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UK gilt futures edge lower as share prices firm

June 26, 2010 By vani Leave a Comment

June 25 (Reuters) – UK gilt futures tracked Bunds lower on Friday, pulling back from a rally on the back of this week’s budget after share prices showed signs of breaking a three-day losing streak.

* Falls despite a downbeat BoE half-yearly Financial Stability Report, which warns that UK recovery may be hurt next year by constrained lending as banks face refinancing pressures [nLAG006321]

* Sept gilt future FLGU0 drops 12 ticks to 120.57 versus 23 tick fall on Bund future FGBLU0 by 0728 GMT after London share prices rise by 0.5 percent .FTSE

* Gilt technical support seen at Wednesday low and Thursday close of 120.13, with resistance at 121.80 the breakout of a month-long ascending triangle pattern, according to Nomura

* Ten-year gilt yield at 3.40 percent, flat on day, after setting eight-month low on Thursday

* Spread versus 10-year Bund EU10YT=RR at 79 basis points, little changed from late Thursday

——————— KEY MARKET DATA————————— Long Gilt futures <0#FLG:> Gilt benchmark chain <0#GBBMK=> Short Stg futures <0#FSS:> Cash market quotes Deposit rates DM= Sterling cross rates GBPX1= UK debt speedguide Econ. indicator polls ——————–KEY MARKET REPORTS————————– Gilts [GB/] Sterling [GBP/] Euro Debt [GVD/EUR] Dollar [USD/] U.S. Treasuries [US/] Debt reports [DBT] ——————– GILT STRIPS DATA ————————– Gilt strips data All gilt strips <0#GBSTRIP=> Gilt strips IO <0#GBSTRIPIO=> Gilt strips PO <0#GBSTRIPPO=> A list of all the strippable British gilts <0#GBSTRIPTSY=> ——————— FOR MORE NEWS —————————- Top British news [TOP/UK] World news [GLANCE/G] UK diary [GB/DIARY] Press reviews [PRESS] New from Reuters [INFO] Useful Speedguides REUTERS (Reporting by David Milliken)

Mining sector gains in falling market

May 6, 2010 By vani Leave a Comment

The mining sector’s made a late come-back on the Australian share market, but overall stocks have closed down 1.3 per cent.

The local losses reflected the mood on international markets overnight, as investors continued to worry about the potential for big debt problems in Europe to spread further across the region.

Financials, industrials and energy stocks have been the worst performers on the domestic market today.

Westpac delivered a half-year profit just shy of $3 billion, which beat market expectations.

But its dividend fell below forecasts, and investors were also disappointed by a slide in Westpac’s interest margins.

Westpac’s share price closed down $1.14, or more than 4 per cent to $26.19.

The rest of the big four banks have also lost value – the Commonwealth Bank closed down $1.41 at $56.90, NAB lost 93 cents to $26.78 and ANZ shed 55 cents to finish at $24.11.

Rio Tinto and BHP Billiton opened sharply lower and were trading down for most of the session.

But bargain hunting investors contributed to a come-back, as did a reassurance from the ratings agency Fitch that the Federal Government’s proposed 40 per cent tax on mining profits will not affect the ratings of the big miners.

By the close, Rio Tinto had gained 1.8 per cent to $68.28, and BHP Billiton closed up 15 cents to $38.74.

Shares in News Corporation closed 4.2 per cent lower, after the company’s outlook for the current financial year disappointed investors.

More broadly, the All Ordinaries Index closed down 61 points to 4,692 and the ASX 200 lost 63 points to finish at 4,674.

On commodity markets, West Texas crude oil’s fallen to $US82.74 a barrel, while Tapis is higher at $US88.95.

Spot gold’s eased to $US1,171 an ounce.

The Australian dollar’s fallen to 91.15 US cents.

On the cross-rates, it was worth 86.52 Japanese yen, 70.14 euro cents, 60.1 UK pence and about $NZ1.26.

