Hong Kong equities closed higher on Wednesday with the Hang Seng Index rising 0.96%, or 217.34 points, to 22,777.84, as financials and exporters were boosted by overnight gains on Wall Street. All but one group in the index advanced at least 0.4%. Belle International posted biggest gain in the gauge, as BofA Merrill Lynch maintained the retailer's "buy" rating. China
Japanese equities extended their gains, as the U.S. services industry accelerated its growth pace to the fastest in a year on rising optimism over more monetary stimulus. The Nikkei 225 Stock Average jumped 2.1% to 11,932.27, yet with the total volume declining by 22%. All sectors within the gauge edged higher, especially the blue chip companies exporting to the U.S.
Copper appreciated for a third day on service sector in the U.S., the second largest consumer of copper, expanded more than forecast, increasing demand for the commodity. The contract for Copper delivery in 3 months gained 0.5% and was settled at $7,812.50 a metric ton in London, May-delivery Copper advanced 0.4% to $3.5285 per pound in New York. According to
The Pound depreciated versus the U.S. Dollar for the first time this week ahead of Bank of England monthly two-day meeting in London to decide whether to expand monetary policy. The Sterling fell against 15 of its 16 main counterparts on economists expect the BOE to increase assets purchase by at least 25 billion Pounds from 375 billion Pounds. The
Dow Jones Industrial Average reached a record high level on growing optimism about central banks and China's pledge to maintain the growth target. The Dow climbed 0.9%, or 125.95 points, to 14,253.77, beating its previous highest level at 14,164.53. 27 out of 30 blue chip companies edged higher. Cisco Systems jumped 2.3%, the most in the gauge, adding to
Farm commodities apart from coffee advanced on Tuesday amid hopes for robust China's demand. However, signs of improved weather conditions in the US as well as worries over a record high harvest in Brazil put heavy pressure on the commodity complex. Wheat rose despite forecasts that global wheat output will recover in 2013-14 mostly due to expected jump of 14% in
Energy futures traded mostly higher on Tuesday amid better-than-expected numbers from the US non-manufacturing sector and positive outlook on China's economy for 2013. Meanwhile, market players focused on the EIA supply report due on Wednesday. Crude and Brent oil jumped as positive news from the US and China improved perspectives for energy demand. Moreover, expectations of a bullish EIA report were
Industrial metals rose on Tuesday after China left unchanged its growth target for 2013 as the government wants the country to expand gradually and maintain social stability. Moreover, positive US numbers boosted the commodity group. US non-manufacturing sector expanded faster than expected last month. Aluminum moved higher amid positive headlines from the US and China. However, elevated LME inventories, which remained
Precious metals rebounded on Tuesday on after Federal Reserve Vice Chairman Janet Yellen said that the Fed should continue its bond-buying activities. Moreover, expectations that the BOJ will also ease its monetary policy supported the commodity complex. Gold climbed on hopes that the Fed will stick to loose monetary policy to spur economic activity. The yellow metal also drew strength from
U.S. blue chips rose, as China pledged to maintain its growth target of 7.5% and investors look forward to more monetary stimulus measures from central banks. The S&P 500 Index advanced 1% to close at 1,539.79. All ten groups in the S&P 500 gauge edged higher. TripAdvisor Inc. posted biggest gains in the index with its shares rallying 4.8% to
Asian shares advanced, with the regional benchmark index reaching the highest level since August 2011, as U.S. stocks jumped to a record high as activity the U.S. service industry grew at the fastest pace in a year. The MSCI Asia Pacific Index added 1.1% to 135.85 at 12:11 p.m. in Tokyo. The Nikkei 225 Stock Average surged 1.3%, Hong Kong's
India's Rupee advanced the most in more than a week amid the U.S. service industry improvement, which spurred stocks to a record high, will increase inflows to emerging markets. The Rupee rose 0.5% to 54.6700 per U.S. Dollar at 10:10 a.m. in Mumbai, the biggest advance since February 25. One-month implied volatility declined 10 basis points to 9.62%.
