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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        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        Universal For Paper and Packag   4.94        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        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        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        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        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        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        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 - 2016-06-11 09:48:20
Japan's Nikkei share average fell on Friday after 10-year government bond yields dropped to a record low, rattling investors who were already cautious ahead of policy decisions from the U.S. Federal Reserve and Bank of Japan next week. The Nikkei fell 0.4 percent to 16,601.36 points. For the week, it dropped 0.2 percent. Earlier in the day, the 10-year government bond yield dropped to minus 0.140 percent. The broader Topix fell 0.5 percent to 1,330.72 and the JPX-Nikkei Index 400 shed 0.5 percent to 11,981.60. The Fed holds a policy meeting through June 14-15, while the Bank of Japan concludes its two-day policy meeting on June 16. More»
Amwal Al Ghad English - 2016-06-11 08:53:06
European shares fell to near a four-week low on Friday, with Lufthansa dropping after the surprise departure of its finance chief, while political worries put pressure on cyclical stocks on the last trading day of the week. Investors are jittery before a June 23 referendum in Britain on whether it will remain a member of the European Union. Bookmakers' odds suggest those voting to remain in the EU will win, but polls suggest a neck-to-neck race. "The upcoming UK referendum on the EU in less than two weeks, continuing slow growth within the EU ... seem to be taking a toll on European stocks," City of London Markets trader Markus Huber said. "With the European football championship kicking off in France and the country being on high alert for possible terror attacks, traders in general might prefer temporarily to reduce or at least hold steady their exposure to Europe for now." As caution grew before the British referendum, European equity funds posted a net outflow for the 18th consecutive week. That was the longest run since February 2008, before the onslaught of the global financial crisis, Bank of America Merrill Lynch said in a note. The pan-European FTSEurofirst 300 index ended down 2.3 percent at 1,308.8 points. The index earlier touched a low of 1,307.0 points, its lowest intraday point since May 16. The index ended its second straight week of losses. Lufthansa shares fell 5.6 percent after news that Chief Financial Officer Simone Menne would step down, a surprise move that comes as the airline is trying to trim its cost base. UniCredit fell 6.4 percent after its chairman said a new chief executive to replace outgoing Federico Ghizzoni would not be chosen before the end of July. Investors have been concerned the Italian bank may turn to a capital increase to beef up its finance and uncertainty over strategy is likely to continue until a new CEO is picked. Financials and other cyclicals were hit hard, with European insurance, banking, construction and travel indexes falling between 2.5 percent and 3.6 percent. Commodities stocks also fell, with the energy index down 1.8 percent and the mining index dropping 2.7 percent after prices of crude oil and industrial metals dropped. Today's European research round-up More»
Amwal Al Ghad English - 2016-06-09 09:36:36
European stocks slide Thursday, on track for a second day of losses, as energy shares were weighed by a downturn in oil prices. The Stoxx Europe 600 fell 1% to 341.04. All sectors fell, led by a drop in the oil and gas group SXEP, -1.35% . Among oil producers, Neste Corp. declined 2.7%, France’s Total SA gave up 1.7%, and Spain’s Respsol SA  fell 1.6%. Oilfield data-services provider TGS-NOPEC Geophysical Co. ASA  slumped 3.7%. Crude prices turned lower in early European trade, with Brent slipping 0.3% to $52.33. West Texas Intermediate futures were off 0.2% at $51.15. But oil prices were still on track for a weekly jump of more than 5%. “Oil has rolled over a bit ... and oil really