Hong Kong's Hang Seng index extended losses on Tuesday, weighted down by resource and insurance shares on investor concerns about world second biggest economy's growth prospects. Hang Seng index tumbled 2.16% or 459.06 points and finished at 20,806.25. Aluminium Corp. of China fell 5.3% and Jiangxi Copper Co lost 4.8%. AIA Group plunged 8.4% as investors digested news AIG sold
UK retail sales dropped in February for a second straight month as a decline in clothing buying offset the gains from food purchases, reported British Retail Consortium. Sales at stores that are operating at least one year fell 0.3% on annual basis. Same magnitude decline also took place in January. Although BoE expects slowing inflation to bolster consumption, the surge
European economy declined in the 4th quarter of 2011 as investment fell most since 2009 amid dropping consumer spending and exports. GDP both in Euro Zone and EU 27 area fell 0.3% compared to 3rd quarter said EU statistics office on Tuesday. Exports contracted 0.4% compared to a 1.4% gain in the 3rd quarter. Investment faded 0.7% and household spending diminished 0.4%.
Dow Jones Industrial Average index edged down on Monday with industrial and basic material sectors posting the biggest losses as data showed US factory orders declined by 1.0% in February. Blue chip index gave up 0.11% or 14.76 points to 12,962.81. Industry oriented Caterpillar sank 2%. Bank of America slipped 2% on news Fed may disclose additional information in recent
Asian markets traded lower on Tuesday as investors remained worried about world second biggest economy's growth prospects. Hong Kong's Hang Seng Index fell 2.2%, Shanghai Composite Index dropped 1.4% and Japan's Nikkei Stock Average lost 0.6%. South Korea's Kospi tumbled 0.8% and Australia's S&P/ASX 200 index gave up 1.4%.
S&P 500 index made the biggest two-session decline since January 27 as China lowered its economic growth forecast and US factory orders faded. US index dropped 0.39% or 5.30 points and closed at 1,364.33. Alpha Natural Resources lost 6% on falling natural gas prices caused by warm winter. CF Industries edged down 5.5% after Citigroup downgraded the stock from buy
US stock markets faced a relatively weak session on Monday as investors anticipated news about growth forecast cut in China and weaker PMI data in the Euro Area. S&P 500 index lost 0.39% or 5.30 points and closed at 1,364.33, Dow Jones Industrial Average index slipped 0.11% or 14.76 points to 12,962.81 and Nasdaq Composite faded most, dropping 0.86% or
Several US leading banks attempt to persuade Fed to restrict the amount of information it discloses to public when it reports the outcome of recent stress tests. Federal Reserve is preparing to disclose more details than it did in 2009. The Clearing House Association said in a letter to Fed that unveiling extra information may have a negative effect on
The factory orders in the US fell more than initially projected in January, reported US Census Bureau. The factory orders declined by 1.0% on a seasonally adjusted basis in January as compared to a 1.4% increase in the preceding month. Experts predicted the figure to drop by 1.3% in January.
Nissan plans to set up a new Sunderland factory that will provide 2,000 jobs thus increasing Sunderland's production facility's labour force to 6,000. The company is expected to invest about 125 million British Pounds in the project while the government supported the move assigning a grant of 9.3 million British Pounds. The new plant will start operations in the middle
Crude oil futures moved higher during the Asian session on Tuesday after Barack Obama discussed the developments across Iranian nuclear programme with Benjamin Netanyahu, Israeli's President. Barack Obama was sure that sanctions would force Iran to abandon its nuclear programme while Benjamin Netanyahu insisted that Israeli would defend its interests in case Iran continues to pursue its nuclear ambitions. Light,
European equity markets closed down on Monday, driven by financial and mining stocks as PMI data showed business activity declined in the Euro Zone in February. Stoxx Europe 600 index and FTSE 100 index each fell 0.6% while German DAX dropped 0.8%. Spanish benchmark IBEX 35 index tumbled 1.3% and Italian FTSE MIB index lost 0.7%. French CAC 40 index traded 0.4% lower.
