British FTSE 100 index prolonged gains on Wednesday supported by insurers and banks on news 15 of 19 US banks passed Fed stress test. Gains were limited as report showed jobless claims rose more than expected in February. Barclays surged 4.4%, Lloyds Banking Group gained 3% and HSBC Holdings climbed 1%. Tullow Oil added 1% after company reported an increase
Hong Kong's Hang Seng index bucked Asian market upward trend and declined on Wednesday after Chinese PM Wen Jiabao reiterated Beijing will not ease monetary policy towards real estate sector. Hang Seng index dropped 0.15% or 31.81 points to 21,307.89 with telecommunication sector posting the biggest loss. Heavyweight China Mobile contributed to the downside, tumbling 2.7%. On the upside index
Italy managed to sell EUR 6 billion of its 3-year notes with borrowing costs declining to the lowest reading since October 2010 as ECB loans supported demand. The yield on Italian 3-year bill slipped two basis points to 2.66%. The borrowing costs on benchmark 10-year notes also gave up two basis points, attaining 4.87% compared to 7.26% in November 25.
Asian markets showed mixed performance on Wednesday. Japan and South Pacific region shares rallied lifted by US economic data while those in China mainland and Hong Kong slipped after Chinese PM rejected possibility for easing policy towards real-estate market. Shanghai Composite fell 2.6% and Hang Seng index lost 0.2%. In contrast Australia's S&P/ASX 200 index surged 0.9%, South Korea's Kospi added 1%
Japan's Nikkei Stock Average appreciated sharply on Wednesday, reaching record high since July 2011, following the rally in US markets. Nikkei 225 index advanced 1.53% or 151.44 points and settled at 10,050.52. Exporters surged after Yen fell to a one-year low against greenback. Sony jumped 5.2% and Toyota gained 2% while Nissan added 3.8%. Equities in Yahoo Japan soared 1%
The number of UK unemployment claims surged more than expected in February and the jobless rate remained at 16-year record high. Jobless claims advanced by 7200 to 1.612 million reported the National Statistics Office on Wednesday. Economists questioned by Bloomberg expected the applications for jobless benefits to increase by 5000. The unemployment rate remained unchanged at 8.4%.
Dow Jones Industrial Average index jumped sharply on Tuesday reaching record high since 2007 after Fed said it will hold low interest rates and signalled optimism regarding US growth. Blue chip index rallied 1.68% or 217.98 points to 13,177.68, marking the biggest daily gain since December. All 30 shares within the index ended in the positive territory. JP Morgan Chase
S&P 500 index rallied on Tuesday as US retail sales reached 5-month record high and Federal Reserve confirmed the labour market has improved. US benchmark index jumped 1.81% or 24.86 points and closed at 1,395.95. Bank stocks climbed after JP Morgan decided to boost its dividend. Goldman Sachs added 6.5% and Citigroup Inc gained 6.3%. Apple surged 2% after Jefferies Group
US Dollar advanced versus most if its main peers after Federal Reserve increased their evaluation of US economy and announced it will hold record low interest rates. US currency added 0.3% versus Japanese Yen to JPY 83.22. The greenback also advanced 0.3% against Euro to USD 1.3031, close to 4-week high. Currently USD/JPY is trading at JPY 83.21 and EUR/USD is trading at
Canadian Dollar climbed versus most of its counterparts on Tuesday as advancing growth in US boosted optimism for global economic development. Demand higher yielding assets such as equities and fuel surged. Canadian currency gained 0.4% against greenback to CAD 0.9886. Currently USD/CAD is trading at CAD 0.9905.
US stock markets rallied on Tuesday after Federal Reserve decided to maintain record low interest rates and JP Morgan increased its dividend by 20%. Retail data also supported major stock indices. S&P 500 jumped 1.81% or 24.86 points and closed 1,395.95, Dow Jones Industrial Average index added 1.68% or 217.98 points to 13,177.68, the biggest daily gain since December 20. Nasdaq
Crude oil trade close to two-day record high on Wednesday on investor forecasts improving US economic data may boost demand for fuel. April crude gained USD 0.12 to USD 106.83, extending gains from yesterday. On year to day basis oil have climbed 8.1%. Brent oil to be delivered in April slipped USD 0.01 to USD 126.21.