has been driving the gains. We’ve seen the oil and gas sector the best performer over the few days, and with this pullback today [in oil prices], we’re left without other catalysts,” said Jasper Lawler, market analyst at CMC Markets. Bonds in focus: The European Central Bank on Wednesday kicked off its purchases of corporate bonds as part of its stimulus efforts for the eurozone. “But it didn’t really translate into strength in equities. There’s been a shift in focus to bonds, and if we couldn’t get any momentum going from that central bank intervention, what can [do it]?,” Lawler said. In the bond market, the yield on the U.K. 10-year gilt hit a record low of 1.222%, according to Tradeweb. The yield on the 10-year German bund was down 1 basis point at 0.042%. Yields move in opposite direction from prices. Indexes: Germany’s DAX 30 gave up 1.2% to 10,091.33, and France’s CAC 40 lost 1.1% to 4,401.73. Italy’s FTSE MIB was off 1.1% to 17,716.02, while Spain’s IBEX 35 fell 0.8% to 8,765.80. The U.K.’s FTSE 100 dropped 0.8% to 6,250.86 The euro was down 0.3% at $1.1361 as the dollar switched modestly higher against major rivals. Movers: Essentra PLC  shares plunged 28% following a profit warning from the plastics supplier. Boliden AB rose 1.2% after Barclays raised its price target on the mining and smelting company. “Boliden has rarity value in European equity markets offering meaningful and investible exposure to zinc prices,” said Barclays. More»
Amwal Al Ghad English - 2016-06-09 09:22:51
Asian stocks turned lower on Thursday, led by sliding Japanese equities, while a weaker dollar buoyed commodities such as gold and crude oil. Spreadbetters expected a lower open for Britain's FTSE, Germany's DAX and France's CAC with a stronger euro seen weighing on European shares. The New Zealand dollar soared to a one-year high after the nation's central bank kept interest rates steady as expected, even as some in the market had wagered on a cut. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent after rising by as much as 0.3 percent earlier to a six-week high. The Nikkei pulled back 1.3 percent, hurt by a stronger yen. Financial markets in Hong Kong and China were closed for holidays. South Korea's Kospi lost 0.3 percent. The index briefly rose to a 2016 high after the Bank of Korea unexpectedly cut its policy rate to a record low 1.25 percent amid weak inflation and stagnant exports. The BOK may also be looking to cushion the economy as the government drives a major overhaul of the struggling shipping and shipbuilding industries that could see large job losses. "Many expected the U.S. Federal Reserve to hike rates in June or July but after the May (U.S.) jobs data a June hike now seems impossible. The BOK probably thought taking action before the Fed's rate hike would be safer," said Lee Sur-bee, fixed income analyst at Samsung Securities. On Wall Street, the Dow gained 0.4 percent overnight, rising above 18,000 for the first time since April as a weaker dollar lifted some commodity-related shares. [.N] The greenback slipped 0.4 percent to 106.58 yen, nearing a one-month low of 106.35 hit on Monday in the wake of the jobs report. The euro rose to a one-month peak of $1.1416, with the latest uptick coming after the European Central Bank began buying corporate debt for its bond purchase program in a bid to boost the euro zone economy. The New Zealand dollar was the region's outperformer, rallying about 1.7 percent to a one-year high of $0.7148 after the Reserve Bank of New Zealand held interest rates steady while retaining an easing bias. The kiwi surged as not all in the market had expected the central bank to stand pat. "We were surprised, we were calling for a rate cut. We still see one so the next opportunity is August. A key reason for that is persistent strength in the exchange rate," said Jane Turner, senior economist at ASB Bank. "The Reserve Bank is relying on a lower New Zealand dollar to achieve their inflation target and based on where the exchange rate is now, they're not going to achieve that without cutting the cash rate further." In commodities, U.S. crude oil extended overnight gains to reach an 11-month high of $51.67 a barrel. In addition to a weaker dollar, supply worries caused by a sabotage of oil facilities in major producer Nigeria has boosted oil. [O/R] Brent crude rose as high as $52.86 a barrel, highest since October 2015. Spot gold advanced to a three-week high of $1,266.01 an ounce, while aluminium climbed to a one-month high of $1,614.50 a tonne. Copper also inched higher. More»
