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Showing posts with label ADVFN III World Daily Markets Bulletin February 21. Show all posts
Showing posts with label ADVFN III World Daily Markets Bulletin February 21. Show all posts

Feb 21, 2013

ADVFN III World Daily Markets Bulletin February 21, 2013.


ADVFN III World Daily Markets Bulletin
Daily world financial news Thursday, 21 February 2013


US Market
Stocks Pulling Back Further Off Recent Highs

Stocks have moved modestly lower in early trading on Thursday, adding to the steep losses posted in the previous session. The major averages have all slid into negative territory, pulling back further off Tuesday's multi-year closing highs.

The major averages have seen some further downside in the past few minutes, hitting new lows for the young session. The Dow is down 55.48 points or 0.4 percent at 13,872.06, the Nasdaq is down 17.71 points or 0.6 percent at 3,146.70 and the S&P 500 is down 8.53 points or 0.6 percent at 1,503.42.

The early weakness on Wall Street is partly due to continued concerns about the outlook for monetary stimulus from the Federal Reserve after the minutes of the central bank's latest monetary policy meeting indicated that members discussed paring back or even ending the asset purchase program.

A disappointing jobs report has also generated some selling pressure, with the report from the Labor Department showing that initial jobless claims rose by slightly more than expected in the week ended February 16th.

The report said initial jobless claims climbed to 362,000, an increase of 20,000 from the previous week's revised figure of 342,000. Economists had been expecting jobless claims to rise to 359,000 from the 341,000 originally reported for the previous week.

A separate report from the Labor Department showed that consumer prices came in essentially unchanged for the second consecutive month in January.

Excluding food and energy prices, core consumer prices rose by 0.3 percent in January following a 0.1 percent increase in December. Core prices had been expected to rise by 0.2 percent.

Networking stocks have shown a notable move to the downside in early trading, dragging the NYSE Arca Networking Index down by 1.8 percent. Alcatel-Lucent (ALU) has helped to lead the sector lower, falling by 5.9 percent.

Oil service, chemical, and semiconductor stocks are also seeing early weakness, while gold stocks are regaining some ground after falling sharply in recent sessions.

Among individual stocks, Wal-Mart (WMT) is up by 2 percent after the retail giant reported better than expected fourth quarter earnings but noted that U.S. sales got off to a slow start in February due largely to a delay in tax refund checks.

In overseas trading, stock markets across the Asia-Pacific region came under pressure on Thursday on the heels of the overnight weakness on Wall Street. Japan's Nikkei 225 Index fell by 1.4 percent, while Hong Kong's Hang Seng Index plummeted by 1.7 percent.

The major European markets have also shown substantial moves to the downside. The U.K.'s FTSE 100 Index is down by 1.4 percent, the German DAX Index is down by 1.6 percent and the French CAC 40 Index is down by 1.7 percent.

In the bond market, treasuries have moved sharply higher on the day after ending the previous session nearly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4.5 basis points at 1.976 percent.

Canadian Market
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TSX Dives At Open Thursday

Bay Street stocks dived at open Thursday amid widespread selling, with the S&P/TSX Composite Index losing 107 27 points or 0.84 percent to 12,606.78.

The Diversified Materials Index was down about 1 percent, with Inmet Mining and Teck Resources losing over 1 percent each. HudBay Minerals was down close to 6 percent.

In the oil patch, Pacific Rubiales Energy lost about 3 percent, while Suncor Energy was slipping just over 1 percent.

The price of crude oil was extending losses Thursday morning amid doubts over the Federal Reserve's monetary stimulus program and as traders await cues from the official inventories data, due out later today. Today during trading hours, the EIA will release its US crude oil inventories data for the weekended February 15. Analysts expect crude oil inventories to add 2 million barrels, while gasoline stocks are seen shedding 0.90 million barrels last week.

Crude for April lost $1.57 to $93.65 a barrel.

Gold was lingering around its seven-month low Thursday morning as the US dollar was trading firm amid doubts about the US Federal Reserve's asset purchase program. Gold for April delivery shed $6.30 to $1,571.70 an ounce.

In corporate news from Canada, food distributor Loblaw Companies posted lower fourth quarter profit of C$143 million or C$0.48 per share compared to C$174 million or C$0.60 per share last year. Analysts estimated earnings per share of C$0.63 for the period.

Building materials and accessories company RONA Inc. reported narrower fourth-quarter loss of C$17.93 million or C$0.15 per share compared to C$153.58 million or C$1.19 per share in the same period last year. Net income, excluding unusual items and non-recurring items, for the quarter was C$6.6 million or C$0.05 per share. Analysts expected the company to earn C$0.12 per share for the quarter

Quick-service restaurants company Tim Hortons Inc. reported a marginal dip in its fourth-quarter net income at C$100.3 million, from C$103.0 million last year. Further, the company said that it has obtained regulatory approval from the Toronto Stock Exchange to commence a new share repurchase program for up to C$250 million in common shares.

