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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Egyptian for Tourism Resorts   0.69        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        Cairo Poultry   8.32        ARAB POLVARA SPINNING & WEAVIN   2.11        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


Money Markets - World

Amwal Al Ghad English - 2014-04-07 07:25:18
Japanese shares were slugged on Monday by a one-two combination of a higher yen and a selloff in the tech sector, while the euro struggled with speculation of more policy easing at home. Financial spreadbetters expected Britain's FTSE 100 .FTSE and Germany's DAX .GDAXI to each lose 0.8 percent at the open, while the S&P 500 E-Mini contract was off 0.16 percent. The Nikkei .N225 retreated 1.6 percent, led by weakness in technology stocks following a similar fall on Wall Street. Index heavyweight Softbank (9984.T) led the way with a fall of over 4 percent in brisk turnover. SoftBank shares have become very sensitive to moves in U.S. tech stocks ahead of Alibaba's IPO, which is expected to become one of the largest offerings in history. SoftBank holds around a 37 percent stake in the Chinese e-commerce giant. Still, stocks were steadier elsewhere in the region in the wake of a U.S. jobs report that hit the sweet spot for many investors - firm enough to soothe concerns about the health of the U.S. recovery but not so strong as to hasten the end of policy stimulus. As a result, MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was off a slim 0.2 percent, following two weeks of gains. Indeed, Samsung Electronics (005930.KS) dodged the tech selloff entirely, rising 1 percent ahead of its first-quarter earnings guidance due early on Tuesday. Markets in China and Thailand were closed for a holiday. Profit-taking on high-flying momentum stocks had hit the Nasdaq hard on Friday and dragged the Dow and S&P off historic highs. The Nasdaq shed 2.6 percent .IXIC in its biggest daily loss since February, while the .DJI fell 0.96 percent and the S&P 500 .SPX 1.25 percent. Still, the fall was more a function of positioning than any weakness in the jobs report. Nonfarm payrolls rose by 192,000, while upward revisions over the prior two months totaled 37,000. The unemployment rate was unchanged at 6.7 percent, while hours worked rebounded and another soft reading on wages was benign for inflation. "The conclusion then is that employment conditions are pretty much the same as they have been last few years," said Michelle Girard, chief economist at RBS in Connecticut. "This report should not move the dial in either direction for either the market or the Fed." That was just fine for emerging markets which have been vulnerable to any hint the Federal Reserve might unwind its stimulus at a faster pace, and so attract foreign funds away. Emerging market stocks .MSCIEF were trading steady on Monday following three straight weeks of gains. Also relieved was the U.S. Treasury market where 10-year yields were at 2.72 percent, after diving 9 basis points on Friday as prices rallied strongly. The pullback undermined the U.S. dollar's advantage over the yen and dragged it back to 103.08 from Friday's 10-week peak at 104.13 yen. ECB UNDER PRESSURE The euro fared even worse after a German newspaper reported the ECB had modeled the impact of buying a trillion euros of assets to ward off deflation, a day after the ECB's president said radical policy action might be needed. "No longer is it the case that the data need to weaken further; rather, with the latest inflation data already tracking below the staff's baseline projections, it will suffice that there is no ‘catch-up' over the next few weeks," said James Ashley, chief European economist at RBCCM. "In other words, if the data do not improve as expected, the ECB will act." Just the chance of extra action has pushed bond yields down sharply across Europe, with Spanish five-year yields dropping below U.S. Treasuries for the first time since 2007. That in turn undermined the euro, which was pinned at $1.3699 on Monday having carved out a five-week trough of $1.3671 on Friday. That helped nudge up the dollar against a basket of currencies to 80.420 .DXY. There is little in the way of major economic data in Asia on Monday, but the Bank of Japan has a policy meeting ending on Tuesday that will be closely watched for any hint that policymakers are considering adding to their already massive asset buying. In commodity markets, gold was holding at $1,301.56 an ounce after bouncing 1.2 percent on Friday. Oil prices eased after Libyan rebels occupying four eastern oil ports agreed with the government on Sunday to gradually end their eight-month petroleum blockade. Brent crude was quoted 88 cents lower at $105.84 a barrel on Monday, while U.S. crude eased 41 cents to $100.73 a barrel. More»
Amwal Al Ghad English - 2014-04-03 08:57:34