Filed Under: International News Tagged With: Asx 200, Australian Share Market, bhp billiton, Commodity Markets, commonwealth bank, Cross Rates, Debt Problems, Energy Stocks, interest margins, international markets, Japanese Yen, market expectations, news corporation, rio tinto, Sector Gains, spot gold, Uk Pence, Us1, West Texas Crude, westpac

Another day of market misery for miners

May 5, 2010 By vani Leave a Comment

The Federal Government’s proposed super profits tax on resources companies again wreaked havoc on the share prices of miners as investors gauged how much it would impact profits.

The materials sector index lost 2.4 per cent, dragging the broader market about 1 per cent lower to a two-month low.

The All Ordinaries index lost 54 points to close at 4,753 and the ASX 200 finished 48 points lower at 4,737.

BHP Billiton fell 2.4 per cent to a six-month low of $38.59, while Rio Tinto lost 2.8 per cent to $67.06.

BHP and Rio shares have been punished further in early London trade – down about 3.5 and 4 per cent respectively.

Some of the smaller miners were hit harder still, with Fortescue Metals losing 7.5 per cent to close at $4.06.

One of the few miners to climb was takeover target Lihir Gold, which climbed more than 3 per cent to $3.79 after agreeing to an increased offer from Newcrest valued at $9.5 billion.

But Newcrest fell more than 4 per cent after agreeing to pay more for its smaller rival.

The Reserve Bank’s 25 basis point interest rate rise had a relatively small impact compared to the mining tax, but all the major banks lost ground.

The Commonwealth Bank fell more than 1 per cent to $58.31.

The Reserve Bank’s statement had a bigger effect on the currency after RBA governor Glenn Stevens said interest rates were around average levels, raising speculation of a pause in rate rises.

That sent the Australian dollar more than half a cent lower to 92.01 US cents.

On the cross-rates it was buying 87.27 Japanese yen, 69.92 euro cents, 60.47 British pence and slightly more than $1.26 in New Zealand.

West Texas crude oil was worth $US85.98 a barrel and Tapis was fetching $88.23.

Spot gold was worth $US1,179 an ounce.

Filed Under: International News Tagged With: Asx 200, Basis Point, bhp billiton, British Pence, commonwealth bank, Cross Rates, fortescue metals, Interest Rate Rise, Japanese Yen, Lihir Gold, Materials Sector, miners, Newcrest, Profits Tax, Rba Governor, rio tinto, Sector Index, share prices, spot gold, takeover target

UK gilts track Bunds down as safe-haven bid fades

April 10, 2010 By vani Leave a Comment

LONDON, April 9 (Reuters) – British gilt futures fell in
line with Bunds in early trade on Friday as investors unwound
safe-haven trades that had supported prices in the last session.

Investors had dumped Greek assets on Thursday on mounting
worries about Greek government borrowing and turned to safer
investments, such as Bunds and gilts. [ID:nLDE6370QK]

European equities markets made a firm start to Friday’s
session, adding to the pressure on government bonds.

By 0727 GMT, the June gilt future FLGM0 was 18 ticks down
at 114.07, keeping step with Bunds.

In the cash market, the yield on ten-year gilts was 3 basis
points higher at 4.033 percent, leaving the spread against Bunds
at 91 basis points.

Traders said prices had also come under pressure from firm
euro zone data earlier this session and noted that gilt flows
were light due to investor caution in the run-up to a national
election on May 6. [nUKPOLLS10]

“Yesterday’s flight-to-quality bid due to Greece is being
shaken out this morning,” said a London-based trader.

“Positioning is pretty flat: people want to be quite careful
going into the election.”

* The Office for National Statistics will publish March
producer prices data at 0830 GMT.

