Wall Street finished Tuesday’s session with the best gains in two weeks. The S&P 500 closed up 0.6% to 1,792.50, and the Dow industrials DJIA -1.19% ended the session up 0.5% to 15,928.56, breaking a five-day skid. Turkey is the tree — U.S. growth slowing is the new forest. New-home
sales and new orders were nasty slowdowns,” said McCullough.
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Ahead of the statement, the euro EURUSD -0.04% was little changed at $1.3658 versus $1.3662 late Tuesday in North America. The pound GBPUSD +0.03% was on par with late Tuesday’s level of $1.6578.
The Australian dollar AUDUSD +0.29% advanced to 88.07 U.S. cents from 87.73 U.S. cents. Click Here To Register For Free Trial Services
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The Hang Seng Index HK:HSI +0.95% tacked on 0.9% to 22,156.15. Chinese PC maker Lenovo HK:992 +4.96% LNVGF +6.31% climbed 4.2%, after the company said that it would reorganize itself into four business groups and diversify its business. Software developer Kingsoft Corp. HK:3888 +2.83% KSFTF +0.30% jumped 4.7%, as the company said it plans to spin off its information-security software business for listing on the Nasdaq or the New York Stock Exchange. Other tech stocks also pushed higher, as Tencent Holdings Ltd. HK:700 +4.57% TCTZF +4.69% rose 4.6%, and online game developer NetDragon Websoft HK:777 +1.52% gained 2%. Click Here To Register For Free Trial Services
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Gold for February delivery GCG4 +0.21% in electronic trade was up $2.80, or 0.2%, to $1,252.80 an ounce. March silver SIH4 +0.42% added 6 cents, or 0.3%, to $19.56 an ounce. A day earlier, gold futures made it two sessions in a row in the red, as improving consumer confidence helped boost equities. Click Here To Register For Free Trial Services
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Standard & Poor's Ratings Services on Tuesday lowered Ukraine's long-term foreign currency sovereign rating to CCC+ from B- and its short-term rating to C from B. "The downgrade reflects our view that the significant escalation of the political turmoil in Ukraine makes the expected financial support package from Russia less certain should the government of President Yanukovych fall," said S&P in a statement. Ratings in the CCC category are generally viewed as poor quality with likelihood of default. The outlook on the ratings is negative. Click Here To Register For Free Trial Services
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Natural-gas futures on Tuesday recouped much of what they lost a day earlier, as severe cold weather and expectations for more ahead raised concerns over U.S. supplies of the heating fuel. Oil futures, meanwhile, rallied too ahead of the week's updates on U.S. petroleum supplies. February natural gas NGG14 -1.53% added 19 cents, or 3.8%, to settle at $5.03 per million British thermal units after losing 6.5% on Monday. March crude CLH4 -0.11% finished up $1.69, or 1.8%, at $97.41 a barrel. Click Here To Register For Free Trial Services
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Yahoo Inc. YHOO -2.43% will report after the U.S. market close Tuesday. European stocks broke a three-day losing streak, while Asia closed with mostly mild losses. Crude-oil and natural-gas prices were higher, while gold was moving south. The dollar pared gains against the yen USDJPY +0.30% after the durable goods data disappointed. Click Here To Register For Free Trial Services
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Wall Street finished a volatile session lower on Monday. The S&P 500 SPX +0.61% ended down 8.73 points, or 0.5%, to 1,781.56 in late trade as downbeat home-sales data weighed on investors, after briefly venturing into positive territory. The Nasdaq Composite COMP +0.35% was the worst-performing index on Monday. Click Here To Register For Free Trial Services
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Futures for the Nasdaq-100 index NDH4 +0.49% fell 14.25 points, or 0.3%, to 3,488.75, while the Dow industrials futures DJH4 +0.41% were up 46 points, or 0.3%, to 15,833. Futures for the S&P 500 index SPH4 +0.49% were up 3.4 points, or 0.2% to 1,779.10. Click Here To Register For Free Trial Services
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THE Straits Times Index dropped 33.56 points, or 1.09 per cent, to 3042.43.
The FTSE ST Mid Cap Index lost 0.80 per cent while the FTSE ST Small Cap Index fell 1.25 per cent.
Among the top actives, SingTel declined 0.57 per cent, DBS lost 0.60 per cent, Keppel Corp was down 1.50 per cent, UOB dropped 0.45 per cent and GLP lost 1.04 per cent.
Of the outperforming sectors, the FTSE ST Basic Materials Index added 0.67 per cent.
Of the two biggest stocks, Midas Holdings fell 1.05 per cent and Geo Energy Resources dropped 1.54 per cent. Click Here To Register For Free Trial Services
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“The first mover advantage is very important in the ETF market,” he said. But Nadig said FXI in some ways has the “most naive” approach to China. He likened the large-cap ETF to the Dow Jones Industrial Average DJIA , which is well known, but far from the only benchmark that pros use to track U.S. stocks.