Asian shares hovered near four-month highs on Thursday as upbeat U.S. data underpinned risk appetite, while news China is taking steps to stimulate its economy spurred Tokyo's Nikkei to a three-week peak. European shares were also set for a higher start, with financial spreadbetters expecting Britain's FTSE 100 .FTSE to open up by 9-10 points, Germany's DAX .GDAXI by 10-12 points and France's CAC 40 .FCHI by 2-4 points. The yen languished at 10-week lows as equity markets rose, denting safe-haven demand for the currency. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 percent .MIAPJ0000PUS to brush a new four-month high. The index has rebounded about 6 percent from a five-week low hit on March 20, supported by receding tensions in Ukraineand hopes China will take steps to stimulate its sagging economy. Tokyo's Nikkei .N225 outperformed to gain 1.2 percent while South Korea's KOSPI .KS11 rose to three-month highs .T .KS China acted for the first time this year to steady its stumbling economy by cutting taxes for small firms on Wednesday and announcing plans to speed up the construction of railway lines. "The (China) announcement is lifting the mood because investment expansion such as infrastructure investment would pave the way for growth in consumption in the future," said Takuya Takahashi, a strategist at Daiwa Securities in Tokyo. Other cues for investors came from another record-breaking performance on Wall Street, with the S&P 500 closing at an all-time high on Wednesday as markets lapped up another set of solid private-sector jobs and factory orders data. The data bolstered expectations for a strong U.S. nonfarm payrolls report on Friday and pushed U.S. Treasury yields higher, which in turn kept the dollar well bid. The yen remained on the back foot as its safe-haven appeal continued to fade. The dollar traded at 103.965 yen, after briefly touching a 10-week high of 104.075. The outlook for the Japanese currency remains weak. It is expected to lose ground as persistently low inflation and an economy hurt by a sales tax is likely to force the Bank of Japan to ramp up its own stimulus just as the Federal Reserve winds down its own. The euro was little changed at $1.3757 against the dollar ahead of an European Central Bank policy meeting later in the session. The single currency plumbed a one-month low of $1.3704 last week amid heightened speculation the ECB would ease. "The failure to act could trigger another wave of euro buying, similar to last month," currency strategists at Brown Brothers Harriman wrote in a note to clients. "On the other hand, if the ECB does not ease, the market could ease for them by taking the euro lower," they added. The New Zealand dollar nursed losses after weak dairy production offered players an excuse to take profits on Wednesday while the kiwi traded at a 2-1/2 year peak. The New Zealand dollar was at $0.8543, pulling back sharply from the 2-1/2 year high of $0.8702 hit earlier this week on expectations for sustained rate hikes by the Reserve Bank of New Zealand. In the commodities markets, gold remained firm on signs of physical demand in Asia after bargain-hunting helped the metal post its biggest gain in three weeks on Wednesday. Spot bullion was at $1,291.71 an ounce, not far off Wednesday's session high of $1,294.60. <GOL/> China's stimulus plans did not impress all assets, and London copper dipped after the measures did not herald new demand for the metal. <MET/L> Three-month copper on the London Metal Exchange slipped to $6,636.00 a tonne, reversing Wednesday's gains made after an earthquake in top mine producer Chile raised concern over supply. Brent oil remained near a five-month low hit on Wednesday when expectations rebel-held Libyan ports could reopen within days eased supply woes. Lukewarm Chinese factory data also weighed on oil. <O/R> Brent crude oil stood at $104.88 a barrel after falling to $103.95 on Wednesday, its lowest since November 8. More»
Amwal Al Ghad English - 2014-04-03 08:49:42
Stocks across Europe swayed between small gains and losses early Thursday as investors awaited a monetary-policy decision from the European Central Bank. The Stoxx Europe 600 rose less than 1 point at 337.14, held back by losses among banking shares, with Deutsche Bank AG DE:DBK -1.47%down 1.8% following a ratings downgrade to overweight from neutral by J.P. Morgan Cazenove. Analysts, on average, expect the ECB to make no changes in policy when the decision is unveiled at 12:45 p.m. Among country-specific indexes, Germany's DAX 30 DX:DAX +0.03%shed 0.1% at 9,615.18, and France's CAC 40 FR:PX1 +0.06%slipped 0.1% to 4,428.15. The U.K.'s FTSE 100 UK:UKX +0.31%was up 0.1% at 6,666.67. More»
Amwal Al Ghad English - 2014-04-02 08:31:04