Amwal Al Ghad English - 2016-06-08 08:25:01
Asian shares edged up on Wednesday, as markets digested Chinese trade data against the backdrop of a brightening energy sector outlook and an expected delay in interest rate hikes by the U.S. Federal Reserve. European markets though were poised for a subdued start, with financial spreadbetters expecting Britain's FTSE 100 and France's CAC to open down 0.2 percent, and Germany's DAX to start the day 0.3 percent lower. The MSCI's broadest index of Asia-Pacific shares outside Japan erased earlier losses to climb 0.2 percent, as investors weighed May Chinese imports that beat predictions against worse-than-expected exports. The Asia ex-Japan index remained near the six-week high hit on Tuesday. Japan's Nikkei also staged a turnaround, rising 0.6 percent. "Global equities are firmer, but it is not indicative of an uptake in risk appetite," Bernard Aw, market strategist at IG, wrote in a note. "The upmove was mostly driven by higher oil prices." China's CSI 300 and the Shanghai Composite indices both pared earlier losses, but remained lower. The CSI 300 was down about 0.4 percent and the Shanghai Composite fell 0.3 percent in thin trading, ahead of market closures on Thursday and Friday for the Dragon Boat weekend holiday. Hong Kong's Hang Seng slid 0.3 percent. Hong Kong is also closed on Thursday. Chinese dollar-denominated exports declined 4.1 percent in May from a year earlier, compared with an expected drop of 3.6 percent. Imports fell 0.4 percent, less than the predicted 6 percent, and the smallest decline since they turned negative in November 2014. China's trade surplus is forecast to hit $50 billion in May. [ECONCN] Despite the weak exports, the Chinese central bank said on Wednesday it still expects the economy to grow by 6.8 percent this year. On Wall Street, the U.S. S&P 500 Index rose 0.1 percent to 2,112 overnight, less than 20 points away from its record closing high marked in May last year. The advance was led by 2.1 percent gains in energy shares as oil prices jumped more than 1 percent to hit eight-month highs on expectations of domestic stockpile draws and worries about supply shortfalls from attacks on Nigeria's oil industry. A report from trade group American Petroleum Institute (API), released after Tuesday's close showed a crude draw of 3.6 million barrels, larger than expectations of 2.7 million barrels, supporting the market. U.S. crude futures rose 0.1 percent to $50.50 per barrel. Global benchmark Brent futures also gained 0.1 percent to $51.51. Both remained close to the highest level since October, seen earlier in the session. Investors further trimmed expectations of Fed rate hikes as they assessed Friday's employment report that showed new hires sharply dropped in May. Data published on Tuesday confirmed U.S. nonfarm productivity fell in the first quarter on a surge in labour-related costs, suggesting companies may have had to slow hiring after their hiring earlier this year outpaced revenue growth. The 10-year U.S. Treasuries yield was last at 1.7125, testing strong support at around 1.70 percent. In Europe, German bond yields hit a record low of 0.045 percent on Tuesday as investors sought a safe haven ahead of Britain's referendum on EU membership. The British pound was off Monday's three-week low but remained volatile. It traded at $1.4555 , compared with Monday's low of $1.4352. The dollar also licked its wounds near four-week lows after the job data quashed expectations of a Fed rate hike in the next couple of months. The dollar index stood at 93.694, the lowest level in almost a month. The euro advanced 0.2 percent to $1.13730 while the yen rose 0.3 percent to 107.030 per dollar. The dollar's weakness proved a boon for gold, which hit a two-week high of $1,249.20 an ounce on Wednesday. Spot gold was last trading up 0.3 percent at 1,247.30. More»
Amwal Al Ghad English - 2016-06-07 09:51:35