Australia's consumer confidence dropped to a 3-month record low in March as country's biggest lenders increased mortgage rates despite central bank's decision to keep benchmark interest unchanged. The consumer sentiment index fell 5% to 96.1 in March, marking the lowest reading since December 2011, said Melbourne Institute on Wednesday.
JP Morgan Chase & Co the largest US lender unexpectedly announced it received a permission for a 20% dividend raise. The dividend will be increased from USD 0.25 to USD 0.30 a share. Bank's disclosure forced its competitors including Wells Fargo & Co and PNC Financial Services to post their dividend proposals. JP Morgan rallied 7% on the announcement, supporting
Gold April futures dropped 1% or USD 16.50 to USD 1,677.90 per ounce during Asian session on the Comex division of the New York Mercantile Exchange. Precious metal prolonged losses from Tuesday as traders turned their attention to higher yielding assets and invested in stocks. May silver slipped 0.5% or USD 0.17 to USD 33.41 per ounce while copper for May
European equities rallied on Tuesday as German investor sentiment unexpectedly jumped in February and US retail sales reached the highest reading in five months. Stoxx Europe 600 index surged 1.8%, German DAX climbed 1.4% and French CAC 40 added 1.7%. British FTSE 100 index gained 1% and Italian FTSE MIB index jumped 2.1%.
Australian and New Zealand Dollar climbed against their Japanese peer on Wednesday as appreciating commodities stimulated higher earnings expectations in exports. Both currencies declined against US Dollar on Fed's improved assessment of US economy. Aussie gained 0.2% versus Yen to JPY 87.71 and fell 0.1% against greenback to USD 1.0544. Kiwi advanced to JPY 68.28 versus and slipped 0.3% against its US peer to USD
Federal Reserve reported on Tuesday 15 of 19 lenders would be capable to keep their capital amounts above a required minimum and even maintain dividend payout in case of extremely unfavourable economic scenario. Fed's test assumed jobless rate at 13%, a fall in share prices at 50% and a drop in housing market by 21%. Of leading banks Citigroup failed
The EU has decided to freeze the rescue fund worth about 495 million Euros that had to be provided to Hungary in 2013. The EU explained that Hungary's debt exceeded 3% of GDP, the maximum stipulated by the Excessive Deficit Procedure rules. Hungary expects the EU to reassess the move in June, said Margrethe Vestager, Danish economy minister. At the
German DAX index rallied on Tuesday after data showed investor confidence jumped in March from 5.4 to 22.3, reaching a record high since June 2010. Deutsche Post AG accelerated 1.8% on news the company expects good earnings next year. Financial service provider Munich Re AG gained 2.2%. The firm said its outlook for 2012 is optimistic and the yearly profit
British FTSE 100 index advanced on Tuesday lifted by financial sector which added 1.7% after UK PM Cameron said the government will boost construction through supporting buyers with small cash deposits to purchase new homes. HSBC Holdings jumped 2%, Royal Bank of Scotland Group advanced 1.8% and Lloyds Banking Group climbed 1.9%. On the downside Antofagasta fell 4% and insurer
The EU, Japan and the US have filed a legal claim against China's limitation on exports of rare metals. The case was brought to the WTO. China sets quotas on the rare earths that are used in producing high-tech goods. Export restriction pushes the prices higher as China mines about 95% of rare earths metals. China opposes accusations, saying that
UK's goods trade gap widened less than initially expected in January, reported the UK Office for National Statistics. The goods trade gap widened to 7.5 billion British Pounds on a seasonally adjusted basis in January as compared to a 7.2 billion British Pounds deficit in January. Analysts predicted the deficit to approach 7.8 billion British Pounds in January.
Retail sales increased to five-month high in February, reported US Commerce Department. The sales soared by 1.1% in February as compared to a 0.6% jump in the preceding month. Major contributor to the expansion were Retail sales increased to five-month high in February, reported US Commerce Department. The sales soared by 1.1% in February as compared to a 0.6% jump