Australian current account deficit decreased by 1,023 million US Dollars, or by 15% in Q4 of 2011, approaching 5,637 million US Dollars on a seasonally adjusted basis. At the same time, balance of goods and services showed a surplus of 6,801 US Dollars, indicating a 583 million US Dollars, or 9% gain. The primary deficit of income lost 3% to
Canadian Dollar declined against the greenback for a second straight day on news China lowered its economic growth expectations. Loonie depreciated 0.5% to CAD 0.9946. Canada's central bank is holding a meeting on March 8 to set benchmark interest rates and economists predict the bank to stick to current rate of 1%. Currently USD/CAD is trading at CAD 0.9951.
The Senate of the US voted for duties on subsidized goods from Vietnam and China. However, the US court is against such measures as it increases tensions between the US and China. Supporters claim that the move will protect US labour market. The bill is expected to be ratified by the House of Representatives and then to be signed by
Australian Dollar dropped to a two-week record low against its US peer on RBA announcement it will keep its key interest rate unchanged at 4.25% and left room for further easing if needed. Aussie fell against Greenback to USD 1.0621 and gave up 0.7% versus Japanese Yen to JPY 86.45. Kiwi also lost 0.7% versus US Dollar, reaching USD 0.8138.
17-nation currency weakened versus Japanese Yen ahead of European GDP report which is predicted to show the economy contracted in the 4th quarter as debt crisis harmed growth. Euro dropped 0.2% versus Yen to JPY 107.56 and lost 0.1% against greenback to USD 1.3203. Currently EUR/JPY is trading at JPY 107.49 and EUR/USD is trading at USD 1.3196.
The Reserve Bank of Australia decided to leave its benchmark interest rate unchanged citing lingering risks in Europe. Governor Glenn Stevens announced RBA will stick to overnight cash rate at 4.25%. RBA decision indicates confidence in US economic outlook and optimism about local employment. Inflation level is expected to fluctuate between 2% and 3%. Australian Dollar dropped 0.5% on the news.
German DAX index traded into negative territory on Monday as PMI data showed Euro Area business activity index dropped more than expected to 49.3 in February. Index recovered during the session as retail sales in Euro Zone unexpectedly rose in January. BASF SE lost 0.9% after Citigroup lowered share's rating to neutral. HeidelbergCement AG tumbled 2.6% after ING cut stock's
British FTSE 100 index faced a choppy session on Monday as UK service PMI declined in February. Weir Group tumbled 3.4% after Citi analysts cut stock's rating from neutral to sell. Tesco PLC lost 0.4% on news it plans to create 20,000 new jobs in Britain. On the upside BP PLC rallied 1.5% after company said it has reached a
Hong Kong's Hang Seng index tumbled on Monday weighted down by technology, financial and resource stocks as Chinese government lowered GDP target from 8% to 7.5% for year 2012. Hang Seng index fell 1.38% or 296.95 points and settled at 21,265.31 with all nine sectors posting losses. China Life Insurance and Ping An Insura led decline for the index, dropping
Glencore has reported an essential increase in net profit due to higher commodity prices. Revenues for 2011 added 28% approaching 186.2 billion US Dollars while profit gained 7% attaining 4.06 billion US Dollars. Taken strong performance, the company started to accelerate merger negotiations with Xstrata. However, Glencore has not offered better merger terms and main shareholders of Xstrata said they
China's demand for sugar is likely to increase by 4% over the decade, reported Rabo bank. At the same time, Morgan Stanley experts China's sugar demand will outweigh output by 2.5 million metric tons in the current season. Sugar prices are relatively high amid expected tightening of supplies. Sugar for delivery in March traded at 24.83 US cents per pound
India announced it imposed total ban on the cotton exports that comes in force immediately, citing significant fall in output. Cotton crops were hurt by diseases in many regions of the country hence country's textile producers were worried about the high prices and cotton shortages. The move is expected to send the cotton price higher.