* Jun gilt FLG09 114.07 (-0.18)

* Jun short sterling FSSM0 99.30 (UNCH)

* Sep short sterling FSSU0 99.15 (-0.01)

* 10-year yield 4.03 percent (+3 bps)
——————— KEY MARKET DATA—————————
Long Gilt futures <0#FLG:> Gilt benchmark chain <0#GBBMK=>
Short Stg futures <0#FSS:> Cash market quotes
Deposit rates DM= Sterling cross rates GBPX1=
UK debt speedguide Econ. indicator polls
——————–KEY MARKET REPORTS————————–
Gilts [GB/] Sterling [GBP/]
Euro Debt [GVD/EUR] Dollar [USD/]
U.S. Treasuries [US/] Debt reports [DBT]
——————– GILT STRIPS DATA ————————–
Gilt strips data All gilt strips <0#GBSTRIP=>
Gilt strips IO <0#GBSTRIPIO=> Gilt strips PO <0#GBSTRIPPO=>
A list of all the strippable British gilts <0#GBSTRIPTSY=>
——————— FOR MORE NEWS —————————-
Top British news [TOP/UK] World news [GLANCE/G]
UK diary [GB/DIARY] Press reviews [PRESS]
New from Reuters [INFO]
Useful Speedguides REUTERS

Filed Under: International News Tagged With: basis points, Cross Rates, Euro Debt, Euro Zone, European Equities, fades, Gbp Euro, Gilt Futures, Government Bonds, Greek government, last session, national election, National Statistics, producer prices, reuters, safe haven, Ticks, Treasuries, Uk Gilts, Zone Data

Strong retail sales boost Wall Street

April 10, 2010 By vani Leave a Comment

Stocks in the United States have finished higher, on the back of surprisingly strong March retail sales.

Top US chains reported a record increase in comparable store sales last month, which was much better than expected.

It created optimism that a rebound in consumer spending could signify strong corporate earnings, and investors snapped up shares in retailers.

Those gains managed to offset continued concerns about Greece’s high debt load, but Greek bonds and bank stocks did take a hit.

On the economic front, data showed the number of workers filing for unemployment benefits unexpectedly rose last week.

By the close of trade, the Dow Jones Industrial Average had added 29.55 points to 10,927.07.

The S&P 500 closed 3.99 points up to 1,186.44 and the Nasdaq Composite index edged up 5.65 points to 2,436.81.

Britain’s top share index posted its biggest one-day fall in six weeks, dragged down by the miners and banks.

Miners tumbled on weaker metals prices and took most of the points off the index.

The banks were hit by revised fears about Greece’s debt, with risk-sensitive banks, such as Barclays and HSBC, suffering the most.

As expected, the Bank of England kept interest rates at a record low of 0.5 per cent and the European central bank also left rates unchanged.

The FTSE 100 finished 49.36 points lower at 5,712.70.

The local share market is expected to follow Wall Street up, the Share Price Index 200 closed 27 points higher to 4,969.

Around 7:00 am (AEST) the Australian dollar was stronger at 92.93 US cents.

On the cross rates, it was worth 86.77 Japanese yen, 69.48 euro cents, 60.55 British pence and $NZ1.31.

The price of spot gold had risen to $US1,151.15 an ounce.

West texas crude oil was weaker at $US85.17 and the price of a barrel of Tapis was also lower, $US86.01.

Filed Under: International News Tagged With: Bank Stocks, British Pence, business-economics-and-finance, Comparable Store Sales, Corporate Earnings, Cross Rates, currency markets, Debt Load, Dow Jones, Dow Jones Industrial, Dow Jones Industrial Average, Economic Front, England, Filing For Unemployment, Filing For Unemployment Benefits, Finance Markets, Greece, Greek Bonds, Japanese Yen, metals prices, Nasdaq Composite Index, share index, share price index, spot gold, stockmarket, United States, Wall Street Stocks

Miners lead share market higher

March 31, 2010 By vani Leave a Comment

The Australian share market has been pushed higher by strong gains in the mining sector.

The ASX 200′s resources sub-index ended the day more than 1.5 per cent higher.

