Stocks ended last week mixed with the Dow Jones Industrial Average DJIA +0.25% rising 0.1% for the week and the Nasdaq Composite Index COMP -0.50% finishing up 0.6%. The S&P 500 Index SPX -0.39% slipped 0.2%. Year-to-date, only the Nasdaq is showing a gain, by about 0.5%. Click Here To Register For Free Trial Services
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While Facebook FB +0.09% struggles with declining traffic among U.S. teens, China’s most popular social-media channel — a group of Twitter-like microblog services, known collectively as “weibo” — is facing a similar or even worse problem, as it is bleeding users moving to instant-messaging apps on mobile phone platforms. Click Here To Register For Free Trial Services
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The Hang Seng Index HK:HSI +0.54% edged down 0.3% at 22,906.35. Mainland banks declined after Industrial and Commercial Bank of China, the world's largest bank by assets, reportedly refused to "assume main responsibility" to bail out investors in a 3 billion yuan ($500 million) investment product that it helped distribute.
Industrial and Commercial Bank of China shares HK:1398 -1.01% IDCBF +1.54% fell 1%, Bank of China HK:3988 -0.88% BACHY -0.70% lost 0.6%, and Agricultural Bank of China Ltd HK:1288 -1.15% ACGBF -4.44% dropped 1.2%. Meanwhile, China Cosco Holdings HK:1919 +2.67% CN:601919 +1.30% CICOY -3.48% , the country's largest bulk shipping company, rallied 5% after it expected to return to profit in 2013 and possibly avoid a delisting in Shanghai after two years of substantial losses. On the mainland, the Shanghai Composite Index CN:SHCOMP -0.93% gave up 0.8%. Click Here To Register For Free Trial Services
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Futures for the Dow Jones Industrial Average DJH4 +0.09% rose 21 points to 16,320, while those for the S&P 500 index SPH4 +0.08% were up 1.9 points to 1,834.80. Futures for the Nasdaq 100 index NDH4 +0.12% gaining 11.25 points, or 0.3%, to 3,585. as Apple rose on a China Mobile deal. Click Here To Register For Free Trial Services
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The British pound GBPUSD -0.09% rose to $1.6444 from $1.6385 late Monday. The U.K.’s annual rate of inflation in December dropped to 2%, which is Bank of England’s target, from 2.1% in November. The surprise decline in December brings annual inflation to its lowest rate since Nov. 2009. Meanwhile, the Australian dollar AUDUSD -0.58% slipped to 89.63 U.S. cents from 90.60 U.S. cents late Monday. Click Here To Register For Free Trial Services
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Oil futures closed lower on Monday, giving back most of what it gained in the previous session as traders factored in the potential for more supply from Iran following the country's nuclear deal with Western powers. Natural-gas futures rallied, rebounding after last week's loss. February crude CLG4 +0.20% fell 92 cents, or 1%, to settle at $91.80 a barrel on the New York Mercantile Exchange. Prices had gained 1.2% on Friday. February natural gas NGG14 +0.75% closed at $4.274 per million British thermal units, up 22 cents, or 5.5%. Analysts attributed the climb to short covering ahead of a U.S. report due Thursday that's likely to show a huge weekly decline in natural-gas supplies. Click Here To Register For Free Trial Services
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Infosys Ltd. (INFO) surged 3 percent, pushing up a measure of
software makers to a record. Oil & Natural Gas Corp. (ONGC)
increased for a third day, sending a gauge of energy companies to its
steepest gain in four weeks. Tata Motors Ltd. (TTMT) advanced most in
seven weeks after its luxury-vehicle division Jaguar Land Rover reported
record global sales last year. The S&P BSE Sensex advanced 1.4 percent to 21,052.68 at 10:02
a.m. in Mumbai. The gauge fell 0.5 percent last week, its second weekly
loss. Factory output fell 2.1 percent in November from a year ago, the
government said Jan. 10 after the markets closed. The data adds to
pressure on Prime Minister Manmohan Singh to boost the economy ahead of
elections this year. Reserve Bank of India Governor Raghuram Rajan last month surprised
economists by holding the key rate at 7.75 percent instead of adding to
increases totaling 50 basis points since taking office in September. The
authority meets for its next policy review on Jan. 28. The Standard & Poor’s 500 Index rose 0.2 percent on Jan. 10 after
data showed a 74,000 gain in payrolls for December, less than the most
pessimistic projection in a Bloomberg survey of economists. The
unemployment rate dropped to 6.7 percent, the lowest since October 2008,
as more people left the labor force. The Fed, which next meets Jan. 28-29, in December announced a cut of $
10 billion in its monthly bond-buying program to $ 75 billion, citing a
recovery in the labor market. The CNX Nifty (NIFTY) Index on the National Stock Exchange of India Ltd. gained 1.2 percent to 6,244.45.
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Elsewhere in metals trading, platinum for April delivery PLJ4 +0.08% rose $3.60, or 0.3%, to $1,440.50 an ounce, while March palladium PAH4 -0.47% shed 55 cents, to $745.50 an ounce. High-grade copper for March delivery HGH4 +0.02% added a penny to $3.35 a pound. Click Here To Register For Free Trial Services
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U.S. benchmark crude oil for February delivery CLG4 -0.51% fell 27 cents, or 0.3%, to $92.45 a barrel, returning a portion of the contract’s 1.2% advance Friday on the New York Mercantile Exchange. Likewise, London-traded rival Brent crude saw its February futures UK:LCOG4 -0.21% ease 15 cents, or 0.1%, to $107.10 a barrel, paring Friday’s 0.8% rise. Click Here To Register For Free Trial Services
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March silver SIH4 +2.42% tacked on 54 cents, or 2.7%, to $20.22 an ounce. Friday’s gain allowed prices to finish the with week with a gain of just under 0.1%.