Asian share markets added to their recent rally on Wednesday as investors chose to accentuate the positive in a mixed bag of global economic data, tipping the safe haven yen to a 10-week trough. Even sluggishness in China is now considered favorably since it adds to the case for stimulus, and there are signs Beijing is hastening infrastructure spending in response. Reports from Chinese state media that several cities may relax house ownership restrictions sent property stocks surging, with the CSI300 property sub index .CSICMREI up 4 percent. "Previously, the government repeatedly talked about controlling the property market, but now they aren't saying anything about this and instead there have been signs of easing policies," said Tian Weidong, head of research in Kaiyuan Securities in Xi'an. Trading was still cautious ahead of Thursday's meeting of the European Central Bank and Friday's U.S. jobs numbers, both of which could move markets in major ways. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS crept up 0.3 percent to a fresh four-month high, while South Korea made a three-month peak .KS11. The Nikkei .N225 outperformed thanks to the drop in the yen and climbed 1.7 percent. On Wall Street, the S&P 500 .SPX ended Tuesday up 0.70 percent and just off a record intraday high. The Dow .DJI rose 0.46 percent, while the Nasdaq .IXIC bounced 1.64 percent. The U.S. economic news was generally supportive of risk appetite. The manufacturing ISM climbed to 53.7 in March, from 53.2, with production showing a marked expansion from weather-induced weakness in February. Likewise, new vehicles sales rose to a surprisingly brisk 16.4 million annualized in March, ending three months of softness and supporting the view that demand is recovering now that the worst of the winter weather has passed. The arrival of Spring is also why the market is wagering the U.S. payrolls report on Friday will show employment picked up to 200,000 in March. The brighter tone in the data pressured the long-end of the U.S. Treasury curve, where yields on 10-year paper rose 2 basis points to the highest in a week at 2.77 percent. Shorter-dated debt fared better in the wake of Federal Reserve Chair Janet Yellen's comment that extraordinary stimulus would be needed for some time to come. WILL THEY, WON'T THEY? Investors have also been speculating that the European Central Bank would soon take further steps to loosen policy, though officials are blowing hot and cold on the issue. On Tuesday, ECB vice-president Vitor Constancio told a news conference that low inflation was a concern and could drag on economic growth. Euro zone inflation slowed to an annual 0.5 percent in March, its lowest since November 2009. But Constancio then went on to deny any risk of deflation, saying inflation was set to pick up. That was taken as diminishing the chance of an easing at the ECB's policy meeting on Thursday and gave the euro a modest lift. A Reuters poll of 22 euro money market traders found 18 expected no change in the 0.25 percent main refinancing rate. The single currency inched up to $1.3805 to notch its fourth straight session of gains. It also rose on a broadly softer yen to reach 143.30, while the dollar scored a 10-week top at 103.86 yen. Among commodities, Brent crude was flat at $105.64 a barrel having shed over 2 percent overnight on the possibility of a jump in supplies from Libya after rebels blocking eastern oil ports hinted at a deal with Tripoli. U.S. crude eased 6 cents to $99.68 a barrel, after also losing around 2 percent on Tuesday to expectations for a build in domestic inventories. Spot gold was sulking at $1,281.09 an ounce, having touched a seven-week low of $1,277.29 on Tuesday. More»
Amwal Al Ghad English - 2014-04-01 16:18:15
European stocks closed higher on Tuesday, starting the new quarter in positive fashion, after a slew of economic data was released for the euro zone and in the U.S. Stimulus on the cards? The pan-European FTSEurofirst 300 Index provisionally closed higher by 0.5 percent at 1,399.74 points, with a broad-based rally after closing the previous quarter with slim gains of just 1.2 percent. In 2013, the index gained 16 percent. A fresh bout of economic data was released Tuesday which gave both the European Central Bank (ECB) and investors plenty to think about. Unemployment in the euro area remained stuck at 11.9 percent in February, hardly moving from this time last year, when the figure was 12 percent, according to the European Statistics Office, Eurostat. Meanwhile, the euro zone manufacturing purchasing managers' index, compiled by data company Markit, hit 53.0 in March, down from 53.2 the previous month, but still above the crucial 50 mark that signals growth. The figure is also below the January high of 54. "Despite having cooled slightly in March, the euro area manufacturing sector continues to enjoy its best spell of growth since early-2011. The rate of output growth remains encouragingly robust," Chris Williamson, the chief economist at Markit said in the accompanying press release. The French CAC 40 hit its highest level since September 2008 during afternoon trade, closing up 0.7 percent, after data showed the country's manufacturing sector was recovering from a long decline. Benchmark indexes in Greece, Portugal and Italy - which surged at least 14 percent in the first quarter - continued to perform strongly. More»