Gold miner Yamana Gold reported improved fourth-quarter net earnings of $169.2 million or $0.22 per share compared to $89.6 million or $0.12 per share in the fourth quarter of 2011. Adjusted earnings were $197.4 million or $0.26 earnings per share compared with $184.2 million or $0.25 per share in the year ago quarter. Analysts expected the company to report earnings of $0.25 per share for the quarter.

Mid-tier gold mining company Iamgold reported fourth-quarter net income of $84.6 million or $0.22 per share, compared with $133.6 million or $0.36 per share last year. Excluding items, adjusted earnings for the quarter were $90 million or $0.24 per share, compared with $107.8 million or $0.29 per share a year ago. Analysts estimated earnings of $0.25 per share on revenues of $458.30 million for the quarter.

Alamos Gold reported fourth-quarter profit of $37.91 million or $0.31 per share, up from $21.29 million or $0.18 per share in the same period last year.

Bombardier Inc. reported that its fourth-quarter net income amounted to $14 million or break even per share down from $214 million or $0.12 per share for the corresponding period the previous year. On an adjusted basis, net income amounted to $188 million or $0.10 per share compared to $227 million or $0.13 per share in the year ago quarter.

Metals and mining company American Silver Corp. announced that its board has increased first quarter cash dividend by 150 percent to $0.125 per common share.

Oilfield services and trucking company Mullen Group Ltd. reported a much lower fourth-quarter net income of C$21.8 million or C$0.25 per share compared with C$47.5 million or C$0.54 per share last year. Excluding items, adjusted earnings for the quarter were C$29.7 million or C$0.34 per share, compared with C$38.8 million or C$0.48 per share a year ago. Analysts estimated earnings of C$0.38 per share on revenues of C$354.49 million for the quarter.




European Market
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European Markets Notably Lower After FOMC Minutes, PMI Data

The European markets are notably lower on Thursday, after minutes from the U.S. Federal Reserve's latest policy meeting showed differing voices on the stimulus program, and the French private sector activity touched a near 4-year low.

Germany's private sector business activity slowed in February, preliminary results of a survey by Markit Economics revealed. The flash composite output index, which measures performance of manufacturing and services sectors, fell to 52.7 in February from 54.4 in January.

The decline in Eurozone private sector deepened in February, contrasting with the easing trend seen in the previous three months, flash estimate from Markit Economics showed. The flash composite output index fell unexpectedly to 47.3 in February from 48.6 in January. The reading was forecast to rise to 49.

Meanwhile, the French private sector activity decelerated in February to the lowest level since March 2009. The flash composite output index fell to 42.3 from 42.7 in January, amid an accelerated decline in the service sector, where activity contracted at the fastest pace in four years.

The Euro Stoxx 50 index of eurozone bluechip stocks is adding 1.86 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is gaining 1.23 percent.

The German DAX is declining 1.7 percent and Switzerland's SMI is losing 1.2 percent. The French CAC 40 and the UK's FTSE 100 are retreating 1.6 percent each.

In Frankfurt, Commerzbank and Deutsche Bank are declining 3.5 percent and 3.3 percent, respectively. Insurer Allianz, which reported annual results, is falling 1.3 percent. Deutsche Boerse is moderately lower, following a ratings downgrade at S&P Equity. Bilfinger Berger is declining 2.5 percent. UBS cut the stock to ''Neutral'' from ''Buy.''

Kloeckner shrugged off ratings downgrades at Citigroup and Commerzbank and is gaining 2 percent.

In Paris, Solvay is declining 5 percent, followed by Safran, which is falling 4.6 percent. Societe Generale, BNP Paribas and Credit Agricole are losing between 3.4 percent and 3.1 percent.

Axa is dropping around 3 percent after reporting lower annual profit. Danone is down 1 percent after Goldman Sachs cut the dairy giant to ''Buy'' from ''Conviction Buy.''

Schneider Electric, which reported higher profit, is advancing 3.1 percent. Cap Gemini and Technip, which also announced financial results, are gaining 1.9 percent and 1.3 percent, respectively.

In London, Kazakhmys, BHP Billiton, Eurasian Natural Resources and Rio Tinto are falling between 4 percent and 2.7 percent. Retailer Kingfisher reported a marginal growth in fourth-quarter revenues. The stock is moderately lower.

BAE Systems is climbing 4.2 percent. The company lifted its dividend, and initiated a three-year share repurchase program of up to 1 billion pounds.

Swiss Re is gaining 1.9 percent in Zurich after proposing higher dividends. Medical technology firm Straumann is losing 2.6 percent.

Asia Market
Asian Stocks Tumble As Risk Aversion Sets In

Asian stocks tumbled on global risk aversion after minutes from the latest Federal Reserve policy meeting indicated the central bank may have to scale back its quantitative program before the labor market picks up markedly. Reports of stricter controls on China's property market and a sell-off in commodities on rumors that a hedge fund was in trouble also added to the selling pressure.