The most stunning gain was by Gindalbie Metals, after its Chinese partner Ansteel signed-off on a long-term deal to buy iron ore worth up to $70 billion.

Gindalbie’s shares surged more than 7 per cent to $1.18 by the close.

The world’s biggest miner, BHP Billiton, gained almost 2.5 per cent to $44.41 after shifting most of its iron ore sales onto shorter-term contracts.

Its Brazillian rival Vale also announced a similar move to quarterly contracts.

Rio Tinto followed the other miners higher, gaining more than 1 per cent despite jail terms of between seven and 14 years being handed to its four former executives who were yesterday convicted by a Chinese court of taking bribes and stealing commercial secrets.

Australia’s largest supplier of agricultural chemicals, Nufarm, fell 6.5 per cent after a stock exchange filing revealed its managing director had sold off three million of his shares in the company, triggering downgrades by several analysts.

Telstra also weighed on the market, as it continued its slide back towards $3.

The nation’s biggest telco ended the day 1.3 per cent lower at $3.02.

Overall, the All Ordinaries closed 20 points higher at 4,927, and the ASX 200 also gained 20 points to close at 4,917.

Currencies and commodities

West Texas crude oil was worth $US82.26 a barrel at about 5:00pm (AEDT), while Tapis was fetching $US81.97.

Spot gold was worth just over $US1,110 an ounce.

The Australian dollar had climbed to 91.90 US cents.

On the cross rates, it was at 84.91 Japanese yen, 68.11 euro cents, 61.22 British pence, and $NZ1.293.

Filed Under: International News Tagged With: AEDT, Agricultural Chemicals, Asx 200, Australia, Australian Share Market, bhp billiton, British Pence, business-economics-and-finance, Chinese Court, Chinese Partner, Close The World, Commercial Secrets, Cross Rates, currency markets, downgrades, Finance Markets, Gindalbie Metals, iron-ore, Jail Terms, Japanese Yen, rio tinto, spot gold, stockmarket, Term Contracts, Us1

Miners, banks drive share decline

March 23, 2010 By vani Leave a Comment

Australian shares closed almost 1 per cent lower, driven by falls in the banking and mining sectors.

The major banks all fell on renewed concerns about the stability of financial markets in light of Greece’s debt problems.

ANZ had the biggest fall of the four, it was down 1.6 per cent to $24.70.

The major resources companies also lost about 1.5 per cent.

Rio Tinto fell $1.16 to close at $75.03, just before reports of Stern Hu’s guilty plea started circulating.

BHP Billiton lost 61 cents to $42.59.

Arrow Energy also slipped about 3.5 per cent to $5.10, despite an increase in the takeover offer for the coal seam gas firm from Shell and PetroChina.

Their offer is now valued at more than $3.4 billion, and has the unanimous support of Arrow’s board.

Overall, the All Ordinaries index closed down 43 points at 4,848, and the ASX 200 ended 42 points lower at 4,830.

Currencies and commodities

West Texas crude oil was fetching $US80.21 a barrel at about 5:00pm (AEDT), and Tapis was worth $US82.83 a barrel.

Spot gold was selling for about $US1,107 an ounce.

The Australian dollar had slipped slightly to 91.32 US cents.

On the cross rates it was at 82.70 Japanese yen, 67.65 euro cents, 61.13 British pence and about $NZ1.293.

Filed Under: International News Tagged With: AEDT, Asx 200, Australia, Australian dollar, Australian shares, bhp billiton, British Pence, business-economics-and-finance, Coal Seam Gas, Cross Rates, crude oil, currency markets, Debt Problems, Finance Markets, financial markets, Guilty Plea, Japanese Yen, Major Resources, rio tinto, s board, spot gold, stockmarket, Tapis, Unanimous Support, Us1

Muted start for local stocks

March 20, 2010 By vani Leave a Comment

The Australian share market has opened slightly lower today, after Wall Street finished fairly mixed overnight.

At 10.15am AEDT the All Ordinaries Index was down 2.4 points to 4,875.3 and the ASX 200 was down 4.1 points to 4,859.