Amwal Al Ghad English - 2014-04-01 16:10:30
Asian shares were mixed in cautious trade on Tuesday after data on China's manufacturing sector painted a mixed picture of the world's second largest economy. Beijing's official purchasing managers' index (PMI) rose to 50.3 in March from 50.2 in February, in line with analyst expectations. Still, the figure was below January's 50.5 figure. Separately, HSBC's final reading came in at 48, a touch below last week's preliminary reading of 48.1. "Today's [official] PMI data would come as a relief for policymakers, as it suggests that the economy is not slowing as quickly as the PMIs indicated earlier," said Jian Chang, chief China economist at Barclays in a note.   Name Price   Change %Change NIKKEI Nikkei 225 Index 14791.99   -35.84 -0.24% HSI Hang Seng Index 22448.54   297.48 1.34% ASX 200 S&P/ASX 200 5389.17   -5.66 -0.10% SHANGHAI Shanghai Composite Index 2047.46   14.15 0.70% KOSPI KOSPI Index 1991.98   6.37 0.32% CNBC 100 CNBC 100 ASIA IDX 7092.30   38.29 0.54% Yellen remarks in focus A positive handover from Wall Street underpinned gains in Asia. The Dowlogged triple-digit gains after Yellen said there's still room for the central bank to help the economy. During a speech in Chicago, Yellen said that the Fed's "extraordinary commitment," in the form of massive bond-buying, is "still needed, and will be for some time." Shanghai gains 0.7% Mainland shares rebounded after hitting a more than one-week closing low on Monday thanks to strong gains in liquor companies. Kweichow Moutairose 5.0 percent and Jiangsu Yanghe Brewery climbed 5.2 percent. Retailers rose on reports that the monthly minimum wage in Beijing, Shanghai and Tianjin is set to rise by 11.4 to 12.3 percent from Tuesday.Beijing Wangfujing Department Store jumped 3 percent while Beijing Hualian Department Store added 0.6 percent. Nikkei 0.2% lower Japanese shares retreated from the previous days' three-week high following a choppy trading session as investors digested weak economic data. TheBank of Japan's Tankan survey of sentiment among big manufacturers for March came in just a touch below analyst estimates in a Reuters poll. "While fiscal cushions could come through, the risk is that business sentiments have not attained escape velocity and consumers are still struggling with inadequate wage rise," said Vishnu Varathan, senior economist at Mizuho Bank. But a weaker currency helped prevent larger losses. Dollar-yen hit a three-week high of 103.44 overnight and hovered near those levels in Asian trade. Retailers fell as a rise in the country's sales tax to 8 percent from 5 percent kicks in. The tax hike comes a day after data showed that factory output unexpectedly fell in February. Takashimaya fell 2 percent while Aeon andFast Retailing lost over 1 percent each. Kospi gains 0.3% South Korea's benchmark Kospi reversed early losses to hit a fresh 3-month closing high for a third straight session after the new Bank of Korea governor Lee Ju-Yeol promised consistent and predictable monetary policy. Meanwhile, the won rose to a 3-week high against the greenback. Upbeat economic data also boosted sentiment. Manufacturing activity expanded in March, according to the HSBC/Markit purchasing managers' index, which rose above the key 50-level. Among blue-chips, Posco gained 1.5 percent while Hyundai Motor inched up 0.2 percent. ASX falls 0.1% Australia's benchmark S&P ASX 200 pared losses but still retreated from Monday's two-week closing high after the Reserve Bank of Australia left its key interest rate unchanged at 2.5 percent and reiterated its commitment to a period of rate stability, as widely expected. Meanwhile, the Australian dollar fell to $0.9260 after briefly hitting a 4-month peak of $0.9310 following the decision. Home builders rose after home prices across major cities increased 3.5 percent in the first quarter. CSR led gains by nearly 2 percent while Boraladded 1 percent. India dips 0.1% India's benchmark index finished 0.27 percent higher after the Reserve Bank of India left its repo rate unchanged. Earlier in the session, the index hit a record high of 22,485 points. More»
Amwal Al Ghad English - 2014-03-31 08:18:21
