DJIA
gained 0.7% to end at 12,627.0. NASDAQ rose 0.7% to settle at 2,875.3. S&P
500 added 0.9% to close at 1,331.9.
Nikkei
225 index is trading 0.9% higher at 8,810.2.
FTSE
100 surged 1.4% to settle at 5,523.9.
FTSEurofirst
300 index rose 1.4% to 1,000.1.
In
Asia, crude oil for August delivery is trading 0.5% or $0.41 higher at $80.62
per barrel.
At
0400 BST today, the GBP is trading 0.1% higher against the USD at $1.5586, 0.1%
lower against the EUR at €1.2478, and 0.2% lower against the JPY at ¥123.76.
US Market
Snapshot
US
markets closed higher yesterday, as better-than-expected pending home sales and
durable goods orders data buoyed market sentiment, ahead of a key two-day
European Union summit meeting. Goldman Sachs and JPMorgan Chase rallied 2.5%
and 3.0%, respectively, on news that News Corp had appointed them as advisers
on its plans to split into two separate companies. Exxon Mobil added 1.0%,
tracking a rise in crude oil prices. Drug-maker, Bristol-Myers Squibb added
1.7%, as it doubled the size of its share buyback programme. Home-builder,
Lennar climbed 4.8%, as its second-quarter profit soared from a year earlier,
while seed company, Monsanto gained 3.9%, as it posted higher-than-expected
third-quarter earnings. Arena Pharmaceuticals surged 28.7%, as it gained FDA
approval for its anti-obesity drug Locaserin.
DJIA
gained 0.7% to end at 12,627.0. NASDAQ rose 0.7% to settle at 2,875.3. S&P
500 added 0.9% to close at 1,331.9.
Asian Market
Snapshot
Asian
markets are trading mostly higher this morning, as better-than-expected
economic data from Japan and the US overshadowed uncertainty about the outcome
of the EU summit due to start later today. In Japan, drug maker, Eisai gained
value, after its partner, Arena Pharmaceuticals, won US approval for a
weight-loss drug. Retailers, Daiei and Shimamura traded higher, after Japan’s
retail sales advanced 3.6% from a year earlier in May. In Hong Kong, retailer,
Luk Fook Holdings International gained value, after the company reported a
sharp rise in its annual earnings. In South Korea, Hanjin Shipping Holdings and
CJ Korea Express advanced tracking higher freight rates.
Nikkei
225 index is trading 0.9% higher at 8,810.2. Hang Seng index is trading 0.1%
higher at 19,201.2, while the Kospi index is trading flat at 1,817.0.
UK Market
Snapshot
UK
markets rebounded yesterday, with the FTSE 100 index snapping a four-session
losing streak, amid speculation that China could introduce “more proactive”
policies and following upbeat domestic retail sales data. Stocks also extended
gains, as the EU accepted Cypriot and Spanish bailout requests and following
robust US economic data. Royal Dutch Shell, BP and BG Group rallied between
1.4% and 3.8%, as crude oil prices rose. Lloyds Banking Group gained 3.5%,
after the Financial Times reported the company might sell 630 branches to
Co-Operative Group, while Standard Chartered rallied 3.1%, after it reiterated
its double digit income growth forecast for the full year. US-exposed firms,
Wolseley and CRH jumped 3.7% and 4.2%, respectively, following better-than-expected
US housing data.
FTSE
100 surged 1.4% to settle at 5,523.9, while FTSE 250 gained 0.8% to close at
10,752.0.
European Market
Snapshot
Other
European markets closed higher yesterday, as upbeat US economic data and
mounting hopes that China would introduce additional economic stimulus to boost
the nation’s economy, cheered investors. Among financial sector stocks,
UniCredit rose 4.7% as concerns about the Italian banking sector eased, while
Bankia gained 6.9%, after the European Commission temporarily approved
assistance from the Spanish state to BFA group and its subsidiary Bankia.
Portugal Telecom climbed 3.1%, after the company announced a €200 million share
buyback plan for the fiscal years 2012 to 2014. Chemicals industry stock, K+S
rallied 5.4%, after Bank of America upgraded its ratings on the stock. Utility
stock, E.ON climbed 3.3%, after HSBC upgraded the stock to “Overweight” from
“Neutral”.
FTSEurofirst
300 index rose 1.4% to 1,000.1. German DAX Xetra 30 gained 1.5% to 6,229.0.
French CAC-40 closed 1.7% higher at 3,063.1.
Commodities
In
Asia, crude oil for August delivery is trading 0.5% or $0.41 higher at $80.62
per barrel. Yesterday, crude oil for August delivery advanced 1.1% or 85 cents
to $80.21 per barrel, after the Energy Information Administration report showed
a 100,000 barrels decline in the US crude oil inventories for the week ended 22
June. Additionally, upbeat US economic reports countered fading hopes that the
upcoming European Union summit meeting would make progress in resolving the
euro area debt crisis.
Gold
for immediate delivery is trading 0.1% higher today, at $1,575.68 per ounce.
Gold for August delivery added 0.2% or $3.50, to settle at $1,578.40 per ounce
yesterday. The metal lacked clear direction during the session, as investors
awaited the outcome of a key European Union summit due later this week.
Currencies
At
0400 BST today, the GBP is trading 0.1% higher against the USD at $1.5586, 0.1%
lower against the EUR at €1.2478, and 0.2% lower against the JPY at ¥123.76.
The
EUR is trading 0.2% higher against the USD at $1.2491. The EUR is trading 0.2%
lower against the JPY at ¥99.19, ahead of an Italian debt auction and an EU
summit later today. The currency was also trading lower amid speculation that
data due to be released might show economic confidence in the eurozone
deteriorated in June, the lowest since October 2009.
The
USD is trading lower against most of its major counterparts as a rise in equity
markets supported demand for high-yielding assets.
The
AUD is trading higher, amid mounting optimism that the Reserve Bank of
Australia would keep its key interest rates unchanged at its policy meeting
next week.
Yesterday, the EUR finished
lower against the USD and the JPY, after German Chancellor Angela Merkel’s
statements dimmed expectations that European policymakers would resolve the
region’s debt crisis. The currency also lost value, following a rise in Italian
borrowing costs at a debt auction. The USD closed higher against most other
currencies following encouraging domestic housing and durable goods orders
data. The AUD ended higher against the USD, after the Bureau of Resources and
Energy Economics announced that gold exports from Australia would increase on
higher demand from global central banks. The GBP closed lower against most of
its major peers, amid mounting speculation of further monetary easing by the
Bank of England, after mortgage approvals in the country fell to their lowest
level in more than a year.
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