In the US, the Dow Jones Industrial Average gained ground for an eighth straight day, but the S&P 500 Index ended the session flat.

Boeing reached its highest level in a year during the US trading session at $US70.62 and remains among the Dow’s best performing stocks this year.

In economic news, the Philadelphia Federal Reserve Bank’s index showed factory activity in the Mid-Atlantic region expanded more than expected in March, but new orders fell.

Other figures revealed consumer prices were flat in February, backing up the Federal Reserve’s decision to keep interest rates low for an extended period.

New claims for unemployment benefits also fell last week, but not by as much as economists had expected.

By the close, the Dow was up 45.5 points to 10,779.17.

The S&P 500 closed down 0.38 points at 1,165.83 and the Nasdaq Composite Index finished 2.19 points higher at 2,391.28.

In Britain, a flat session for the banking and mining sectors off-set gains by pharmaceutical and energy stocks.

British factory orders fell faster-than-expected in March and companies were less optimistic about increasing output in the months ahead.

Analysts say that provided further evidence of the sluggish recovery the UK is making from its recession.

By the end of the session, the FTSE 100 had lost 2.01 points to close at 5,642.62.

The Australian dollar has eased from yesterday’s close and at 10.15am AEDT it was worth 92.04 US cents.

On the cross rates it was at 67.61 euro cents; 83.28 Japanese yen; 60.35 pence Sterling; and $NZ1.28.

Spot gold was slightly higher at $US1,126.40 an ounce.

West Texas Crude had eased to $US82.15 a barrel and the price of a barrel of Tapis had fallen to $US82.92.

Filed Under: International News Tagged With: Asx 200, Australia, Australian Share Market, Best Performing Stocks, business-economics-and-finance, Cross Rates, currency markets, Dow Jones, Dow Jones Industrial, Dow Jones Industrial Average, Energy Stocks, European Union, Federal Reserve Bank, Finance Markets, ftse 100, futures markets, Japanese Yen, Local Stocks, Mid Atlantic Region, money-and-monetary-policy, Nasdaq Composite Index, pence, spot gold, stockmarket, Trading Session, unemployment benefits, United Kingdom, United States, Us1, West Texas Crude

Wall Street hits 17-month closing high

March 19, 2010 By vani Leave a Comment

Signs of easing inflation in the United States and gains in the energy and banking sectors have helped to push US stocks to their highest closing level in 17 months.

The Producer Price Index for February fell more sharply than expected, suggesting inflationary pressures were not an issue and backing up yesterday’s decision by the US Federal Reserve to leave interest rates near zero.

Crude oil futures rallied after the release of data showing fuel inventories fell unexpectedly last week.

The Dow Jones Industrial Average closed up 47.69 points to 10,733.67.

The S&P 500 gained 6.75 points to close at 1,166.21.

The Nasdaq Composite Index finished 11.08 points higher at 2,389.09.

Shares in Britain closed at their highest level in 21 months, with mining shares among the best performers, after metal prices rose on the back of a weaker US dollar.

Minutes from the latest Bank of England meeting revealed a unanimous vote to leave monetary policy unchanged this month and that also helped to boost sentiment.

But there was little market reaction to official employment data, which came in better than expected.

London’s FTSE 100 closed 24.20 points higher at 5,644.63.

The domestic share market is set to make gains when trading begins today, with the Share Price Index 200 closing 18 points higher at 4,872.

The Australian dollar’s gained more than half-a-cent from yesterday’s close and at 7.30am AEDT it was worth 92.38 US cents.

On the cross rates it was worth 67.26 euro cents; 83.42 Japanese yen; 60.3 pence Sterling; and $NZ1.29.

Spot gold had eased to $US1,119.65 an ounce.

West Texas Crude was higher at $US82.93 per barrel and the price of a barrel of Tapis crude had rallied to $US83.

