DJIA
fell marginally to 12,502.8. NASDAQ edged down 0.3% to settle at 2,839.1.
S&P 500 rose 0.1% to 1,316.6.
Nikkei
225 index is trading 1.2% lower at 8,623.5.
FTSE
100 surged 1.9% to settle at 5,403.3.
FTSEurofirst
300 index rose 1.9% to 993.7.
In
Asia, crude oil for July delivery is trading 1.2% or $1.12 lower at $91.45 per
barrel.
At
0400 BST today, the GBP is trading marginally higher against the USD at
$1.5763, 0.1% lower against the EUR at €1.2436, 0.5% lower against the JPY at
¥125.41.
US Market
Snapshot
US
markets closed mostly lower yesterday, as Greece’s possible exist from the
Euro-bloc and a downgrade of Japan by Fitch led investors to shrug off positive
US housing data. Among coal producers, Peabody Energy, Alpha Natural Resources,
Arch Coal and Patriot Coal plunged between 3.9% and 35.1%, amid speculation
that Patriot Coal had hired bankruptcy advisors and as it stated that it was
still working with lenders for a revolving credit line of $625 million.
Facebook declined 8.9%, amid report that Morgan Stanley reduced its revenue
forecast for the social network. Apparel retailer Express slumped 27.4%, as its
first quarter results trailed market expectations and after it reduced its
full-year earnings forecast. However, Urban Outfitters, the top gainer on the
S&P 500 index, rallied 7.4%, as its first-quarter profit surpassed market
expectations.
DJIA
fell marginally to 12,502.8. NASDAQ edged down 0.3% to settle at 2,839.1.
S&P 500 rose 0.1% to 1,316.6.
Asian Market
SnapshotAsian markets are trading lower this morning, amid renewed concerns that Greece might leave the euro bloc, and after Japan’s debt-rating was downgraded to “A+” rating. In Japan, exporters, Nintendo, Hitachi and Fujifilm Holdings traded lower, after Japan’s exports rose less-than-estimated in April on yearly basis. Financial sector stocks, Aozora Bank, Daiwa Securities and Nomura Holdings paced lower, after Fitch Ratings downgraded Japan’s credit rating. In Hong Kong, refiners, Cnooc and Petrochina paced losses, in line with a fall in crude oil prices. In South Korea, technology stocks, Samsung Electronics and LG Display traded lower, reversing their earlier sessions’ gains.
Nikkei
225 index is trading 1.2% lower at 8,623.5. Hang Seng index is trading 1.7%
lower at 18,718.4, while the Kospi index is trading 1.3% lower, at 1,804.7.
UK Market Snapshot
UK
markets rose sharply yesterday, following positive news on China’s
infrastructure spending and as UK’s annual inflation rate fell to the lowest
level for more than two years in April. Cruise ship operator, Carnival rallied
4.3%, as bunker fuel price dipped sharply, fuelling optimism that the firm
would raise its earnings guidance. Miners, Xstrata, Rio Tinto, Kazakhmys and
Antofagasta rallied between 3.2% and 4.5% amid hopes that a boost in Chinese
infrastructure investment would spur demand for industrial metals. Xstrata also
gained as it predicted a recovery in Chinese demand for copper in the second
half of the year. Fresnillo gained 5.2%, as silver prices rallied. Oil services
company, Petrofac jumped 4.1%, as it bagged a $220 million rig refit contract.
Wolseley jumped 4.6%, as Credit Suisse reiterated their “Outperform” rating on
the stock. Vodafone rallied 4.2%, as its full year revenue growth surpassed
market expectation.
FTSE
100 surged 1.9% to settle at 5,403.3, while FTSE 250 soared 1.4% to close at
10,579.5.
European Market
Snapshot
Other
European markets rallied yesterday, ahead of the European Union summit and on
hopes that China and Europe would add measures to bolster global economic
growth. Additionally, a rise in US existing home sales data in April also
buoyed market sentiment. Italian financial sector stock, Banca Carige, soared
12.7 %, after the company announced that it would create a subsidiary to manage
353 branches outside the Liguria region. Carmakers, Renault and Fiat surged
6.3% and 6.4%, respectively, amid optimism that global auto demand would
recover. Accor rallied 5.8%, after the company announced that it would sell its
budget Motel 6 chain for $1.9 billion. Cement makers, Lafarge, HeidelbergCement
and Holcim, climbed between 1.6% and 5.3%, on news that the Chinese government
would accelerate its infrastructure projects.
FTSEurofirst
300 index rose 1.9% to 993.7. German DAX Xetra 30 climbed 1.7% to 6,435.6.
French CAC-40 rose 1.9% to 3,084.1.
Commodities
In
Asia, crude oil for July delivery is trading 1.2% or $1.12 lower at $91.45 per
barrel. Yesterday, crude oil for June
delivery expired 1.0% or 91 cents lower to $91.66 per barrel, amid a decrease
in geopolitical tensions, after Iran agreed to let in United Nations’ nuclear
inspectors. Crude oil also lost value, after the Organization for Economic
Cooperation and Development (OECD) trimmed economic growth forecasts for the
Eurozone.
Gold
for immediate delivery is trading 0.5% lower today, at $ 1559.55 per ounce.
Gold for June delivery declined 0.8% or $12.10 at $1,576.60 per ounce
yesterday, as the dollar strengthened against the euro, after OECD lowered its
forecast for growth in the Eurozone and also as Fitch Ratings downgraded Japan
to “A+” and kept its negative outlook on the country’s credit rating.
Currencies
At
0400 BST today, the GBP is trading marginally higher against the USD at
$1.5763, 0.1% lower against the EUR at €1.2436, 0.5% lower against the JPY at
¥125.41.
The
EUR is trading 0.1% higher against the USD at $1.2675. The currency is trading
0.5% lower against the JPY at ¥100.84.
The
EUR and CAD are trading higher against the USD, ahead of European Union leaders
meeting in Brussels to decide measures to stem the region’s debt crisis, and on
optimism that EU officials would take all the possible steps to keep Greece in
the euro bloc.
The
JPY is trading higher against most of its major peers, after the Bank of Japan
refrained from additional monetary easing.
Yesterday,
the GBP ended lower against the USD, following report that showed UK inflation
slowed more-than-forecasted in April, and after the IMF stated that further
quantitative easing may be warranted to bolster the UK economy.
The
EUR closed lower against the USD, amid mounting fear that Greece might leave
the monetary union as European leaders prepare to meet in Brussels. The
currency also lost value, as OECD cut economic growth forecasts in the
Eurozone.
The
JPY closed lower against most of its major peers, amid speculation that the
Bank of Japan might expand its monetary policy to boost growth, and after Fitch
Ratings trimmed Japan’s credit rating to “A+” with a negative outlook.
The USD closed higher
against the most of its major peers, amid fears that Greek might exit from the
Eurozone, and after JP Morgan highlighted economic slowdown in China and the US.
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