The dollar USDCAD +0.4856% jumped to 1.1085 Canadian dollars from 1.0977 Canadian dollars late Tuesday. The dollar briefly pushed above 1.10 Canadian dollars Tuesday and has been hovering near September 2009 levels for much of January, according to FactSet data. The British pound GBPUSD -0.06% increased to $1.6576 from $1.6473 late Tuesday after the U.K. unemployment rate dropped to 7.1% in the three months to November. That puts the jobless rate just above the 7% level laid out by the Bank of England as a prerequisite for it to consider an interest-rate hike. Click Here To Register For Free Trial Services
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Among other stocks in focus for Wednesday, shares of Yahoo Inc. YHOO +0.42% could garner attention after mobile-marketing company Sparq said in a note on its website that it had been acquired by the search-engine giant.
Yahoo stayed in the news as the World Economic Forum kicked off in Davos, Switzerland. Chief Executive Officer Marissa Mayer told a panel that mobile traffic will surpass PC traffic by the end of 2014. Read Latest from Davos: Mobile traffic to lead at Yahoo Click Here To Register For Free Trial Services
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Wall Street stocks finished mostly higher on Tuesday, but earnings misses dragged on the Dow industrials DJIA -0.25% , which ended down 0.3%. The S&P 500 SPX +0.06% firmed 0.3%, breaking a two-day losing streak. The best performance came from the Nasdaq Composite COMP +0.41% , which rose 0.7%, led by a rally in Apple Inc. AAPL +0.27% Click Here To Register For Free Trial Services
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Among the petroleum products traded on Nymex Tuesday, February gasoline RBG4 +0.48% closed nearly flat at $2.62 a gallon, while February heating oil pulled back from an earlier rally to finish at $3.015 a gallon, down almost a penny.
February natural gas NGG14 +0.90% rallied by 10.5 cents, or 2.4%, to end at $4.43 per million British thermal units. Prices saw their highest close since late December , according to FactSet data tracking the most-active contracts. Click Here To Register For Free Trial Services
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February crude oil CLG4 +0.98% added 62 cents, or 0.7%, to settle at $94.99 a barrel on the New York Mercantile Exchange after tapping a high at $95.23. The contract expired at the close, which tends to add to volatility. The March contract CLH4 +0.50% , which became the front-month contract, settled at $94.97 a barrel, up 38 cents, or 0.4%.
On ICE Futures, Brent oil, the European benchmark, saw its March contract UK:LCOH4 +0.29% add 38 cents, or 0.4%, to $106.73 a barrel. Click Here To Register For Free Trial Services
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The Hang Seng Index HK:HSI +0.08% edged higher by 0.2% to 23,078.31. The top mainland Chinese banks were mixed, as Bank of Communications Co. HK:3328 +1.35% BKFCF -7.65% rose 0.4%, and Bank of China Ltd. HK:3988 +0.58% BACHY +1.67% added 0.3%, but Agricultural Bank of China Ltd. HK:1288 0.00% ACGBF -4.44% dropped 0.3%. China's largest offshore oil-and-gas producer Cnooc Ltd. HK:883 -2.14% CEO -5.38% fell 2%, seeing continued selling after the company on Monday set a lower target for output growth in 2014 than the average annual growth goal for the five years through 2015. Another major Chinese oil company, PetroChina Co. HK:857 -0.87% PTR +0.41% , also gave up 1.2%. On the mainland, the Shanghai Composite Index CN:SHCOMP +1.67% advanced 0.7%. Click Here To Register For Free Trial Services
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Expedia EXPE +0.37% shares ended the day down by 4.5% at $67.67, after Internet search information site SearchEngineLand said Expedia’s search visibility on Google GOOG +0.01% has recently fallen by 25% due to a penalty imposed by the world’s largest search engine. The penalty is meant to punish Web sites that pay for links on other sites in an effort to get better search results on Google. Expedia is said to have seen big declines in several travel-related keywords such as hotels, tickets, vacation and airline. Click Here To Register For Free Trial Services
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In electronic trade, gold for February delivery GCG4 +0.11% was up $1.50, or 0.1%, to $1,243.30 an ounce. March silver SIH4 +0.30% tacked on 6 cents, or 0.3%, to $19.93 an ounce.