Asian stocks edged higher in a cautious start to the week on Monday, with investors holding out hope that Chinawould take steps to stimulate its economy. European shares were also set for a higher start, with financial spreadbetters expecting Britain's FTSE 100 .FTSE to open up by 9-11 points, Germany's DAX .GDAXI by 34-43 points and France's CAC 40 .FCHI by 9-12 points. U.S. stock futures rose 0.4 percent, pointing to modest gains on Wall Street later in the day. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS tacked on 0.4 percent, after rising to a three-week high on Friday on heightened speculation Beijing will launch new spending measures and on reduced tensions in Ukraine. Tokyo's Nikkei stock average .N225 rose 0.7 percent. China's Premier Li Keqiang on Friday sought to reassure jittery global investors that Beijing was ready to support the cooling economy, saying the government had the necessary policies in place and would push ahead with infrastructure investment. China stimulus hopes were unable to shore up all equity markets in Asia, however, with South Korea's KOSPI .KS11 trading nearly flat. "It's difficult for the market to solely move on talks about stimulus with no concrete plan to back them up," said Kim Yong-goo, an analyst at Samsung Securities in Seoul. The euro lingered near a one-month low hit against the dollar on Friday after an unexpected drop in Spanish and German inflation bolstered expectations the European Central Bank could further ease monetary policy as early as Thursday. "It all depends on whether the ECB views the recent slowdown as a temporary pullback or a deeper problem. Given the abundance of policymakers talking about the possibility of negative rates, we believe they are growing more concerned about growth and inflation," Kathy Lien, managing director at BK Asset Management in New York, wrote in a note to clients. The euro was already under pressure after suggestions of more ECB action last week from Germany - whose policymakers have in the past repeatedly voiced concerns about unorthodox monetary easing. The focus now turns to euro zone inflation figures due later in the global session in light of Friday's weak Spanish and German inflation data. The euro was little changed at $1.3753 after hitting a one-month low of $1.3704 on Friday. Turkey's lira hit a two-month high against the dollar after Prime Minister Tayyip Erdogan declared victory in local polls that had become a referendum on his rule, stirring hopes months of political turbulence would ease. The lira brushed 2.165, its strongest against the greenback since late January. YELLEN, U.S. DATA EYED The dollar drew support from a rise in U.S. Treasury yields, which were underpinned by expectations that the Federal Reserve will continue to taper its massive stimulus program and pave the way for an eventual rate hike. Yields of intermediate-dated Treasury notes neared two-month highs on Friday. The sustained pressure on yields follows comments from Federal Reserve Chair Janet Yellen earlier this month that raised the possibility of rate hikes starting as early as the spring of 2015. Yellen will speak in Chicago later on Monday and the focus is on whether she maintains her stance on rates, which the market has interpreted as hawkish. Investors will also have a chance to begin gauging whether the frigid winter was really the key cause behind the string of soft U.S. data seen earlier this year, with the March Chicago PMI due later in the session. The dollar was nearly flat at 102.84 yen, hovering below a two-week peak of 102.98 reached on Friday. In commodities markets, gold remained under pressure amid an improvement in risk appetite following upbeat U.S. consumer spending data that brightened prospects for the economy. Spot gold traded at $1,296.50 an ounce, near a six-week low of $1,285.34 hit on Friday. Prospects for Chinese stimulus lifted copper, but the metal was still on track to close March with its biggest monthly fall since June as the world's second-largest economy is still expected to face a slow first quarter. <MET/L> Three-month copper on the London Metal Exchange briefly touched a three-week high of $6,680.00 a tonne, but prices are still on track to close the month down about 5 percent. Simmering tensions between Russia and the West and disruptions to African oil supplies helped U.S. crude trade near a three-week high. <O/R> U.S. crude for May delivery edged down 30 cents to $101.37 a barrel after settling on Friday at its highest since March 7. More»
Amwal Al Ghad English - 2014-03-27 07:13:50
Asian markets were in skittish mood on Thursday following a soft finish on Wall Street and amid simmering tensions over Ukraine, while Chinese tech stocks took a tumble in sympathy with their U.S. counterparts. Trading was thin and choppy with the month and quarter-end fast approaching. Tokyo stocks initially skidded as investors counted down to a rise in sales tax that is expected to chill consumer spending and test the market's faith in Abenomics. But the Nikkei .N225 met solid support near 14,200, as it has for weeks now, and rebounded to be up 0.6 percent. Some blamed Wall Street's slip on news the United States and the European Union had agreed to work together to prepare possible tougher economic sanctions in response to Russia's actions in Ukraine. The Dow .DJI ended down 0.60 percent, while the S&P 500 .SPX fell 0.70 percent. The technology-heavy Nasdaq .IXIC shed 1.43 percent to a low not seen in six weeks. The losses were led by Facebook (FB.O) off almost 7 percent after announcing a $2 billion takeover of Oculus VR Inc, a maker of virtual-reality glasses for gaming. More»
