Japan used monetary intervention in November as appreciating Yen harmed nation's main exporters including car markers and electronics producers. Finance Ministry today disclosed data, showing that country sold JPY 1.02 trillion or USD 13.3 billion in the early November to depreciate Japanese currency. Foreign exchange strategists expect further intervention from Japanese officials.
Mitt Romney won Nevada caucus yesterday, strengthening his main player status in Republican presidential competition. Romney gained 48% of votes, followed by Gingrich with 23%, Ron Paul with 19% and Rick Santorum with 11%. In his speech Romney confronted Obama, claiming private sector and Americans led for improvements in US job market, instead of the current President.
US stock markets followed European path and rallied on Friday supported by strong US employment data. Dow Jones Industrial Average finished 1.23% or 156.82 points up at 12,862 and gained 1.6% on weekly basis. Nasdaq Composite Index edged up 1.61% or 45.98 points and closed at 2,905.66 or 3.2% weekly jump. S&P 500 Index added 1.46% or 19.36 points and
German factory orders expanded more than expected in December, suggesting European biggest economy suffered less from regional crisis due to overseas demand. Factory orders added 1.7% in December compared to a 4.9% fall in November. Economists earlier predicted an increase of 1.0%. Orders from Euro Zone countries slumped 6.8%.
German DAX 30 index traded lower on Monday amid fresh worries over Greek debt swap talks. German benchmark declined 0.5% at 3,730.70, weighted down by financials as Deutsche Bank AG dropped 2.2% and Commerzbank AG edged down 1.2%. Losses were partly offset by utilities firm RWE AG which jumped 2.1% after HSBC upgraded the its shares to neutral, predicting future
After showing strong performance on Friday, FTSE 100 Index retreated on Monday as Greek lawmakers kept struggling with the approval of austerity measures required by bailout funding providers. FTSE 100 dropped 0.3% to 5,884.21, pushed down by Glencore International PLC on news that its merger with Xstrata PLC is likely to be investigated by the EU competition commission. Glencore lost
Japan's Nikkei Stock Average rallied on Monday, lifted by upward revised profit forecasts and export shares which climbed on optimistic US labour market data. Nikkei 225 index surged 1.08% or 95.09 points and finished at 8,927.02. Oki Electric jumped 14% and Nikon added 11% after both companies raised their profit forecasts. Car markers also contributed positively to the index with
Hong Kong's Hang Seng index offset strong early gains and closed lower on Monday as the optimism on US jobs report was outweighed by Greek bailout uncertainty. Hang Seng index dropped 0.23% or 47.04 points and closed at 20,709.94, driven by property and telecommunication shares. China Resources Land Ltd. fell 4% while China Overseas Land & Investment Ltd gave up
Dow Jones Industrial Average Index appreciated sharply on Friday, lifted by report which showed US economy gained 243,000 new jobs in January and jobless rate fell to 8.3%. Blue chip index surged 1.23% or 156.82 points up at 12,862 with 28 of 30 shares reporting gains. Bank of America soared 5%, followed by Caterpillar with a 3% gain. The only
Canadian currency appreciated for a fourth straight week as positive US economic data amid manufacturing growth in Europe and China spurred demand for higher yielding assets. Loonie strengthened 0.9% against greenback to CAD 0.9934, the longest gain streak since October 28. USD/CAD currently is trading at CAD 0.9972.
S&P 500 index rallied on Friday, fuelled by US government job report, showing higher-than-expected hiring and a drop in the unemployment level. US benchmark index jumped 1.46% or 19.36 points and settled at 1,344.90 with all 10 sectors posting substantial gains, driven by financial shares. Genworth Financial surged 14%, after the insurer reported it returned to profit in 4th quarter.
Crude oil declined from three day record high on investor concern Greece may fail to avoid financial collapse, harming fuel demand. Oil futures due March gave up 78 cents and traded at USD 97.06 per barrel. On year to day basis oil has declined 1.6%. March delivery Brent oil lost 22 cents to USD 114.36.
