German DAX 30 index retreated and climbed 0.7% on Wednesday, lifted mainly by financials. Deutsche Bank AG added 1.7%, while Commerzbank AG jumped 8% after its Polish division reported a 46% increase in 4th quarter profit. Car maker Daimler AG advanced 1% ahead of its earnings report due tomorrow. DAX 30 erased some of its gains after ECB said it
UK FTSE 100 Index opened higher on Wednesday, supported by mining and energy stocks as developments Greece spurred hopes the country might avoid default. Rio Tinto PLC surged 1.4%, Fresnillo PLC added 0.2% and Kazakhmys PLC gained 2%. On the downside BHP Billiton PLC lost 1.2% after reporting a drop in its profit. During the session FTSE 100 climbed 0.1%
Nokia Oyi, one of biggest cell phones manufacturer which sales are concentrated in Asia, announced it will eliminate about 1000 jobs in Finland, 2300 in Hungary and 700 in Mexico as company wants to concentrate its resources closer to suppliers in Asia. The company plans to transfer its device assembly to Asian plants where the component suppliers are located.
German exports declined more rapidly than economists predicted in December as debt crisis harmed the export demand across the troubled region. Exports lost 4.3% compared to November when they added 2.6%. In contrast, analysts predicted only a 1% decline in European biggest economy's exports. Nevertheless economists suggest the German exports may gain momentum in 2012 as business confidence surged in January.
Hong Kong's Hang Seng index appreciated 1.54% or 319.27 points at 21,018.46 on Wednesday as investors sentiment improved on Greek debt talks and China announced it will apply measures to support first time home purchasers. Property shares rallied on the announcement with China Resources Land Ltd. gaining 3%, China Overseas Land & Investment Ltd. surging 5% and Agile Property Holdings
Asian shares markets improved on Wednesday, supported by car maker stocks on the upside amid Greek deal optimism. Japan's Nikkei Stock Average and South Korea's Kospi each gained 1.1% while Australia's S&P/ASX 200 index added 0.4%. China's Shanghai Composite jumped 1.6% and Hong Kong's Hang Seng Index advanced 1.5%.
Dow Jones Industrial Average Index retreated on Tuesday on news the number of new job openings in January climbed more than expected and Americans borrowed more in December. Blue chip index added 0.26% or 33.07 points and finished at 12,878.20. Coca-Cola climbed 0.8% after the world's biggest soft-drink producer, reported higher than expected 4th quarter profit. McDonalds Corp. surged 1.4%
S&P 500 index traded higher on Tuesday as data showed consumer borrowing surged in December and Greek officials said they are close to approve budged measures. US stock index gained 0.2% or 2.72 points and closed at 1,347.05 with seven of ten sectors posting gains. Anadarko Petroleum Corp. jumped 5.2% after oil producer's profit beat Wall Street expectations. Sears Holdings
Coca-Cola the world's biggest soft-drink producer, reported higher than expected 4th quarter profit as juices and teas stimulated sales in Asia. Profits totalled 79 US cents per share compared to 77 cents a share predicted by analysts. Coca Cola shares gained 1.3% on the announcement. Company's stocks advanced 6.4% in 2011.
People's Bank of China is preparing to ease lending rules for first time house buyers to ensure cheaper house projects. Wei Yao, economist at Societe General admitted the decision is likely to spur private demand in rapidly fading property market. Nevertheless, Yao does not expect softer requirements for developers as the government still fears to fuel speculative demand.
Japanese merchandise trade experienced the first yearly deficit in more than a 50 years as the trade gap reached JPY 1.609 trillion. In December, however, the current account surplus broadened to JPY 303.5 billion (USD 3.95 billion) compared to predicted JPY 331.4 billion. Exports lost 7% while imports gained 9.8% in the last month of 2011.
Borrowing costs on German government notes surged, sending 10-year yields to 2-week record high as investors became more optimistic about soon resolution of Greek debt crisis. The yield on German 10-year bill soared 0.08 percentage points to 1.96%, while the borrowing costs for 2-year notes gained 4 basis points to 0.22%.