Gold on Tuesday gave back a big chunk of the gains that brought it to five-week highs as the dollar DXY -0.04% strengthened and as bearish forecasts for the year took their toll. Click Here To Register For Free Trial Services
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Futures for the Dow Jones Industrial Average DJH4 -0.15% rose 87 points, or 0.54%, to 16,467, while those for the S&P 500 SPH4 -0.09% added 6.9 points to 1,841.20. Futures for the Nasdaq-100 index NDH4 -0.04% jumped 18.25 points, or 0.5%, to 3,603. Click Here To Register For Free Trial Services
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Asian markets crept higher on Tuesday (January 21, 2014) as Japanese stocks rebounded and Chinese money rates eased, while the U.S. dollar got a fillip from a report the Federal Reserve would again trim its bond buying next week.
US markets were closed on Monday to observe Martin Luther King Jr. Day.
European stocks inched lower in thin trade on Monday (January 20, 2013), slipping from 5 1/2-year highs as Deutsche Bank’s surprise quarterly loss prompted investors to cash in recent gains on banking stocks. Click Here To Register For Free Trial Services
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THE Straits Times Index (STI) ended 18.54 points, or 0.59 per cent, lower to 3,128.79.
The FTSE ST Mid Cap Index declined 0.20 per cent while the FTSE ST Small Cap Index depreciated by 0.49 per cent.
Of the active stocks, Mirach Energy advanced 19.76 per cent, SingTel lost 0.85 per cent, DBS added 0.06 per cent, Ezra retreated 3.14 per cent and UOB fell 0.54 per cent.
The outperforming sector, FTSE ST Real Estate Investment Trusts, rose 0.13 per cent. Of its two biggest stocks, CapitaMall Trust was unchanged while Ascendas REIT gained 1.40 per cent. Click Here To Register For Free Trial Services
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The Hang Seng Index HK:HSI +0.57% edged up 0.4% to 23,008.26. Mainland banks shined, after China's central bank said it has provided emergency funding support to commercial banks to meet demand for cash ahead of Chinese New Year. Agricultural Bank of China Ltd. HK:1288 +2.06% ACGBF -4.44% rose 2.4%, and both Bank of China Ltd. HK:3988 +1.79% BACHY -1.13% and Industrial & Commercial Bank of China Ltd. HK:1398 +2.30% IDCBF -2.27% gained 2.1%.
Lenovo Group Ltd. HK:992 +3.54% LNVGF -2.26% climbed 3%, after the Chinese personal computer maker said it's in talks for a possible acquisition. News reports said Lenovo is talking to IBM IBM +0.70% about buying its low-end server business. Other technology shares also headed higher, as Tencent Holdings Ltd. HK:700 +0.48% TCTZF +3.13%S&P 500 Stock added 0.8%, and software developer Kingsoft Corp. HK:3888 -1.58% KSFTF +0.30% picked up 0.2%. Market heavyweight HSBC Holdings PLC HK:5 +0.06% HSBC +0.43% slipped 0.1%, after it announced its subsidiary HSBC Bank Middle East Ltd. has agreed to sell its banking business in Jordan to Arab Jordan Investment Bank for an undisclosed amount. On the mainland, the Shanghai Composite Index CN:SHCOMP +0.64% rose 0.2%.
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February crude oil CLG4 -0.02% fell 65 cents, or 0.7%, to $93.72 a barrel in electronic trading. Prices on Friday rose 41 cents, or 0.4%, to close at $94.37 a barrel on the New York Mercantile Exchange. In observance of the Martin Luther King Jr. holiday, a energy futures trading paused at 1:15 p.m. Eastern Time, and will reopen at 6 p.m. Eastern. Click Here To Register For Free Trial Services
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The Hang Seng Index HK:HSI -0.88% edged lower by 0.4% at 23,048.13 . Most Chinese banks were weak amid liquidity concerns, as Chinese central bank last week warned banks to control the pace of lending. Industrial & Commercial Bank of China Ltd. HK:1398 -2.05% IDCBF -2.27% dropped 1%, Agricultural Bank of China Ltd. HK:1288 -1.74% ACGBF -4.44% lost 1.2%, and Bank of China Ltd. HK:3988 -0.88% BACHY -1.13% slipped 0.3%.