The Korean Won rose for a second straight day as an advance in U.S. equity markets urged global funds to purchase South Korean stocks. The Won rose 0.2% to 1,084.40 per U.S. Dollar at 10:08 a.m. in Seoul, with one-month implied volatility falling 11 basis points to 6.73%. Overseas funds increased their holdings of the nation's equities and bonds to
The Aussie Dollar advanced versus most of the major counterparts as data showed Australia's economy expanded in the Q4, driven by exports and household consumption. The Dollar gained as much as 0.3% to $1.0285 at 4:52 p.m. in Sydney after rising 0.6% yesterday, the most since February 22. The Australian Dollar climbed 0.2% to 95.87 yen after earlier reaching 95.92,
Before the December's GDP growth data were released by the Australian Bureau of Statistics, the Reserve Bank of Australia made the decision to keep the cash rate at 3%, matching the market expectation, after a cut by 1.25% in 2012. Gross domestic product of the country is expected to rise 0.7% in the Q4 with annually acceleration of 3.1%, the
Service sector of Spain recorded further slow-down in the month of February as new businesses and business activity fell at the faster rates than expected and as new orders dropped more than in the prior month, the Markit Economics reported on Tuesday. The Business Activity Index decreased for the first time in a five-month period in February, when it fell
According to latest ABS Retail Trade figures, seasonally adjusted, Australian retail sale turnover gained 0.9% in January 2013, following a fall of 0.4% in December 2012 and 0.2% in November 2012. The largest input was done by other retailing (2.6%), household goods retailing (1.3%), food retailing (0.3%), cafes, restaurants and takeaway food services (1%), clothing, footwear and personal accessory retailing
The British currency strengthened for a second straight day versus its two major counterparts, the U.S. Dollar and the Euro, after a report showed bigger expansion of the U.K. services than economists expected. Sterling added 0.2% to $1.5151 on Tuesday following an 0.5% advance the day before, after it touched the lowest level in more than 2 years on March
German shares edged higher on speculation that central banks in Europe and the U.S. will extend monetary stimulus. In addition China pledged to raise its budget deficit to spur demand. The DAX Index climbed 1.9% to 7,838.12 by 15:50 in Frankfurt. Deutsche Post AG was the top leader, by gaining the most in seven months after its fourth-quarter profit topped
Shares on Wall Street accelerated on Tuesday as China's government announced its decision to keep its economic growth target at the same level for 2013 and amid optimism the Federal Reserve will maintain its monetary policy in order to support the growth. The S&P 500 futures gained 0.4% to 1,531.2 and the Dow Jones Industrial Average futures added 0.3% to
U.K. equities edged higher, with the FTSE 100 Index heading to its highest level in more than four years, after data showed that U.K. services industries unexpectedly expanded in February and companies reported higher-than-expected corporate profits. The FTSE 100 Index rose 1% to 6,406.39 by 15:31 in London. All but one sector climbed at least 0.4%. John Wood Group jumped
Consumer price index of the Organization for Economic Cooperation and Development area fell notably in January hitting its lowest level since November 2010, a data showed on Tuesday. OECD's inflation decelerated from December's level of 1.9% to 1.7% in January, when the biggest impact had a slower growth of energy price with the rise of 1.8% in January compared to
Service sector activity in the Eurozone slowed down less than previously estimated in February as the inflow of new orders was not as steep as forecast, while new businesses in services declined at the sharper rate than economists expected, the Markit Economics reported on Tuesday. The services activity index of the 17-nation bloc dropped from 48.6 in January to a
Service sector in the U.K. accelerated at the fastest pace in a five-month period in February supported with a notable increase of new businesses, the Markit Economics reported on Tuesday, bringing a sign of the country's economic revival. The Chartered Institute of Purchasing & Supply (CIPS) Purchasing Managers' Index for the service sector advanced from January's 51.5 points to 51.8