Canada's currency appreciated on Tuesday as investors digested news that Greece is moving towards final version of its debt swap agreement. Loonie gained 0.2% or CAD 0.9944 amid climbing crude and stock prices. Meanwhile Canada's 10-year benchmark yield advanced to 2.03%. Currently USD/CAD is trading at CAD 0.9946.
Japanese currency depreciated against most of its counterparts on Wednesday as Asian stock markets traded higher, curbing demand for safer investments amid country's current account data. Japanese Yen slipped 0.5% against US Dollar to JPY 77.14 and edged down 0.6% against Euro to JPY 102.35. Currently USD/JPY is trading at JPY77.05 and EUR/JPY is trading at 102.29.
US stock markets finished up on Tuesday lifted by news that Greece is close to finding consensus on its austerity measures to get bailout money and Ben Bernake confirmed the Federal Reserve will stick to low interest rate despite optimistic employment data. S&P 500 index gained 0.2% or 2.72 points and closed at 1,347.05, Dow Jones Industrial Average index added
Gold appreciated during Asian session as investors became more optimistic about Greece's escape from default. Gold futures for delivery in April added 0.1% or USD 2.40 per ounce and traded at USD 1,751.2 on Comex division of New York Mercantile Exchange. Copper futures to be delivered in March rallied 1.2% to USD 3.92 a pound.
The number of new vacancies in US surged to a record high since in almost 12 months, indicating stronger employer confidence about the country's economic outlook for 2012. Job openings soared by 258 000 which is the biggest increase since February 2011. Previously US data showed the unemployment dropped to 8.3% in December while hiring accelerated.
European share markets moved downwards during the session but erased most of losses before closing as Greece said it is close to conclude a debt swap agreement. Stoxx Europe 600 declined 0.27%, UK FTSE 100 edged down 0.03% while German DAX lost 0.16%. In contrast French CAC posted gains, surging 0.18% while Athens General Index jumped 2.2%.
Greek PM Lucas Papademos decided to postpone the meeting with leaders of Greece's three main political parties for the second time in few days. Instead Papademos prepares to meet so called Troika or ECB, IMF and European Comission to finalize details of measures required to receive EUR 130 billion bailout package.
Consumer credit in US soared more than expected in December, lifted by vehicles demand and student credits. Loans climbed by USD 19.3 billion totalling USD 2.5 trillion, said Federal Reserve today. The gain substantially outperformed economists' predictions who forecast an increase of USD 7 billion. The improvement in lending can be associated with stronger consumer confidence, suggest analysts.
German DAX 30 index dropped 0.5% on Tuesday with all 9 sectors reporting loss, driven by a sharp decline in carmakers share value. BMW AG led the drop for the day, giving up 3%, followed by Volkswagen tumbling 2.5% and Daimler fading 2.6%. Consumer service stocks also showed weak performance as Metro AG lost 2.4% and Deutsche Post edged down
The government of India predicted the nation's economy will expand at slowest pace in three years, putting extra pressure on Reserve Bank of India to cut interest rates. Government predicts annual GDP to increase by 6.9% starting from March. India's economy grew 8.4% in period 2010-2011. The growth slowed down after central bank raised benchmark rates starting from 2010 until October 2011.
UK FTSE 100 Index maintained the downward trend on Tuesday, pushed lower by mining shares amid Greek uncertainty. Xstrata and Glencore fell 3.3% and 2.6% respectively. Burberry Group led the drop after posting a 0.3% fall in its annual retail sales. GlaxoSmithKline tumbled 2% after the drug manufacturer reported disappointing 4th quarter sales. Oil stocks showed mixed performance as Royal
Japan's Nikkei Stock Average finished slightly lower on Tuesday, affected by earnings reports and global uncertainty. Nikkei 225 index edged down 0.08% or 7.17 points at 8,922.03. Dainippon Screen tumbled 7% and Suzuki Motor fell 1.8% on worse than expected earnings reports. On the upside Nikkei index was supported by shipping companies Mitsui O.S.K. Lines and Nippon Yusen K.K, which