Mainland property shares were mixed, after China's December property price in the first-tier cities continued to increase, but showed a sign of slowdown over a month earlier. Evergrande Real Estate Group Ltd. HK:3333 -1.43% EGRNF -1.28% slipped 0.4%, Vanke Property (Overseas) Ltd. HK:1036 +0.39% CHL -0.02% edged down 0.6%, while China Overseas Land & Investment Ltd. HK:688 -0.23% CAOVF -0.36% added 0.7%. On the mainland, Shanghai Composite Index CN:SHCOMP -0.68% stayed flat at 2,004.07. Click Here To Register For Free Trial Services
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Elsewhere, March Brent oil UK:LCOH4 -0.19% dropped 15 cents to $106.33 a barrel.
Analysts see Libya’s partial recovery in oil output as a continued drag on Brent prices, as the country’s oil fields restarted production two weeks ago after being suspended for months due to local protests. In other energy trading, February natural gas NGG14 -2.58% fell 5 cents, or 2.6%, to $4.27 per million British thermal units.
February gasoline RBG4 +1.07% was flat at $2.62 a gallon. Click Here To Register For Free Trial Services
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February crude oil CLG4 -0.27% fell 63 cents, or 0.7%, to $93.74 a barrel in electronic trading. Prices on Friday rose 41 cents, or 0.4%, to close at $94.37 a barrel on the New York Mercantile Exchange.
“Weak industrial production print from China released this morning is weighing on the crude oil prices, “ said ICICI bank’s analysts in a note on Monday. Click Here To Register For Free Trial Services
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Singapore shares struggled on Friday, on track for a weekly decline after downbeat bank earnings in the U.S. caused Wall Street to decline and weighed on Asian shares.
Goldman Sachs Group and Citigroup Inc were among the banks that reported lower-than-expected quarterly profits due to lower bond trading revenue.
The benchmark Straits Times index fell for a second consecutive session, easing 0.1% to 3,137.13 by 1:23 p.m., while the MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.2% higher.
Real estate firms were among the biggest losers on the index with City Developments Ltd shares slipping as much as 1.9% to a one-week low at $9.41. Shopping mall developer CapitaMalls Asia fell as much as 2.1%, hitting a five-week low at $1.87.
Shares of transport operator SMRT Corporation advanced as much as 2.1% to a more than one-month high at $1.19 while Comfortdelgro Corporation dipped as much as 1.5% to $1.94, its lowest in a month.
Maybank Kim Eng said the Public Transport Council’s announcement on Thursday of a 3.2% increase in fares fell short of the brokerage’s expectation of 5%.
It maintained its negative view on SMRT, citing persistent cost pressures and the prospect of cannibalisation from the new Downtown Line Stage 2 in 2016. Comfortdelgro offered more insulated exposure and was seen as more favourable, Maybank said.
The brokerage rated SMRT a “sell” with a revised target price of $0.60, while rating Comfortdelgro a “buy” with a target price of $2.31. Click Here To Register For Free Trial Services
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Twitter TWTR +2.69% pulled back from its intraday high. but still closed with a gain of 2.7%, at $62.20, as Rohan initiated coverage of the company with a buy rating and a price target of $75 a share. Among the reasons Rohan gave for his opinion are that in the U.S., “Twitter currently monetizes [its business] at a level Facebook did three years ago, despite a lack of platform features,” and that with time, Twitter should generate a higher average revenue per user than Facebook. Click Here To Register For Free Trial Services
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Gold futures closed higher on Friday, up 0.4% for the week, as a fall in U.S. consumer sentiment in January helped lift prices for the metal to their highest close in more than five weeks. February gold GCG4 +1.07% added $11.70, or 0.9%, to settle at $1,251.90 an ounce on the Comex division of the New York Mercantile Exchange. Prices closed at their highest since Dec. 11, according to FactSet data tracking the most-active contracts. Click Here To Register For Free Trial Services
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The pound GBPUSD +0.4337% rose to $1.6410 from $1.6359 late Thursday. For the week, it fell 0.4% against the greenback.
The euro EURUSD -0.5677% fell to $1.3528 from $1.3619 late Thursday. The euro’s losses against the greenback likely stemmed from an overnight spike in euro-zone money-market rates, said Commonwealth’s Esiner. European Central Bank President Mario Draghi pointed to tightening money-market conditions as a trigger for further easing after the central bank’s latest meeting. Click Here To Register For Free Trial Services
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