DJIA
edged up 0.3% to close at 12,529.8. NASDAQ fell 0.4% to settle at 2,839.4.
S&P 500 rose 0.1% to end at 1,320.7.
Nikkei
225 index is trading 0.1% higher, at 8,570.9.
FTSE
100 surged 1.6% to settle at 5,350.1.
FTSEurofirst
300 index added 1.1% to 982.6.
In
Asia, crude oil for July delivery is trading 0.1% or 13 cents lower at $90.53
per barrel.
At
0400 BST today, the GBP is trading marginally lower against the USD at $1.5651,
slightly up against the EUR at €1.2495 and marginally down against the JPY at
¥124.73.
US Market
Snapshot
US
markets closed mostly higher yesterday, as positive comments from the Italian
premier on Greece and issuance of Euro bonds boosted market sentiment,
offsetting China growth fears. Hewlett-Packard, the top gainer on the DJIA
index, added 3.3%, as its quarterly earnings surpassed market expectations and
after it planned to lay off 8% of its employees. Wholesale-club operator,
Costco rose 1.4%, as it posted better-than-expected earnings, while Dow
Chemical rallied 3.4%, as it was awarded $2.16 billion after winning a legal
case against Kuwait's Petrochemical Industries. Pandora Media surged 12.3%, as
its fast-growing sales figure topped market expectations. However, NetApp
plunged 12.3% and led the technology sector lower, following its weak sales
forecast.
DJIA
edged up 0.3% to close at 12,529.8. NASDAQ fell 0.4% to 2,839.4. S&P 500
rose 0.1% to 1,320.7.
Asian Market
Snapshot
Asian
markets are trading mostly higher this morning, as a rise in Japan’s core
consumer prices in April overshadowed fears that China’s largest banks to fall
short of loan targets for the first time in at least seven years. In Japan,
Japan Tobacco gained value, after the company agreed to pay $597 million for
Belgium-based Gryson to cut its reliance on the domestic market. Real Estate
stocks, Mitsui Fudosan and Mitsubishi Estate traded higher, following report
that Goldman Sachs Group would start investing in Japanese real estate for the first
time since 2008. In Hong Kong, Bank of Communications, Hang Seng Bank and ICBC
traded lower, amid speculation of a decline in banks’ lending in April and May.
In South Korea, Ssangyong Engineering & Construction paced higher, on news
that the company had won a $250 million deal to build a water supply network in
Iraq.
Nikkei
225 index is trading 0.1% higher, at 8,570.9. Hang Seng index is 0.3% down, at
18,615.2, while the Kospi index is trading 0.2% higher, at 1,817.5.
UK Market Snapshot
UK
markets rallied yesterday and rebounded from their biggest selloff in six
months, shrugging off downbeat UK and Eurozone economic data, as investors
deemed the shares to be cheap at their current valuation. Randgold Resources
rallied 8.0% and emerged as the top gainer on the FTSE 100 index, as gold
prices rose. Rio Tinto and Vedanta Resources rallied 1.7% and 5.0%,
respectively, as base metal prices gained. BHP Billiton rose 2.2%, amid renewed
hopes of a share buyback. Royal Dutch Shell climbed 2.2%, on news that it has
extended the offer deadline for Cove Energy. ARM Holdings gained 2.7%,
following an upgrade to “Buy” from “Hold” at S&P Equity Research. United
Utilities rallied 2.7%, as it stated that it was on track on track to meet
dividend growth targets.
FTSE
100 surged 1.6% to settle at 5,350.1, while FTSE 250 rose 0.9% to close at
10,472.5.
European Market
Snapshot
Other
European markets finished higher yesterday, as investors shrugged off
weaker-than-expected economic data and inconclusive meeting between EU
policymakers and instead focus on bargain hunting amid speculation that the
recent heavy losses were not in line with the outlook for company earnings.
Financial sector stocks, Credit Agricole, Deutsche Bank and BNP Paribas climbed
between 0.8% and 1.6%, as risk appetite increased among investors. Among
utilities, EON and RWE rose 2.1% and 2.2%, respectively, after Commerzbank
upgraded the former to “Buy” from “Hold” and the latter to “Hold” from “Reduce”,
while GDF Suez climbed 2.2%, after Credit Suisse raised its recommendation on
the stock to “Neutral” from “Underperform”. Healthcare-product stock, Sonova
Holdings, gained 3.3%, after HSBC Holdings advised a “Buy” on the stock.
FTSEurofirst
300 index added 1.1% to 982.6. German DAX Xetra 30 advanced 0.5% to 6,315.9.
French CAC-40 closed 1.2% higher, at 3, 038.3.
Commodities
In
Asia, crude oil for July delivery is trading 0.1% or 13 cents lower at $90.53
per barrel. Yesterday, crude oil for July delivery advanced 0.9% or 76 cents to
$90.66 per barrel, as fuel energy demand prospects improved, after the US
Labour Department reported a fall in the US initial jobless claims by 2,000 to
a level of 370,000 on a seasonally adjusted basis during the last week, and
following a rise in durable-goods orders in April. Crude oil also gained value,
after indecisive nuclear talks between Iran and Western countries, raised
supply concerns.
Gold
for immediate delivery is trading 0.3% lower today, at $1552.24 per ounce. Gold
for June delivery advanced 0.6% or $9.10 to $1,557.50 per ounce yesterday, as
the IMF data revealed that central banks persisted in buying gold in April,
with Turkey boosting its reserves by 29.7 metric tons and Ukraine, Mexico and
Kazakhstan also raising their holdings.
Currencies
At
0400 BST today, the GBP is trading marginally lower against the USD at $1.5651,
slightly up against the EUR at €1.2495 and marginally down against the JPY at
¥124.73.
The
EUR is trading 0.1% lower against the USD at $1.2526 and marginally down
against the JPY at ¥99.83, amid persistent fears that Greece might exit from
the euro bloc and following ongoing debt and recession worries throughout the
Eurozone.
Yesterday,
the EUR closed lower against the USD, as major PMI indices on both European
manufacturing and services data fell short of market expectations, and after
German IFO business confidence fell for the first time in 7 months.
The
NZD finished higher against most of its major peers, after Moody’s Investors
Service reiterated the country’s “AAA” credit rating.
The
AUD closed higher against the USD, as higher metal and oil prices increased the
demand for the commodity linked currency.
The
CHF ended lower against the EUR, amid speculation that the Swiss central bank
might take action to weaken its currency.
The CAD finished lower
against the USD, amid concerns that the European sovereign debt crisis would
worsen and economic growth might falter in the US.
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