Rio Tinto Ltd. announced that its sales of iron ore soared by 2% in Q1 on a yearly basis whereas copper output tumbled by 18% as red metal's grades are likely to be lower than expected. Meanwhile iron ore production surged by 10% attaining 59 million tons while alumina output increased by 13%. The production of coking coal gained 5%
US retail sales eased up more than projected last month, extending previous month's gain, according to the US Census Bureau. The retail sales increased by 0.8% in March as compared to a 1.1% rise in the preceding month. Analysts predicted the figure to edge up by 0.3% in March. Core retail sales that exclude auto sales advanced by 0.8% in
Japan will give 60 billion US Dollars in loans to the IMF to boost IMF lending capacity. The IMF has asked its members to contribute more funds to stabilize situation in the indebted Euro Zone countries. Meanwhile Japan expects other members of the IMF to back up the fund. The agreement with Japan is a significant step towards promoting world's
Apple Inc stocks declined for a fifth consecutive session on Monday amid worries the demand for iPad may weaken and Apple partners including Verizon Wireless may cut subsidies for iPhone, hampering the profitability of Apple best selling items. Apple tumbled 4.2% and closed at USD 518.13 a share yesterday, posting the biggest drop since October 19. Until the latest drop Apple shares
US blue chip stocks climbed on Monday lifted by better than expected retail sales though Apple Inc erased gains for S&P main index and Nasdaq Composite. S&P 500 index dropped 0.05% or 0.69 points at 1,369.57 while Dow Jones Industrial Average added 0.56% or 71.82 points and closed at 12,921.41. Nasdaq Composite index fell 0.76% or 22.93 points to 2,988.40.
The 17-nation currency depreciated versus its US counterpart and Japanese currency ahead of Spanish debt sale on Tuesday. The Euro shed 0.2% versus US Dollar to USD 1.3110 and gave up also 0.2% against Yen to JPY 105.42. Currently EUR/USD is trading at USD 1.3110 and EUR/JPY is trading at JPY 105.41.
European stock markets managed to end up in green area on Monday as data showed US retail sales climbed more than expected in March. Nevertheless gains were limited as Spanish stocks stayed under pressure. Stoxx Europe 600 index gained 0.3%, Spanish IBEX fell 0.6% and French CAC 40 index added 0.5%. FTSE 100 index soared 0.3% and German DAX advanced
Canadian currency depreciated against the Japanese Yen on concern European debt turmoil may be regaining momentum, making less attractive the currencies of nations which produce and export raw materials. Loonie tumbled 1% versus Japanese currency to JPY 80.18 yesterday. Canadian Dollar traded almost flat against its US peer and traded at CAD 0.9994. Currently CAD/JPY is trading at JPY 80.40.
The New Zealand and Australian dollars declined for the third day on worries European debt woe is harming investor demand for higher yielding assets. Aussie prolonged losses after RBA indicated it may lower interest rates in case inflation slows. Australia's currency lost 0.2% versus greenback to USD 1.0332 while Kiwi fell 0.5% to USD 0.8165. Currently AUD/USD is trading at
German DAX index rose on Monday, lifted by carmakers. The index extended gains later in the session after US said its retail sales climbed more than predicted in March. BMW AG rallied 2.7%, Volkswagen AG surged 2.3% and Daimler AG appreciated 2.2%. Shares of BASF SE jumped 2% after HSBC lifted its stock from neutral to overweight. On the downside
Precious metals tumbled on Friday amid broadly stronger US Dollar despite weak labour market data. Over the last week, precious metals faced high volatility as hopes for new round of quantitative easing from the Fed added to fluctuations of the commodity group. Gold and silver mainly followed the downward move of the global stock markets while escalated Euro Zone's debt
Industry metals followed a bearish trend on Friday as US currency continued to appreciate while deteriorated China's economic outlook dampened investors' sentiment. China's GDP expanded by 8.1% as compared to 8.3% widely expected. Moreover, escalated worries across the Euro Zone's debt crisis after Spanish bond yields hit 6% created additional pressure on the base metals pack. Aluminium's spot demand remained