U.K. stocks surged Tuesday, with gains for mining shares and oil heavyweight Royal Dutch Shell PLC helping the market's benchmark moved toward a third consecutive win. The FTSE 100 picked up 0.6% to 6,312.58, as all but the utilities sector gained ground. U.K. and European equity investors were getting their first chance to react to U.S. Federal Reserve Chairwoman Janet Yellen’s speech on Monday, and what it implied about the timing of the central bank’s next interest rate increase. Yellen did address “concerns she had over the impact of a potential Brexit, and this would appear to rule out June and possibly July,” said Richard Perry, market analyst at Hantec Markets, in a note. “Equities have been supported by Yellen’s comments, which have helped to settle nerves a bit.” Two new opinion polls on Tuesday showed a slight lead for in voter support for “remain” in the June 23 referendum on whether the U.K. should leave or stay in the European Union. The pound GBPUSD, +1.0873% was buying $1.4496, compared with $1.4466 on Monday, during which it traded a roughly at three-week low. That decline came after a clutch of polls indicated a swing into the lead for the “leave” camp. Miner movers: The FTSE 100 on Monday climbed 1% to close at a nearly six-week high, aided in part by gains for mining shares as a softening dollar helped metals prices gain ground. Mining shares continued to push higher Tuesday, with platinum producer Anglo American PLC gaining 3% and copper miner Antofagasta PLC  higher by 1.6%. Glencore PLC added 2.2% Oil beaters: Shares of Royal Dutch Shell PLC were near the top of the index, moving up 2.2% after the oil major raised its target for savings stemming from its purchase of BG Group. Stock in rival oil producer BP PLC was up 1.2%, outperforming a slip in oil prices CLN6, +0.58% LCOQ6, +0.69% . More»
Amwal Al Ghad English - 2016-06-07 09:22:16
Asian stocks rose to a five-week high on Tuesday after U.S. Federal Reserve Chair Janet Yellen gave a largely upbeat assessment of the U.S. economic outlook, while the dollar declined on easing expectations of interest rate increases in coming months. Financial spreadbetters predicted Britain's FTSE 100 would open down 0.10 percent, Germany's DAX to gain 0.15 percent, and France's CAC 40 to open flat. MSCI's broadest index of Asia-Pacific shares outside Japan rose more than 1 percent, taking its gains to 6 percent in two weeks, as investors judged the Fed's cautious stance as well-suited to equities. In Asia, Hong Kong led regional stock markets, rising 1 percent as investors hunted for bargains in one of the cheapest equity markets in the region. Japan's Nikkei ended up 0.6 percent as attention turned to whether the Bank of Japan will ease policy again next week, as strength in the yen crimps the economy. "Yellen's comments yesterday downplayed the impact of the jobs data last week and gave a cautious sense of optimism on the outlook for the U.S. economy," said Fan Cheuk Wan, head of Asia investment strategy at HSBC Private Bank. "Her comments point towards the world remaining stuck in a low-growth and low-yield environment which should be positive for risky assets and keep the dollar soft," she said. The Fed chief said last month's jobs report was "disappointing" but warned against attaching too much significance to the payrolls data in isolation. Still, Yellen was careful not to give any hints about the timing of a next rate increase, in contrast to a speech on May 27, when she said such a move would probably be appropriate "in coming months." World markets cheered her comments, with U.S. stocks closing a shade below a recent record. Money market futures reduced bets on a July rate hike further, to around 20 percent, from 30 percent before Yellen's comments. They were pricing in about a 60 percent chance of a rate hike by July before Friday's weak payrolls data. With the Fed suggesting it was in no rush to increase interest rates, bond yields slipped with 10-year U.S. Treasury yields retreating to 1.74 percent from 1.84 percent last week. Benchmark yields are down 63 basis points so far this year. Lower yields on government debt translated into further inflows into relatively higher-yielding corporate debt, with an index of Asian bonds tracked by JP Morgan rising to fresh highs. Inflows into Asia-focused equity funds also showed a noticeable pickup in recent weeks, according to Thomson Reuters data. The dollar index against a basket of other major currencies hit a four-week