Dow Jones Industrial Average index finished slightly higher on Tuesday supported by approved Greek debt deal, though investors remained cautions about country's long term outlook. Blue chip index added 0.12% or 15.82 points and settled at 12,965.69 with Wal-Mart stores declining most as retailer reported quarterly results which missed expectations. In contrast stock of Kraft Foods advanced 1.5% after company
Hong Kong's Hang Seng index finished modestly higher on Wednesday Hang Seng index added 0.33% or 70.56 points and closed at 21,549.28 led by property companies. China Overseas Land & Investment added 2.8% and China Resources Land climbed 2.9%. Gains were limited as HSBC preliminary gauge showed China's manufacturing may decline in February. Among major decliners were Li & Fung
The approval of Greece's rescue package has provided European officials with time to persuade investors they are able to implement both fiscal discipline and growth. Italian and Spain borrowing costs fell on the Greek agreement. Yields for 10-year Spanish notes declined to 5.08% compared to 6.7% in November while Italian 10-year borrowing costs diminished below 5.4% compared to 7.1% in
China is set to increase exports to emerging economies to reduce its vulnerability to shocks in the developed markets, said Zhong Shan, Deputy Minister of Commerce. China will try to raise its exports to 30 countries like India and South Africa. The closer attention will be put to countries with large resources and big populations coupled with important strategic positions,
Purchasing Managers Index (PMI), which measures private sector activity unexpectedly declined in February. The index fell from 50.4 in January to 49.7 in February. Economists questioned by Dow Jones Newswires predicted an improvement to 50.8. Service PMI dropped from 50.4 to 49.4 while manufacturing PMI climbed from 48.8 to 49.0.
Japan's sales in the supermarkets decreased by 1.2% in January on a yearly basis, approaching JPY 1.125 trillion. The sales posted sixth yearly fall this month, reported the industry group. The pace of decrease accelerated last month from 0.6% decline in December. However, including recently opened stores, the revenue added 3.5% in January.
Gold prices were almost unchanged on Wednesday as speculation that the sum of the Greek rescue package is not enough to stabilize Greece's economy undermined investors' confidence. COMEX gold April contract traded at 1,758.65 US Dollars per troy ounce on the New York Mercantile Exchange, gaining 0.01%.
Western Australia plans to launch a state-owned investment fund in an attempt to invest profits from mining boom. The state, which is the owner of large mineral deposits, faced sharp growth in revenues due to strong demand from emerging Asian markets. The further details regarding sovereign wealth fund are expected to be announced in May.
French CPI decreased by 0.4% last month after jumping by 0.4% in the preceding month. Considering yearly changes, the indicator added 2.3% last month. The decline in the CPI resulted from fall in manufacturing products' prices. However, growing energy prices limited the decline in the CPI. At the same time, on a seasonally adjusted basis, the CPI added 0.2% on
Kevin Rudd quitted as Australia's foreign minister in order to candidate in premier elections and challenge current PM Julia Gillard. The country's first female PM is struggling to get support from Labour party as her ratings fluctuates near record low. Rudd is well known for his autocratic way of leading.
US stocks indices were little changed on Tuesday as debt deal approval was offset by earnings reports. S&P 500 gained 0.07% or 0.98 points and finished at 1,362.21, Dow Jones Industrial Average index added 0.12% or 15.82 points and settled at 12,965.69 while Nasdaq Composite slipped 0.11% or 3.21 points to 2,948.57.
Although Greece received a second bailout package on Monday, European equity markets finished lower on Tuesday as investors turned their attention to nation's long term debt problems. European Stoxx Europe 600 index dropped 0.5%, British FTSE 100 index ended 0.3% down and French CAC 40 index slipped 0.2%. German benchmark DAX index fell 0.6% and Greek Athens General index plunged 3.47%.
The number of jobs in US construction sector climbed in December, driven by hiring in remodelling. The employment in remodelling sector accelerated 5.8% in December reaching 250,700 jobs compared on yearly basis. This monthly grow is the fastest since December 2006. Analysts expect further hiring expansion in construction.
Indian sugar export for 2011-12 are expected to be pressured by the global surplus of sugar output. The estimated surplus for the country is between six and eight million tons, reported the Rabo Bank. India is expected to produce 26 million tons of the commodity while consumption is likely to round at 22 million tons. Meanwhile, global sugar surplus is
Dell has announced 18% fall in its profits in Q4 of 2011 and expects further decline in revenues in this quarter thus escalating concerns that PC sector has not yet recovered after recession. Net income for the last quarter tumbled to 764 million US Dollars as compared to 927 million US Dollars in the previous year. After the company reported
Crude oil futures decreased amid escalated concerns over the Greek bailout as experts claim 130 billion Euros will not be enough to rescue the country. Moreover, expected increase in the US crude oil stockpiles added pressure to the energy commodity price. Light, sweet crude oil contract for April delivery traded at 105.88 US Dollars per barrel, on the New York
Australian public wage price index advanced by 0.7% in the last quarter of 2011, indicating slightly slower growth pace than in private sector. All sectors indexed increased by 0.9%. Referring to yearly moves, public sector wage price index added 3.2% while private sector rose by 3.7% in the quarter ended in December, 2011.
Loonie depreciated against its US counterpart on data showing the retail sales declined in December and investors were concerned if second rescue package would solve Greece's long term problems. Canadian Dollar slipped 0.3% against the Greenback to CAD 0.9969. Currently USD/CAD is trading at CAD 0.9962.
New Zealand and Australian currencies depreciated against their major counterparts on HSBC report which showed that Chinese production may decline for a fourth straight month in February. Aussie and Kiwi both lost 0.1% to USD 1.0655 and USD 0.8331. Currently AUD/USD is trading at USD 1.0667 while Kiwi is trading at USD 0.8337.
The US Dollar appreciated to a six month record high as investors expected the strong recovery signs in US economy will encourage Fed postpone additional quantitative easing. Greenback advanced 0.3% to JPY 79.898 in Asian trade after hitting a half year record high at JPY 80.01. Currently USD/JPY is trading at JPY 80.03.
China's production may decline for a fourth straight month in February as endured European debt crisis keeps depressing nation's exports amid weaker local property market. The HSBC and Markit Economics estimated preliminary gauge at 49.7 in February compared to 48.8 in January. A figure below 50 represents contraction.
Greece is expected to face mass protests against the budget cuts after the country has received 130 billion Euros worth bailout package. At the moment, the government is passing emergency legislation required by the lenders. The country already experienced confrontations after austerity program of earlier bailout and the riots are likely to repeat again on Wednesday as people want to
Indian silver imports are likely to approach 5,000 tons this year as compared to 4,800 last year. The increase in demand is mainly attributed to stronger investment and industrial demand, reported Prithviraj Kothari, the President of BAA. The country also was the biggest gold importer in 2011 and is likely to remain an important gold purchaser this year.
Canadian core retail sales were almost unchanged in December while analysts expected the figure to gain 0.2%, reported Statistics Canada. Total retail sales faced 0.2% decline on a seasonally adjusted basis in December, being mainly in compliance with expectations. After data release, Canadian Dollar depreciated against the US counterpart and the pair USD/CAD advanced 0.28% to 0.9964.