The trade of the Saab's shares was halted by the Netherlands' Financial Market Authority without giving any reason. The Swedish car producer experienced problems and it applied for bankruptcy protection three months ago. The share price declined by 19% before the trade was suspended.
US stocks declined after Fitch Ratings reported the euro-zone crisis will continue next year as solution is still elusive despite EU leaders' attempts. The Dow Jones Industrial Average lost 225 points to 11,959. S&P 500 Index edged down 26 points to 1,229. The Nasdaq Composite decreased by 50 points to 2,597.
Natural gas futures declined to 13-month low on the mild weather forecasts in the US and larger level of the commodity supplies that exceeds the heating needs of the country. On the New York Mercantile Exchange, natural gas futures for January delivery were traded at USD3.247 per million British thermal units at the early U.S. trade, losing 2.13% since opening.
Brazil's stocks fell on the worries that Brazil plans to reduce its growth forecast for 2011 and 2012. The stock prices were also impacted by the concerns over spreading euro-zone's debt crisis. Brazil's Ibovespa lost 2.1% to 57,006 while Petrobras declined by 3.3% and Vale edged down 2.2%.
Cotton futures experienced losses falling to two-week low on the worries about the worldwide demand for the commodity. World Agricultural Supply and Demand Estimates announced on Friday it lowered the global demand for cotton forecast by 2.6%. On the ICE Futures U.S. Exchange, cotton futures for delivery in March were traded at USD0.8970 a pound at the European afternoon trading hours, losing 0.8% since opening.
The EU being fragmented by private interests will not impose sanctions on Iranian oil. Some of the EU members proposed banning Iranian oil imports but met opposition of those members depended on the oil supplies from Iran. Iranian policy is to provide sustainable supply of crude oil to Europe. In case of sanctions on Iran, the top oil producer in the OPEC, the global
Airline stocks decreased essentially on Monday following the fall of the benchmark Standard & Poor's 500 Index by 1.2% amid growing uncertainty in the euro-zone. The NYSE Arca Airline Index declined by 1.5% to 34 points. Stocks of US Airways lost 3% to $5.46, shares of JetBlue Airways tumbled by 2% to $4.94 and stocks of United Continental Holdings decreased by 1.2% to $20.37.
Japan is experiencing essential growth in demand for aluminum mostly due to increase in renewable energy production and automobile industry seeking for ways to reduce weight of vehicle. Currently the country consumes 10% of the total commodity production and it is likely to increase its demand from 4 mn tonnes yearly to 6.5mn tonnes.
Gold futures rapidly fell to six-week low declining below psychologically-significant level of USD 1,700 an ounce. The commodity price was mainly impacted by stronger greenback and concerns over the euro-zone's debt crisis. On the Comex division of the New York Mercantile Exchange, gold futures for delivery in February were traded at USD 1,663.75 a troy ounce at the morning US trade, losing 3% since opening.
Intel Corp. cut its growth perspective citing the shortage of the hard disks supply that impacted the whole PC industry. Intel announced it projects sales to amount $13.7 billion as compared to $14.7 billion previously expected. The share price of the company lost over 4% in the morning trades.
The level of employment in Switzerland increased more than expected in Q3, according to official data. The number of the people employed people increased to 4.05 million on a seasonally adjusted basis in Q3 as compared to 4.02 employed in previous quarter. Experts predicted the employment to achieve 4.04 million in Q3.
The gold and silver are likely to gain more appeal in 2012 despite strengthening of the US dollar, reported Deutsche Bank. The market conditions for gold with bullish outlook in last decade are likely to continue in 2012 amid high equity premium in the US, negative property rates and gold purchasing of the central banks, the bank added. The gold will achieve $1,750 an
Crude oil futures decreased on the stronger USD and growing worries over the euro-zone's debt crisis and Iranian oil exports' disruption. Crude oil futures fell below USD 99 a barrel and futures for delivery in January were traded at USD97.95 a barrel on the New York Mercantile Exchange during the morning US trade, losing 1.46% since opening.