low of 93.745 before bouncing back to 94.066. The euro eased to $1.13590 after having scaled a four-week high of $1.3930, while the yen also stepped back to 107.545 per dollar from Monday's five-week high of 106.35. The Australian dollar climbed to a one-month high of $0.7426 after the Reserve Bank of Australia kept rates steady at a policy meeting and investors scaled back expectations of a near-term cut. Elsewhere, oil prices held firm after crippling attacks on Nigeria's oil industry and fresh draws in U.S. crude stockpiles. Global crude benchmark Brent futures hit a seven-month high of $50.83 per barrel on Monday before easing to $50.46 early on Tuesday. U.S. West Texas Intermediate (WTI) crude stood firm in Asia at $49.60 per barrel, after rising 2.2 percent on Monday, its largest gain in three weeks. More»
Amwal Al Ghad English - 2016-06-06 09:03:13
Shares rose in Europe and Asia on Monday, helped by commodity stocks as the dollar held close to more than three-week lows hit after surprisingly weak jobs data led investors to rule out a rise in U.S. interest rates this month. The diminishing prospect of a near-term rate hike, which had looked very likely, kept yields on low-risk U.S. Treasuries near lows touched after Friday's data while German equivalents fell closer to record levels. The focus for traders and investors shifted to a speech later on Monday by Fed Chair Janet Yellen. Elsewhere, sterling fell more than 1 percent after opinion polls published over the weekend showed a pick-up in support for Britain voting to leave the European Union in a June 23 referendum. The pan-European FTSEurofirst 300 stocks index .FTEU3 gained 0.1 percent. Britain's FTSE 100 .FTSE, which includes several major mining and oil and gas firms, rose 0.9 percent. The price of copper CMCU3 hit its highest in four weeks and the gold price XAU= its highest in two while Brent crude oil rose above $50 a barrel on dollar weakness and the Fed outlook. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.9 percent. Australia's mining-heavy S&P/ASX 200 index closed up 0.8 percent. However, a stronger yen against the dollar helped push Japan's Nikkei stock index .N225 down 0.4 percent. The dollar, which suffered its biggest one-day drop against a basket of major currencies .DXY in four months on Friday, recovered some of the lost ground on Monday. After hitting a one-month low of 106.35 yen JPY= on Friday, the dollar rose 0.6 percent to 107.12 yen. It also rose 0,1 percent to $1.1356 per euro EUR=. Yellen speaks at the World Affairs Council of Philadelphia at 1630 GMT (12:30 p.m. EDT). "Rate hike expectations for June have disappeared. And while the focus has shifted to July, we expect the dollar to be rather subdued this week, with not much of economic data out of the U.S.," said Yujiro Goto, currency strategist at Nomura. Sterling GBP= fell 0.7 percent to $1.4420, having earlier fallen more than 1 percent to a low $1.4350 on the polls showing increased support for "Brexit". U.S. 10-year yields US10YT=RR, which fell to 1.697 percent, their lowest in almost two months, on Friday, stood at 1.706 percent, fractionally up on the day. BUND YIELDS DIP German 10-year Bunds DE10YT=TWEB, the benchmark for euro zone borrowing costs, dipped to 0.069 percent, shrugging off a deeper-than-expected fall in German industrial orders. Bund yields fell on Friday as far as 0.065 percent, their lowest in more than a year, and were still close to a record low of 0.05 percent hit in April 2015. The British opinion polls and gains by the anti-establishment 5-Star Movement in weekend Italian municipal elections also supported Bunds. "We have a poll showing the leave camp in the lead in the UK and in Italy we see the 5-Star Movement gaining ground, so political risk is a key issue," said KBC strategist Piet Lammens. Brent crude LCOc1 last traded at $50.18 a barrel, up more than 1 percent on the day, also helped by attacks on Nigerian oil infrastructure. More»
Amwal Al Ghad English - 2016-06-04 10:22:13