Filed Under: International News Tagged With: 21 months, Australia, Australian dollar, Bank of England, business-economics-and-finance, Cross Rates, crude oil futures, currency markets, Domestic Share Market, Dow Jones, Dow Jones Industrial, Dow Jones Industrial Average, Employment Data, European Union, Finance Markets, ftse 100, futures markets, inflationary pressures, Japanese Yen, money-and-monetary-policy, Nasdaq Composite Index, pence, Producer Price Index, share price index, spot gold, stockmarket, unanimous vote, United Kingdom, United States, West Texas Crude

Local shares flat after Wall Street’s mixed finish

March 17, 2010 By vani Leave a Comment

It has been a fairly lacklustre start to trading on the Australian share market, after Wall Street experienced another mixed finish overnight.

At 10.10am AEDT the All Ordinaries Index was up 4.8 points to 4,804 and the ASX 200 was 4.9 points higher at 4,789.

The prospect of further credit tightening in China spooked investors overnight, with concerns the move could restrict growth in the global economy.

Shanghai’s main stock index fell to its lowest close in five weeks.

The United States banking sector came under pressure early in the session, after the Senate Banking Committee chairman, Christopher Dodd, released a proposed financial regulation overhaul bill.

Crude oil slipped back below $US80 per barrel, hurting energy stocks.

Investors also exercised caution in the lead up to the US Federal Reserve’s interest rate decision on Tuesday and the Bank Of Japan’s rates decision on Wednesday.

A late rally by financial stocks saw the Dow Jones Industrial Average closed up 17.46 points to 10,642.15.

The S&P 500 finished 0.52 points higher at 1,150.51 and the Nasdaq Composite Index lost 5.45 points to 2,362.21.

Weaker oil and commodity prices put pressure on the British share market overnight.

Some broker downgrades for technology firms weighed on that sector and banks were also generally weaker.

By the close London’s FTSE 100 had given up 31.80 points to 5,593.85.

The Australian dollar has been hovering just below yesterday’s closing level and at 10.10am AEDT it was worth 91.31 US cents.

On the cross rates it was at 66.77 euro cents; 82.58 Japanese yen; 60.68 pence Sterling; and $NZ1.30.

Spot gold had edged up to $US1,106 an ounce.

West Texas Crude had fallen to $US79.80 per barrel and the price of a barrel of Tapis crude was also lower at $US84.61.

Filed Under: International News Tagged With: Asx 200, Australia, Australian Share Market, Bank of Japan, business-economics-and-finance, Chairman Christopher, China, christopher dodd, commodity prices, Cross Rates, currency markets, Dow Jones, Dow Jones Industrial, Dow Jones Industrial Average, Energy Stocks, European Union, Finance Markets, Financial Stocks, ftse 100, futures markets, interest rate decision, Japan, Japanese Yen, Main Stock, money-and-monetary-policy, Nasdaq Composite Index, Senate Banking Committee, spot gold, stockmarket, United Kingdom, United States, West Texas Crude

Market finishes marginally higher

March 15, 2010 By vani Leave a Comment

The Australian share market finished flat on Friday, after initially making gains on a positive lead from Wall Street overnight.

The All Ordinaries Index closed 6 points higher to 4,832 and the ASX 200 ended up a mere 4 points, at 4,818.

It was the big banks that led the gains this morning, before finishing mixed.

The National Australia Bank added 0.56 per cent to close at $26.90 and ANZ gained 0.83 per cent to $24.26.

However, Westpac gave up early gains to lose 0.37 per cent, to $26.90.

Shares in zinc miner CBH Resources surged 28.57 per cent to 18 cents, after Belgian metals group Nyrstar raised its takeover offer by 44 per cent.

Another big mover was Cape Lambert Resources, which gained almost 9 per cent to 48 cents, after it sold its Lady Annie copper mine in Queensland to China Sci-Tech holdings for $135 million.

Elsewhere in the mining sector, Rio Tinto managed a gain of 41 cents to $75.96 but rival BHP Billiton finished the day 16 cents lower, at $42.85.