Amwal Al Ghad English - 2014-03-26 16:29:50
European stocks were higher on Wednesday amid hopes the European Central Bank (ECB) and the People's Bank of China (PBoC) could provide monetary stimulus to boost economic growth. Meanwhile, Lloyds Bank shares fell after the U.K. government said it would sell more of its stake in the bailed-out lender. Name Price Change %Change Volume FTSE FTSE 100 Index 6605.17 0.28 0% 1090735049 DAX DAX Index 9422.63 84.23 0.90% 55988048 CAC 40 CAC 40 Index 4377.20 33.08 0.76% 73714918 IBEX 35 IBEX 35 Idx 10129.40 138.90 1.39% 198382980 Stimulus coming? The pan-European FTSEurofirst 300 Index pushed higher -- having hit its highest level since March 12 -- in a broad-based rally with all major European bourses and most sectors posting strong gains. This came after a strong finish for stocks on Tuesday, with stimulus hopes helping to boost the "risk-on" sentiment. Bundesbank President Jens Weidmann — who is also a member of the ECB Governing Council — said on Tuesday that it was not "out of the question" for the central bank to buy bank assets to fight deflation, Reuters reported. Meanwhile, the prospect of a reserve requirement ratio cut by the Chinese central bank remained in focus, following a disappointing reading of March factory activity. "The bets are growing that further stimulus measures across Europe and China will be introduced over the coming months, as both the ECB and the PBoC look to give confidence and economic growth a further nudge," Evan Lucas, a market strategist at spread better IG markets, said in a research note. Ukraine concerns ease U.S. stocks continued to snap a two-day losing streak with shares rising on Wednesday. Benchmark indexes extending gains into a second day, after data showed orders for longer-lasting products gained more than expected even as corporate spending on equipment declined. "The headline-beating 2.2% jump in orders for new durable goods in February was driven by a rebound in the transport sector. Stripping out that volatile component saw orders rise by a more humble 0.2 percent," noted Andrew Wilkinson, chief market analyst at Interactive Brokers. "Relative to expectations the report showed pockets of strength, but failed overall to signal the final passage of a cruel winter," he added. Financial-data firm Markit reported its Purchasing Managers Index hit 55.8 in March, up from 54.1 a month earlier. Meanwhile, investor concerns over tensions in Ukraine -- which caused stocks to fall on Monday -- seem to have eased for the time being. This came as the West looked ready to hold off on further sanctions unless President Vladimir Putin goes beyond the seizure of the Crimean Peninsula. U.S. President Barack Obama, is due to meet with NATO officials and his European allies in Brussels on Wednesday. On the data front, German consumer morale looks to be holding steady, according to an April GfK consumer climate survey on Wednesday. The figure for the month ahead was 8.5 which was flat from March and met expectations. Lloyds shares drop Shares of Lloyds Banking Group fell 5 percent on Wednesday after the U.K. government said that it would sell a further 7.5 percent stake in the bank, worth about 4.2 billion pounds ($6.9 billion). Standard Life shares climbed around 5.3 percent after the British insurer announced the acquisition of Ignis Asset Management for $643.71 million. Shares of Mediaset rose 1.9 percent after reporting a return to profit on Tuesday evening, thanks to cost cutting and lower impairments. More»
Amwal Al Ghad English - 2014-03-25 08:16:41
Shares were in a defensive mode on Tuesday on uncertainty over Ukraine and the global economy, though still-vague hopes of stimulus measures from China may be supporting investor sentiment. Short-dated U.S. Treasuries prices wobbled, taking short-term U.S. bond yields to six-month highs as investors fretted over whether the Federal Reserve would raise interest rates sooner than expected, following comments last week from Janet Yellen, the bank's new chief. European shares are expected to recoup some of the previous day's heavy losses. Spreadbetters saw Germany's DAX .GDAX opening 0.4 percent above its close and Britain's FTSE .FTSE and France's CAC .FCHI opening up 0.3 percent. Japan's Nikkei .N225 dropped 0.4 percent while MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS also dipped 0.2 percent. That followed a lackluster session on Wall Street, where the Nasdaq Composite Index .IXIC led the losses with a fall of 1.2 percent to a five-week low as investors took some money off recent top performers such as biotech shares. The S&P500 Index .SPX fell 0.5 percent to 1,857.44. Concerns over Ukraine and soft U.S. manufacturing were cited as possible catalyst, though market players noted the selling could also reflect unwinding of positions ahead of the quarter-end. Markit's U.S. manufacturing survey showed U.S. factories slowed down in March. More»