Energy prices apart from heating oil declined on Monday as broadly stronger greenback and softer global equities weighted down on the commodity group. Moreover, negotiations between Iran and Western economies during last weekend removed the supply risk premium for Brent and crude oil. From the demand side, the commodity group also lost backup as China's economy is slowing while peripheral
Rural commodities retreated on Friday on the global demand uncertainty. Wheat was among the top losers, falling by 2.46% over the day as ProZerno reported on the 1.4% increase in the grain planting areas this season. Meanwhile corn also came under pressure from global economic instability. However, the downswing was limited as expected rains in the US are not likely
S&P 500 index faced its worst week in 2012 as several disappointing macro indicators including US consumer confidence and Chinese GDP growth harmed investor sentiment. US index fell 1.25% or 17.31 points and finished at 1,370.26 on Friday, posting a 2% weekly drop. Financial sector provided the heaviest downside contribution giving up overall 2.3%. Apple Inc. tumbled 2.8% on news
FTSE 100 index climbed higher on Monday supported by energy stocks. International Power rallied 3.3% after the firm announced it has agreed to a higher GBP 4.18 a share offer from GDF Suez SA. BG Group added 1.3% on news the company is in talks with gas provider Cosan SA Industria y Comercio. On the downside were banks with Lloyds
Hong Kong's Hang Seng index dropped on Monday as the sharp surge in Spain's bond yields renewed investor concerns about European debt crisis. Hang Seng index fell 0.44% or 90.40 points and settled at 20,610.64 with bank and mining sectors posting most notable loss. Industrial & Commercial Bank of China slipped 0.8% after Goldman Sachs Group said it will sell
Japan's Nikkei Stock Average tumbled to 2-week low on Monday as Spanish 10 year borrowing costs surpassed 6% and US consumer confidence unexpectedly fell. Nikkei 225 index plunged 1.74% or 167.35 points and finished at 9,470.64. Toyota Motors and Honda Motors which heavily depend on US demand slipped 1.7% and 2% respectively. Financials also depreciated with Mitsubishi UFJ Financial Group
Dow Jones Industrial Average index traded lower on Friday as data showed US consumer confidence weakened in the beginning of April amid surging Spanish bond yields. 28 out of 30 stocks ended up in the negative territory. Blue chip index fell 1.05% or 136.99 points and closed at 12,849.59 led by banking shares. Bank of America plunged 5.3% while JP
US shares fell on Friday after China posted disappointing GDP growth data and US consumer sentiment gauge unexpectedly declined. S&P 500 index lost 1.25% or 17.31 points and finished at 1,370.26, Dow Jones Industrial Average shed 1.05% or 136.99 points to 12,849.59 while Nasdaq Composite index tumbled 1.45% or 44.22 points to 3,011.33.
UK managed to maintain its top AAA grading with an outlook defined as stable at Standard & Poor's as the rating agency countered with Fitch Ratings and Moody's Investors Service on the uncertainty regarding nation's ability to handle its debt. S&P claims confidence UK's PM David Cameron and his government will be able to lower country's budged deficit. In contrast Fitch and Moody's threatened to
Great Britain's producer prices advanced more than predicted in March, indicating inflation pressures linger in the nation's economy. The value of goods at factories added 0.6% compared to February, Office for National Statistics reported today. Economists questioned by Bloomberg expected a 0.5% gain. The costs of raw materials surged 1.9% instead of projected estimate of 1.4%.
Euro Area officials are going to Washington this week in order to demand larger war chest from overseas partners to prevent debt crisis as Spanish government struggles with surging borrowing costs. US though insists Europe can tackle crisis by its own financial firewall while Euro Zone representatives claim they already have done enough and deserve global help.
Temasek Holdings is preparing to buy a part of Goldman Sachs Group's stake of Industrial & Commercial Bank of China (ICBC). Goldman Sachs is going to sell 3.55 billion of ICBC shares valued at USD 2.5 billion or about 4% of total amount traded in Hong Kong. ICBC shares lost 0.8% in Hong Kong on the news. Temasek has been raising holdings in