European stocks fell sharply by Friday's close after investors learned that the U.S. had only added 38,000 jobs in May, well below Wall Street expectations of 162,000. The pan-European STOXX 600 came off session lows, but ended down 0.9 percent provisionally. The index—which was higher in earlier trade—fell following the U.S. jobs data. On the week, the STOXX 600 finished down 2.4 percent provisionally. The FTSE held onto gains closing up 0.4 percent, while the French CAC 40 and Germany's DAX tumbled, both ending 1 percent down. Wall Street was initially expecting to see a figure of 162,000 jobs in May and the unemployment rate hold steady at 5.0 percent. However the nonfarm payrolls number sent markets spinning after the figure came in at just 38,000 jobs. The headline unemployment fell to 4.7 percent. Both the euro and sterling rose sharply against the dollar, after the report. The disappointing data has cast doubts on whether the Federal Reserve will raise rates in June or July. "The U.S. nonfarm payroll data was crazy and completely unbelievable and this is the last set of important data before the Fed meeting. When you look at the data set, it really boggles your mind because the unemployment rate has ticked lower. The productivity picture is even more confusing as it is not increasing," Naeem Aslam, chief market analyst at Think Forex U.K., said in a note. Elsewhere, European stocks have been digesting the latest news from the European Central Bank, who chose to leave rates on hold on Thursday as expected, while slightly upping its growth forecast for 2016. On the data front, the latest European services PMIs came out, with Markit's composite PMI output for the euro zone coming in at 53.1, up from April's 53.0, indicating economic growth remained subdued. Oil in focus In the oil space, both Brent and U.S. WTI came under pressure on Friday, hovering around $49.50 and $48.60 respectively, at Europe's close. Prices have been reacting to the U.S. jobs report, along with news from OPEC which saw its members fail to agree on output targets. Despite earlier gains, energy stocks closed in the red. BP however ended 1.5 percent higher after the oil major agreed late on Thursday, to pay $175 million to shareholders over Gulf spill claims. Overseas, Asia closed mostly higher, while in the U.S., markets were posting losses as the jobs report renewed concerns over economic growth. RWE, Accor shares soar Aside from the nonfarm payrolls data, Europe's basic resources outperformed as the sector was lifted by a solid rise in metal prices and a weaker U.S. dollar. Shares of Glencore, BHP Billiton and Anglo American all finished trade 3.5 percent or more up. Fresnillo and Randgold Resources soared ahead, closing up 7.6 and 6.8 percent respectively, as precious metal prices rallied on the back of the jobs report. Germany's RWE popped 4.7 percent, after Bank of America Merrill Lynch upgraded its stock to "buy", according to Reuters who cited traders. Meanwhile in France, Accor popped 6.7 percent. The French hotel group was in focus after a French media report said that China's Jin Jiang was planning to raise its stake in the firm. Accor declined to comment on the rumor. Near the bottom of Europe's benchmarks was Airbus which slipped 3.5 percent. This comes after the CEO at Qatar Airways said it had cancelled its first Airbus A320neo jet and could walk away from more, due to delays in deliveries caused by engine problems, Reuters reported. Indivior was the STOXX 600's top performer, jumping over 36 percent. This comes after the pharmaceuticals firm received a positive outcome in a patent litigation case for its key Suboxone Film. Jefferies said this represented a "watershed moment" for the firm. At the bottom of Europe's benchmarks included Bilfinger, off over 9 percent, and many of Europe's banks, in light of the U.S. jobs data. More»
Amwal Al Ghad English - 2016-06-04 08:11:16
Japanese stocks rose on Friday in thin trade, supported by gains on Wall Street and a sharp jump in index-heavy Fast Retailing after the clothing retailer posted strong monthly sales. The Nikkei advanced 0.5 percent to end at 16,642.23. For the week, the benchmark index dropped 1.1 percent. Trading was subdued before the outcome of the U.S. jobs report later in the day as investors continue to assess the prospects of the Federal Reserve hiking interest rates at its June 14-15 meeting. Turnover on the broader market stood at 1.77 trillion yen, lower than the 2 trillion mark, which is seen fairly active. The broader Topix added 0.4 percent to 1,337.23 and the JPX-Nikkei Index 400 advanced 0.4 percent to 12,047.90. More»