 1.2667, gaining 0.47% in the U.S. afternoon trade. The pair's support was likely to be at 1.2441, and resistance may be at 1.2667.
During a bond auction held on Thursday, Italy's debt costs have rocketed; consequently, presenting challenges for Mario Monti not to request financial aid from the euro area's members. Investors are also concerned whether Italy's Prime Minister will be able to manage the current slowdown in the 3rd biggest member of the euro area. Italy has faced considerable trouble in Q1 in comparison to other G20 members,
The U.S. Energy Information Administration reported that the inventories of natural gas rose significantly less than expected. Following this data natural gas futures rallied sharply in the U.S. morning trading session. On the NYMEX, July delivery futures were traded at USD2.349 a MMBtu, which was a 7.5% growth for that session.
The Commerce Department reported that the U.S. current-account gap increased unexpectedly during the first three months of the year, reaching USD137.3 billion. This is a 16% growth from a figure for the preceding quarter, which was revised down to the deficit of USD118.7 billion from USD124.1 billion. Analysts had predicted that the current-account deficit will be equal to USD131.9 billion.
U.K markets slumped this Thursday on miners and oil producers. The FTSE 100 index dropped 0.7 per cent to 5,447.17, mostly driven by British Sky Broadcasting Group PLC 6.8 per cent decline. Fresnillo PLC and Xstrata PLC fell 2.2 per cent and 3.2 per cent respectively. Royal Dutch Shell PLC retreated 0.7 per cent and Tullow Oil PLC dropped 2.1 per
Consumer comfort index reached -36.4 last week. This is the highest level of the gauge since late April. All three components of the index increased as well. Attitude towards personal finances increased to -2.0 from -3.1. Perception of how good of a time it is to buy increased by 0.2 to -46.4. Although current state of the economy perception increased to
Gold futures ticked higher during electronic trading this Thursday on expectations of a monetary stimulus. The precious metal for August delivery grew $5.00, a 0.3 per cent increase, to $1,624.40 an ounce in trading session of the New York Mercantile Exchange's Comex division.
As the Spanish credit rating was cut by Moody's and Italian debt costs increased during a bond auction, U.K.'s stocks dropped on Thursday with continuous concerns around the European crisis. In the morning trade the FTSE 100 index declined 0.7%, Fresnillo PLC dropped 2.2%, BHP Billiton PLC plummeted 1.9% and Xstrata PLC tumbled 3.2%. The BSkyB was hit the strongest with a flop of 6.8%.
On Thursday, prices for crude oil were fluctuating during the U.S. morning trading session, amid speculation whether OPEC will increase or maintain the same output levels. On the NYMEX, July delivery futures for light sweet crude oil were fluctuating between USD83.20 and USD81.11, and consolidated at USD82.67, per barrel gaining 0.07% in the U.S. morning trade.
German DAX index followed the overall trend in European stock market and traded lower. Spanish 10-year yields hit critical 7% mark while Italian borrowing costs soared during auction. Investors also priced in Spanish downgrade by Moody's and Egan-Jones. Moreover uncertainty appeared over Greek neighbour country Cyprus. Car makers who depend on economic growth experienced another weak session. Daimler AG fell
The Euro retreated from session lows versus the Japanese Yen and the U.S. Dollar on speculation that Greek parties that support bailout will win the elections this weekend. The Euro recovered from the lowest level for the session versus the Greenback, and was traded at 1.2583. The currency also erased losses versus the Japanese Yen, gaining 0.01% and reaching 99.81 in the European morning trade.
Futures for copper decreased on Thursday after Italy witnessed an increase in borrowing costs, which reached the record high since December. Concerns over Spanish borrowing costs and Greek elections on weekend also added pressure. On the NYMEX, July delivery futures for copper were traded at USD3.336 per pound, losing 0.1% during the European morning trading session.
On Thursday, Eurostat reported that consumer price inflation in Eurozone remained unchanged in may, at the level of 2.4%. Core CPI, which does not include tobacco, energy, alcohol, and food did not change either, remaining at 1.6% on a seasonally adjusted basis. The data for both CPI and core CPI is in line with expectations.
Japan's Nikkei Stock Average declined on Thursday led by globally exposed companies as US retail sales weakened and Spanish downgrade amid surging borrowing costs damped investor sentiment. Nikkei 225 index shed 0.22% or 18.95 points closing at 8,568.89. Utilities and consumer services performed worst within the index. Toyota Motors slipped 1.2% and Toshiba gave up 1.7%. On the upside Nomura
Hong Kong's stocks tumbled on Thursday after Moody's and Egan-Jones cut Spanish rating. Moreover Moody's agency reduced also Cyprus rating as country signalled it may need bailout. Hang Seng index fell 1.15% or 218.12 points and finished at 18,808.40. Esprit Holdings was the major decliner for a second consecutive day after its CEO resignation. Today Esprit stocks plunged 10.4% after
Dow Jones Industrial Average traded lower on Wednesday as weaker retail sales data and predicted slowdown in CPI weighed on investor mood. Blue chip index fell 0.62% or 77.42 points and finished at 12,496.38. JPMorgan Chase added 1.6% after its CEO Jamie Dimon testified about lender's practices to lawmakers. Johnson & Johnson advanced 2.2% as firm claimed its acquisition of
S&P 500 index retreated from previous day's gains and fell on Wednesday as data showed 0.2% contraction in US retail sales in May. Investor sentiment worsened even more when Spain was downgraded by Moody's and Cyprus warned of need for bailout. S&P 500 lost 0.7% or 9.3 points and closed at 1,314.88. Progressive lost 4.4% after the fourth-biggest US auto
The amount of U.S. citizens who filed new jobless claims surged unexpectedly last week, government data showed on Thursday. New state unemployment benefit claims added 6,000, and reached 386,000 on a seasonally adjusted basis. The data for previous week was revised up from the initially reported 377,000 to 380,000.
Agricultural commodities moved lower on Wednesday as faltering US economy is likely to impact demand while improving weather conditions in the US may boost supply prospects.Wheat was unchanged amid speculation that falling production in Australia and the EU may stimulate demand for US grains.Corn dropped for the third time as long-awaited rains in the top-growing regions of the US are
Energy commodities slid on Wednesday ahead of key OPEC meeting on output target that is expected to result in no changes in the current production level.Crude oil followed bearish trend as global production is likely to remain ample as OPEC is not likely to change current output target during meeting due on Thursday.Brent oil was flat despite being pressured by
Industry metals apart from zinc tumbled on Wednesday on weak industrial output data in the Eurozone and larger than expected plunge in the US retail sales and producer price index.Aluminum declined on weak manufacturing activity across the globe. However, the downside may be limited as Rio-Tinto Alcan World predicted a deficit in the aluminum market as supply side started to