The U.S. nonfarm payroll data seemed “out of whack,” said Naeem Aslam, chief market analyst at AvaTrade. “Given that we had a strong reading of other economic data released this week, it is really difficult to believe in [these numbers] and this is what investors are finding difficult to get their head around.”
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After a choppy trading session, the S&P 500 index SPX +0.23% gained 4.24 points, or 0.2%, to 1,842.37, leaving it up 0.6% on the week, its first weekly gain this year.
The utilities sector was the top gainer, rising 1.4%. The Nasdaq Composite COMP +0.44% gained 18.47 points, or 0.4%, to 4,174.66 and added 1% for the week, its first weekly gain this year. Click Here To Register For Free Trial Services
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Natural gas for February delivery NGG14 +0.15% sank by 21 cents, or 5%, to settle at $4.005 per million British thermal units. Tracking the most-active contracts, that was the lowest close since Dec. 4, FactSet data show. Click Here To Register For Free Trial Services
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THE Straits Times Index (STI) ended 29.77 points, or 0.95 per cent higher to 3150.65, taking the year-to-date performance down by 0.45 per cent.
The FTSE ST Mid Cap Index rose 0.86 per cent while the FTSE ST Small Cap Index added 0.09 per cent.
Of the actives, DBS advanced 1.94 per cent, OCBC gained 0.10 per cent, Charisma Energy shed 2.35 per cent, SingTel rose 0.28 per cent and Yangzijiang grew by 3.42 per cent.
The outperforming sector, FTSE ST Real Estate Holdings added 1.20 per cent. Of its two biggest stocks, Hongkong Land Holdings rose 2.01 per cent and Capitaland gained 0.68 per cent Agencies. Click Here To Register For Free Trial Services
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BMO Capital Markets also expects the central bank to keep policy “completely on hold” on Thursday, and expects the pound GBPUSD -0.02% to trade in a range of $1.6375 to $1.6510 for most of the week. The pound has gained 1.9% against the dollar in the last three months, according to FactSet data.
In Frankfurt, the ECB is expected to release its decision at 7:45 a.m. Eastern Click Here To Register For Free Trial Services
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The dollar USDJPY -0.0026% rose to ¥104.86 from ¥104.56 late Tuesday.
The euro EURUSD +0.0229% fell to $1.3575 from late Tuesday’s $1.3613, while the British pound GBPUSD +0.0162% advanced to $1.6450 from $1.6396. Both the European Central Bank and Bank of England were due to hand down their latest policy decisions on Thursday.
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Wall Street stocks rallied on Tuesday, lifted by data showing a smaller-than-forecast trade gap and gains for health-care stocks. The S&P 500 SPX -0.02% snapped a three-day losing streak with a gain of 11.11 points, or 0.6%, to close at 1,837.88. The Dow industrials DJIA -0.41% rose 105.84 points, or 0.6%, and both indexes inched closer to their Dec. 31 record closes. Click Here To Register For Free Trial Services
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Standpoint Research founder and research director Ronnie Moas cut his rating on Apple Inc. AAPL +0.12% and advised investors also sell Amazon.com Inc. AMZN -0.11% and Philip Morris International Inc. PM +0.07% for purely moral and ethical reasons, CNBC reported Monday. "For Apple Computers to pay their [overseas] workers $2 an hour while they have $150 billion in the bank is nothing short of obscene. I heard all of the arguments in their defense and they make no sense to me," CNBC quoted Moas's research note as saying. Click Here To Register For Free Trial Services
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Oil futures fell on Monday to settle at their lowest level in about five weeks as a potential recovery in Libyan oil production raised the likelihood of further growth in global supplies. February crude CLG4 +0.14% fell 53 cents, or 0.6%, to settle at $93.43 a barrel on the New York Mercantile Exchange. Tracking the most-active contracts, that was the lowest settlement since Nov. 29, FactSet data show. Click Here To Register For Free Trial Services
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U.S. stocks ended lower on Monday after data showed that the U.S. services sector grew at a weaker-than-expected pace in December. The Dow Jones Industrial Average DJIA -0.27% declined 44.89 points, or 0.3%, to end at 16,425.10. The S&P 500 index SPX -0.25% dropped 4.60 points, or 0.3%, to 1,826.77, falling for a third consecutive session. The Nasdaq Composite index COMP -0.44% slipped 18.23 points, or 0.4%, to 4,113.68. Click Here To Register For Free Trial Services
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Hang Seng Index HK:HSI -0.75% down 0.8%. Financial shares led the decline, with China Life Insurance Co. HK:2628 -1.95% LFC -1.28% plunging 2.6%, Bank of Communications Co. HK:3328 -2.47% BKFCF -7.65% losing 2%, Industrial and Commercial Bank of China HK:1398 -1.38% IDCBF -1.48% down 1.4%. Resources stocks dropped, as China Resources Enterprise Ltd. HK:291 -0.20% dropped 2.4% and China Resources Power Holdings Co. HK:836 -1.36% declined 1.6%. Technology stocks outperformed the market. One of China's largest Internet companies Tecent Holdings Ltd. HK:700 +1.62% TCTZF -1.08% rose 0.3%, and leading software developer Kingsoft Corp. HK:3888 +3.32% KSFTF +18.22% advanced 4.8%. Kingsoft announced last week it had inked a licensing agreement to grant Tencent the right to use an office software it had developed. On the mainland, Shanghai Composite CN:SHCOMP -2.02% slumped 1.6%. Click Here To Register For Free Trial Services
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