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Google Inc. GOOG -3.13% has acquired artificial-intelligence firm DeepMind Technologies Ltd., reports said Monday, with a Recode report citing a price of $400 million for the London-based start-up. The company was founded in 2012 and employs learning algorithms for use in simulations, e-commerce and games, Reuters said. Click Here To Register For Free Trial Services
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The dollar was off sharply, having fallen 1% against the yen on Friday. It stabilized on Monday at ¥102.32. Elsewhere in Asia, Hong Kong’s Hang Seng Index sank 2.1%, South Korea’s Kospi dropped 1.7% and Indonesia’s JSX dived 2.8%.
Investors are also bracing for key events this week. Attention is focusing on Beijing to see how it will resolve a troubled loan involving a major Chinese bank and a shadow lender that is due to mature this Friday. A default could batter confidence in China’s loosely regulated shadow-banking sector. Click Here To Register For Free Trial Services
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The Nikkei Stock Average JP:NIK -2.55% fell 2.5% to 15,007.72, and the broader Topix dropped 2.5% to 1,233.55. Stocks also came under pressure as the U.S. dollar briefly dipped below the 102-yen level ahead of the start of equity trading on Monday. Stock losses were broad-based, with industrial major Komatsu Ltd. JP:6301 -3.74% KMTUF +3.24% lower by 3.4%, Sony Corp. JP:6758 -2.84% SNE -0.42% down 3.2%, and Japan Airlines Co. JP:9201 -3.25% off 2.3%. Japanese companies are slated to begin rolling out quarterly results this week.
A Nikkei newspaper report Monday said a weaker yen will be one of the factors to contribute to record operating profits at Subaru-brand vehicle maker Fuji Heavy Industries Ltd. JP:7270 -2.41% FUJHF -0.71% , Hino Motors Ltd. JP:7205 -4.87% HINOY -0.95% and Isuzu Motors Ltd. JP:7202 -2.40% ISUZF +0.83% for the nine months ended Dec. 31. But shares of the auto makers were caught up in the selloff, with Hino losing 4.2%, Fuji Heavy giving up 3% and Isuzu shedding 1.4%. Click Here To Register For Free Trial Services
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Elsewhere in metals trading, March palladium PAH4 +0.23% rose $1.15, or 0.2%, to $735.95 an ounce while platinum for April delivery PLJ4 +0.48% moved up $3.50 an ounce, or 0.2%, to $1,432.10. March high-grade copper HGH4 +0.08% lost a penny to $3.27 a pound.
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The dollar USDJPY +0.21% hit a low of ¥101.73 during Asian trading hours, according to FactSet data, a pullback from ¥102.24 late Friday in North America. The dollar later reversed course, buying ¥102.43. Following last week’s 1% gain for the euro versus the dollar, the euro EURUSD +0.03% extended its advance Monday, trading at $1.3683 compared with $1.3676 late Friday. The British pound GBPUSD +0.05% , meanwhile, was on par with Friday’s level around $1.6502. The pound last week temporarily broke above the $1.66 mark for the first time since May 2011. Click Here To Register For Free Trial Services
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Oversea-Chinese Banking Corp, Singapore’s second-biggest lender, is set to extend exclusive talks to acquire Hong Kong’s Wing Hang Bank by as much as four weeks as it needs more time to secure regulatory approval, sources said on Friday.
A deal would represent OCBC’s biggest acquisition to date, giving it a much sought after gateway to China and helping it bridge the gap with bigger rival DBS Group Holdings , which operates Hong Kong’s fifth-biggest bank.
The two banks had given themselves one month to reach an agreement and that deadline was set to expire on Jan. 31.
A source with direct knowledge of the matter said that there had not been sufficient time to obtain regulatory approval due to the Lunar New Year holidays in Hong Kong.
An OCBC spokeswoman in Singapore declined to comment. Officials for Wing Hang were not immediately available to comment.
People familiar with the deal said this month that OCBC was offering nearly twice the Hong Kong lender’s book value or around US$5.3 billion ($6.8 billion), which has raised concerns about the likely need to tap shareholders for funds.
OCBC said this month it was in exclusive talks to buy Wing Hang in a deal that would first see it buy a 45% stake from the founding Fung family and BNY International Financing Corp before making a general offer for the remaining shares. Click Here To Register For Free Trial Services
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The Dow Jones Industrial Average DJIA -1.97% , which was down 267 points, or 1.7%, in recent activity, was on track to lose 3.3% for the week, its worst percentage weekly loss since the week ended May 18, 2012. The S&P 500 Index SPX -2.09% fell 33 points, or 1.8%, on the day, and was down 2.4% for the week. For the week, the VIX was up 41%, its largest weekly gain since the week ending July 29, 2011. Click Here To Register For Free Trial Services
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The SPDR Gold Trust exchange-traded fund GLD +0.41% broke through levels on Thursday not seen since Dec. 10 and moved well above its 50-day moving average. Read more on The Tell . The ETF was little changed at last check, trading up 0.8% for the week.
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EBay Inc. EBAY -0.31% eased under 1% in premarket. Carl Icahn said he is ready for a proxy fight to win two seats on the board of the online auctioneer, with the intent of pushing eBay to spin off PayPal.
Honeywell HON +0.03% shares eased slightly in premarket. The company reported earnings per share of $1.19 and $1.24 on an adjusted basis. The company was forecast to post earnings of $1.22 a share in the fourth quarter. Click Here To Register For Free Trial Services
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