Goldminer Newcrest closed 0.9 per cent higher at $34.21.

It was a day of losses for the retail sector; Billabong shares slumped 2.48 per cent to $10.60, Wesfarmers lost 0.96 percent to $31.98, and JB Hi-Fi dropped 0.46 per cent to $19.68.

However, Woolworths managed to close 0.49 per cent higher at $28.50.

Commodities and currencies

West Texas crude oil was fetching $US82.21 a barrel around 5:00pm (AEDT) and Tapis was worth $US85.96.

Spot gold was worth $US1,113 an ounce.

Around the same time, the Australian dollar was buying 91.59 US cents.

On the cross rates, it was at 83.01 Japanese yen, 66.89 euro cents, 60.81 British pence and it was worth $1.31 in New Zealand.

Filed Under: International News Tagged With: Asx 200, Australia, Australian Share Market, bhp billiton, British Pence, Cape Lambert, Cbh Resources, company news, Copper Mine, Cross Rates, currency markets, Finance Markets, Goldminer, Japanese Yen, Metals Group, mining, National Australia Bank, Newcrest, Nyrstar, Retail Sector, rio tinto, spot gold, stockmarket, takeovers, Wesfarmers, Woolworths, Zinc Miner

US banking gains offset China concerns

March 13, 2010 By vani Leave a Comment

A late rally has helped US shares close higher, as concerns about Chinese inflation were offset by a positive statement from Citi Group.

China’s annual rate of inflation moved up to 2.7 per cent – slightly ahead of market expectations.

That had investors worried that Chinese authorities may have to raise interest rates earlier than previously thought, which might seriously impact the recovering global demand for goods.

However, that concerning news was offset by a boost to the US banking sector from Citi Group’s chief executive, Vikram Pandit.

He told investors the bank is “well positioned to return to sustained profitability.”

The bank’s shares were up 5.5 per cent at the close of trade at $4.18.

Overall, the Dow Jones Industrial Average finished 45 points higher at 10,568.

The S and P 500 closed 5 points higher at 1,150, and the Nasdaq gained 10 points to 2,368.

Shares in Britain have eased off a 20-month high, with falls in the mining and banking sectors also based on the concerns about Chinese inflation.

Rising Chinese interest rates would be likely to reduce demand for commodities, a large sector on London’s stock exchange.

BHP Billiton was among the biggest losers on the London Stock Exchange – it was down more than 2 per cent at the close.

London’s FTSE 100 index finished 23 points lower at 5,617.

On the Sydney Futures Exchange, the Share Price Index 200 contract finished up 9 points at 4,828, hinting that the local market will follow Wall Street’s weak positive lead.

The Australian dollar was steady at 91.5 US cents at about 8:45am (AEDT).

On the cross rates it was at 66.93 euro cents; 82.88 Japanese yen; 60.78 pence Sterling; and it was worth just under $NZ1.31.

Spot gold was up marginally at $US1,109.52 an ounce.

West Texas crude oil slipped to $US81.29 a barrel, and Tapis crude was worth $US85.96.

Filed Under: International News Tagged With: AEDT, Annual Rate Of Inflation, Banking Sector, bhp billiton, Biggest Losers, chinese authorities, Citi Group, Cross Rates, Dow Jones, Dow Jones Industrial, Dow Jones Industrial Average, Global Demand, Japanese Yen, london stock exchange, market expectations, Rate Of Inflation, share price index, spot gold, Sydney Futures Exchange, vikram pandit

Local market edges higher in early trading

March 12, 2010 By vani Leave a Comment

The Australian share market has open higher, after gains on international markets overnight.

At 10:15am AEDT, the All Ordinaries Index was up 10.1 points to 4,840 and the ASX 200 was 9.94 points higher at 4,829.9.

Shares in the United States closed moderately higher, with stocks in bailed-out financial companies popular among investors, who are hoping the sector is on the verge of a solid rally.