Japanese shares fell sharply on profit taking following recent sharp gains and amid weak cues from Wall Street overnight. The Nikkei average lost 1.4 percent after hitting a 52-month in the previous session, while the broader Topix index shed 1.1 percent. Heavyweights Fast Retailing and Fanuc fell over 2 percent each, camera maker Canon slid 1.2 percent and automaker Suzuki Motor dropped 2.3 percent.

Sumitomo Metal Mining plunged 5.6 percent after the April contract for gold futures dropped to an eight-month low in New York. Drug makers Shionogi & Co. and Dainippon Sumitomo Pharma rallied 2-4 percent on defensive buying, while Fuji Heavy Industries rose 1.3 percent on a brokerage upgrade.

China's Shanghai Composite index tumbled 3 percent, the most since November 2011, damped by fresh worries about monetary tightening and curbs on the housing market. The government may introduce fresh measures such as home-price control targets and expansion of a property tax to curb property prices before or after the National People's Congress annual session next month, China business News reported. Hong Kong's Hang Seng index dropped 1.7 percent, led by financials and property developers.

Australian shares retreated sharply, led by resource stocks as commodities slumped on rumors of a commodity fund collapse in the U.S. The benchmark S&P/ASX 200, which hit a fresh 4-1/2 year high on Wednesday, closed down 2.3 percent at 4,980.1, marking its biggest fall since May 18. The broader All Ordinaries index also lost 2.3 percent. Global miner BHP Billiton dropped 3.8 percent, Rio Tinto lost 3 percent and smaller rival Fortescue Metals Group declined 2.4 percent. Gold miner Newcrest tumbled 3.7 percent on concerns the precious metal may face further near-term selling pressure.

Origin Energy plummeted 8.5 percent as it posted a larger-than-expected fall in first-half profit, blaming regulatory and market pressures for the profit squeeze. Oil Search shed 2.3 percent, Woodside Petroleum declined 2.9 percent and Santos slumped 6.2 percent. Among the major banks, ANZ, Westpac, Commonwealth and NAB fell 2-4 percent. Qantas Airways and Insurance Australia Group both rose about 3 percent each after posting solid first-half results.

South Korea's Kospi average closed half a percent lower as institutional investors took some profits off the table following a six-session rally. Steel makers POSCO and Hyundai Steel lost about 2 percent each, hurt by the commodities sell-off, while tyre makers rallied across the board on hopes of a demand recovery in the world's largest economy. Kumho Investment Bank hit the 15 percent daily limit following reports Daewoo Securities was considering participating in the bidding for the financial firm.

New Zealand shares lost ground, dragging the benchmark NZX 50 index down over a percent to a month low after Skellerup Holdings and Nuplex Industries posted disappointing results. Skellerup plunged 6.7 percent after the industrial rubber goods maker reported a lower first-half net profit and cut its annual profit guidance.

Nuplex shares tumbled 4 percent after its first-half profit more than halved. Fletcher Building, which reported marginally higher net earnings for the first-half, fell 3.6 percent, while gold miner OceanaGold plummeted 10 percent as gold prices dropped to an eight-month low on rumors of a hedge fund liquidating positions. Utility Contact Energy lost 1.9 percent after parent Origin Energy downgraded its full-year underlying profit forecast.

Elsewhere, India's benchmark Sensex was down 1.4 percent, Singapore's Straits Times was losing 0.7 percent, the Taiwan Weighted average declined 0.9 percent and Indonesia's Jakarta Composite was down marginally, while Malaysia's KLSE Composite slipped marginally.

Commodities
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Crude Dips To 5-week Low

The price of crude oil was extending losses Thursday morning amid doubts over the Federal Reserve's monetary stimulus program and as traders await cues from the official inventories data, due out later today.

Light Sweet Crude Oil (WTI) futures for April delivery, the most actively traded contract, were down $1.20 to $94.02 a barrel. Yesterday, oil shed 2 percent amid rumors of an unwinding of large positions by a commodity hedge fund.

Wednesday after the market hours, the API said US crude oil inventories rose 3 million barrels, while gasoline stocks shed 120,000 barrels in the weekended February 15.

This morning, the U.S. dollar advanced to a 7-week high versus the euro and surged to a 30-month high against sterling. The buck was hovering around its two-and half year high versus the yen and ticking higher against the Swiss franc.

Gold Slips Ahead Of Inflation Data

The price of gold was lingering around its seven-month low Thursday morning as the US dollar was trading firm amid doubts about the US Federal Reserve's asset purchase program.

Gold for April delivery, the most actively traded contract, was down $4.40 to $1,573.60 an ounce. Yesterday, gold lost close to 2 percent to settle at a seven-month low as the US dollar turned strong after the FOMC minutes revealed that that a number of Federal Reserve officials think the central bank might have to vary the pace of asset purchases before there is substantial improvement in the labor market. It appears possible that asset purchases could be scaled back at the upcoming meeting in March.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 1,299.19 tons from 1,319.96 tons. SPDR Holdings dipped below the 1,300-tons-mark for the first time in five months.

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