Bank of America, JP Morgan Chase &Co and Well Fargo & Co was sued over use of property loan database by Eric Schneiderman, Attorney General of New York. According to Schneiderman, the lenders' use of database (MERS) led to inadequate foreclosures. Banks are accused of misleading home-owners, undermining foreclosure proceedings and creating uncertainty about proprietorship interests in real estate.
Greece is balancing on the edge between failure and success as debt swap agreement talks linger said Greek FM Evangelos Venizelos. While consensus had been reached on government asset sales and bank recapitalization, all parties involved still cannot agree on fiscal measures for 2012 and labour reforms. Venizelos claimed the talks with other EU FMs are very challenging.
European share markets improved sharply on Friday after US jobs report showed better that expected hiring and a drop in unemployment level. Stoxx Europe 600 and German DAX 30 index each added 1.7% while UK FTSE 100 index climbed 1.8%. French CAC 40 index advanced 1.5% but Greece ASE Composite index lost 3.8% as Greek PM Lucas Papademos threatened to quit.
China prohibited its airlines from entering EU carbon emissions system, created to restrict pollution. China claimed the program breaches international regulations. The carbon system violates the UN Framework Convention on Climate Change and world-wide civil aviation rules, said China's Civil Aviation Administration in a statement issued yesterday.
Japanese leading electronic companies claimed they are likely to loose about USD 17 billion in 2012. Sony Corporation doubled its yearly loss outlook while Sharp Corporation and Panasonic Corporation forecast the worst year in their companies' histories. Japanese electronic producers were heavily hit by Thailand flooding and appreciating Yen amid strengthening positions of Apple and Samsung.
Australian currency depreciated after government report posted an unexpected drop in nation retail sales, boosting investor predictions Reserve Bank of Australia will be forced to cut interest rate tomorrow. Aussie weakened 0.5% against US Dollar to USD 1.0720 while its New Zealand peer dropped 0.6% to USD 0.8306. Currently USD/AUD is trading at USD 1.0718 while NZD/USD is trading at USD
Retail sales in Australia unexpectedly slumped in December, making the first decline in 6 months as consumption on dining out and at grocers weakened. Australia retail sales fell 0.1% on a monthly basis, said Sydney Bureau of Statistics. Economists earlier predicted an increase of 0.2%. After report analysts expect a further benchmark interest rate reduction from Reserve Bank of Australia.
17-nation currency declined against most of its counterparts on Monday Asian trade as investors awaited Greek officials' response to international creditor requirements. The Euro dropped 0.6% against greenback to USD 1.3085 and lost 0.3% against Japanese Yen, reaching JPY 100.46. Currently EUR/USD is trading at USD 1.3070 and EUR/JPY is trading at JPY 100.30.
Indonesian economy expanded in 2011, reaching record high pace since pre-Asian crisis period in 1996. Indonesia's annual GDP added 6.5% compared to predicted 6.44% growth. Indonesia has outperformed its neighbour countries including Philippines and Thailand. A rapid private consumption growth signals surging customer confidence despite global uncertainty, suggest Bank Danamon Indonesia's economists.
US factory orders increased by 1.1% in December, reported the Commerce Department. The figure was below the expectations of a 1.4% increase. Shipments soared by 1.4% while unfilled orders climbed by 1.4%. At the same time, inventories rose by 0.1% while durable goods added 3.0% in December.
Agricultural commodities, excluding wheat, inched up on Thursday amid expected decline in crops. Wheat, the only loser, tumbled by 1.71% as traders cashed out to book gains after previous rally and as Russia delayed its grain export decision. Other grain commodity, corn, was supported by the 30% fall of Argentinian exports. Sugar was slightly higher due to speculations over Brazilian
Energy commodities faced mixed performance on Thursday, with easing up natural gas and Brent oil and falling heating oil and crude oil. Crude oil price fell to almost six-week low amid weak demand and growing US stockpiles. The IEA reported the largest single week fall in crude oil consumption in 14 years. At the same time, Brent oil drew some