In official economic news, the US posted its largest budget deficit on record in February, as the government increased spending to help boost the economy.

The deficit came in at $US221 billion last month, compared with a deficit of $US194 billion in February last year.

The Dow Jones Industrial Average in New York gained 2.95 points to close at 10,567.33.

The S&P 500 closed 5.16 points higher at 1,145.61 and the Nasdaq Composite Index gained 18.27 points to 2,358.95.

Shares in Britain advanced 0.68 per cent, taking the market to a 20-month high.

Copper prices rose after figures from China showed the country’s exports and imports grew faster than expected in February.

British Airways gained more than 3.5 per cent, after it joined American Airlines and the Spanish carrier, Iberia in offering to give up a number of lucrative trans-Atlantic routes, to try to gain EU anti-trust immunity for their alliance.

By the close, London’s FTSE 100 was up 38.27 points to 5,640.57.

The Australian dollar has remained relatively steady from yesterday’s close and at 10.15am AEDT, it was worth 91.55 US cents.

On the cross rates it was at 67.05 euro cents; 82.88 Japanese yen; 61.12 pence Sterling; and $NZ1.30.

Spot gold had eased to $US1,107.45 an ounce.

West Texas Crude was worth $US82.06 per barrel.

The price of a barrel of Tapis crude had edged up to $US83.30.

Filed Under: International News Tagged With: American Airlines, Asx 200, Australian Share Market, British Airways, budget deficit, Copper Prices, Cross Rates, Dow Jones, Dow Jones Industrial, Dow Jones Industrial Average, economic news, Exports And Imports, ftse 100, international markets, Japanese Yen, local market, Nasdaq Composite Index, pence, spot gold, West Texas Crude

Arrow Energy takeover offer pushes market higher

March 9, 2010 By vani Leave a Comment

The Australian share market has made a good start to the week, closing almost 1 per cent higher today, on the back of rising commodity prices and a multi-billion dollar takeover offer.

The All Ordinaries index added 46 points to finish at 4,820 and the ASX 200 gained 40 points to 4,808.

Leading the gains was Arrow Energy; its shares soared on the back of a joint takeover offer from Royal Dutch Shell and PetroChina.

The proposal is worth about $3.3 billion but Arrow is recommending its shareholders take no action on the offer.

Arrow’s shares ended the session almost 47 per cent higher at $5.11.

The energy sector was the best performer of the day overall.

Shares in Oil Search gained more than 6 per cent to $5.57, while Santos shares climbed almost 3 per cent to $13.83.

Investors also reacted positively to BHP Billiton’s deal with customers in China, Japan, India and Europe – for exports of its coking coal (the type of coal used in steel-making).

BHP shares gained 2.4 per cent to $43.51, and rival Rio Tinto added 2.6 per cent to close at $76.94.

Firmer commodities prices also saw goldminers make gains, Lihir Gold and Newcrest both climbed a touch over 1 per cent to $2.94 and $34.34 respectively.

However, it was a bad day for the financial sector, with all four big banks posting losses.

The National Australia Bank dropped 0.6 per cent to $26.33, and the Commonwealth Bank fell 0.5 per cent to $54.82.

Commodities and currencies

West Texas crude oil was fetching $US83.94 a barrel at about 5:00pm AEDT and Tapis was worth $US82.11.

Spot gold was worth $US1,135 an ounce.

The Australian dollar made strong gains today, and was fetching 91.1 US cents around the same time.

On the cross rates it was at 83.39 Japanese yen, 66.59 euro cents and 60.09 British pence.

Filed Under: International News Tagged With: AEDT, Asx 200, Australian dollar, Australian Share Market, bhp billiton, British Pence, China Japan, coking coal, Commodities Prices, commodity prices, commonwealth bank, Cross Rates, Energy Sector, financial sector, Japanese Yen, National Australia Bank, Oil Search, rio tinto, Royal Dutch Shell, spot gold

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