Morgan Stanley stocks decreased by 5% and led the all S&P industry down. The Financial Select Sector SPDR ETF that shows financial stocks of the S&P 500 lost 1.7%. Dow financials also followed the trend with Bank of America Corp. losing 2.5%, J.P. Morgan Chase & Co. declining by 2.7%, American Express Co. decreasing by 1.5% and Travelers Cos. Inc. tumbling by 0.6%.
Copper futures declined to the lowest level in the last eight days amid lower investors' confidence after the EU summit failed to present measures for combating debt crisis. On the Comex division of the New York Mercantile Exchange, copper futures for delivery in March were traded at USD3.472 a pound at the early European trade, losing 2.4%.
UK's FTSE 100 lost 0.5% on Monday as investors became sceptic whether the measures proposed by EU leaders during the summit will manage to solve the debt crisis. Financials and mining companies pushed on the UK benchmark index most heavily. Royal Bank of Scotland Group PLC plunged 4.7% after Financial Services Authority reported that various factors nearly destroyed the bank during 2008 financial crisis. Lloyds Banking Group
Italy sold 7bn euros ($9.3 bn) of 1-year bonds or the maximum planned amount for auction. Borrowing costs for the country declined as PM Mario Monti's parliament approved 30 bn euro austerity and growth plan. The yields for 1-year government notes dropped to 5.952% compared to 6.087% at previous auction on November 10.
Treasury prices surged on Monday, pressing down the borrowing costs as investors expressed scepticism that the actions proposed by EU officials will solve key problems in short-term period. Yields for 10-year bonds declined by 4 b.p. to 2.02% while those on two-year notes fell by 2 b.p. reaching 0.21%. Borrowing costs for 30-year bonds lost 4 b.p. to 3.07%.
US stock index futures fell on Monday as investors became unconvinced whether the tools announced by EU leaders during the summit will manage to solve the debt crisis. The futures on the Standard & Poor's 500 index lost 9.2 points to 1,243.80, while those on Dow Jones Industrial Average gave up 73 points reaching 12,070. Nasdaq 100 futures dropped 12.5 points attaining 2,306.
On Monday German shares declined after Jens Weidmann the Bundesbank President denied speculations that ECB will expand its role after European officials agreed on new fiscal treaty. German DAX 30 lost 1.5% in early afternoon in Frankfurt. Previous week German benchmark edged down 1.6% after ECB rejected conjectures it will stimulate bond purchases. On the downside were two leading nation's banks, as Commerzbank AG and Deutsche
On Friday Dow Jones Industrial Average climbed 1.55% or 186.56 points and finished at 12,184.26 as European officials' achieved progress eased investor worries about debt crisis and US consumer confidence surged. 29 out 30 constituents ascended. Caterpillar Inc. and General Electric Co. led the gains adding 3.28% and 3.25% respectively. On the upside was also Boeing Corp. which gained 2.51% after receiving a $2.8bn order
Euro experienced a sharp decline on Monday after Moody's Investors Service told it will revisit credit ratings for EU countries. According to Moody's European summit last week provided few new actions and majority of proposed measures are similar to earlier announced ones. After Moody's statement 17-nation currency plunged 1% reaching $1.3253. Currently EUR/USD is trading at $1.3262.
On Friday US benchmark S&P 500 Index finished at 1,255.19 gaining 1.69% or 20.84 points after European officials managed to find consensus on fiscal ties and US customer confidence reached a 6-month high. On weekly basis the index experienced an increase of 0.9%. Financial companies were leading the gains. Morgan Stanley added 3.16%, and Bank of America Corp. surged 2.33%. Tech stocks also contributed positively
Foreign exchange analysts are lowering their forecasts for the 17-nation currency at the rapidest rate this year as ECB President Mario Draghi's borrowing rate reduction abandon one of the Euro pillars of maintenance. Investors are dumping assets denominated in euro, as EU officials fail to stop concern that Spain and Italy will capitulate to a debt crisis. Ken Dickson, Standard Life Investments currency investment director expects additional ECB