February 29th, 2012Published by:IBTimes1
FNAr enaShouldWe Now Worry About Portugal?The Overnight Report: All The Way With 13K Aluminium Outlook Dependent On China, EuropeThe Overnight Report: Foiled AgainWe Have Break-OutsAirviewResults: Beach, ROC Ride The Oil Price SurgeBanks: Regulators Warn Banks Not To Ease Lending RulesResults: Write-downs Produce Losses At Caltex, GunnsProfits: Virgin Outplays QantasProfits: Media, The Black Hole Grows Deeper GOLDGold, Silver Shares Jump, Metals Hit Multi-Month HighsGold Nears $1,800 as Silver Crushes Every Asset Class YTDShares of Silver Mining Companies JumpUC Resources Answers Sprott’s Call to Action
Impala Platinum Loses $263.66M in Illegal Rustenberg Strike
Global Markets Overview
MAR KETSU.S.stocks were slightly higher Tuesday, with the S&P500 Index extending its advance into a fourth session,after a gauge of consumer sentiment rose to a 12-monthhigh and oil prices fell.TheDow JonesIndustrial Average added 8.66 points to
12,990.17, with Johnson & Johnson leading gains thatincluded 18 of its 30 components. Poised for its longestrise since a four-session winning run that ended Jan. 23,the S&P 500 climbed nearly 2 points to 1,369.05, withtechnology up the most and utilities the leading decliner among its 10 major sectors.Mixed economic data provided conflicting directionearlier in the session. The Commerce Department's latestreport on durable-goods showed orders fell in January atthe fastest pace in three years, decreasing 4% comparedwith the 1.1% drop expected by economists.U.S. home prices fell 3.8% in December from a monthearlier, ending 2011 at the lowest level since mid-2006,according to the Standard & Poor's Case-Shiller home- price index. Nonetheless, the Conference Board said U.S.consumer confidence rose to its highest reading in a year,lifted by a better outlook on the job market.A regional Fed measure of economic activityin the mid-Atlantic area expanded for the third month in a row, albeitat a slower rate. Priceline.com Inc. jumped 6.9% a dayafter the online-travel site reported earnings and salesthat topped market expectations. Office Depot Inc. sharesralliednearly 16% after the retailer reported a fourth-quarter profit, reversing course on its year-ago loss.EUR OPEAN MARKETSEuropean stocks notched up slight gainsTuesday asinvestors parsed conflicting economic data from theU.S. and looked ahead nervously to the European
February 29th, 2012Published by:IBTimes2
Central Bank's second offer of three-year loans to banksWednesday.The Stoxx Europe 600 index closed 0.2% higher at264.33, after trading as high as 265.03 and as lowas 262.61. The U.K.'sFTSE100 index rose 0.2%to 5,927.91, France's CAC 40 index was up 0.4% at3,453.99, and Germany's DAX 30 index added 0.6% to6,887.63.Posting the biggest gain in the Stoxx 600, PersimmonPLC surged 12.7% in London after the home builder saidit expects strong sales going forward and plans to returnGBP1.9 billion of cash to shareholders.In the broader European stock market, banks and miners boosted sentiment after a gauge for U.S. consumer confidence rose to its highest level in a year in February.Vedanta Resources PLC gained 1.7%, Evraz PLC added3.6% and Rio Tinto PLC rose 0.8% on the back of higher metals prices. Bank shares seesawed between gains andlosses during the day ahead of the ECB's second three-year long-term refinancing operations, which will beallotted Wednesday.HSBCHoldings PLC added 1.1% and Royal Bank of Scotland Group PLC climbed 1.4%. French bank Societe Generale SA added 2%, while Credit AgricoleSA dropped 0.5%.Deutsche Bank AG gained 0.7%,whileCommerzbank AG lost 1.5%.
Oil stocks were among the biggest decliners after thedata. Tullow Oil PLC lost 1.5%, BG Group PLC shed0.5%, and BP PLC was off 0.5% in London.ASIA-PACIFIC MARKETSMost Asian stock markets rose Tuesday against the backdrop of a retreat in crude-oil prices, with a weakenedyen and strong retail sales liftingJapanese stocks despitea fall in technology shares after Elpida Memory's bankruptcy filing.Hong Kong'sHang Seng Indexadded 1.7%,Japan's
Nikkei Stock Average gained 0.9%,China's ShanghaiComposite advanced 0.2% and South Korea's Kospi rose0.6%.Retail stocks led Tokyo higher in the afternoon sessionafter a 1.9% year-on-year rise for January retail sales.Fast Retailing added 2.1%, Seven & I Holdings gained1.1% and Takashimaya rose 1.7%.The yen's decline against the dollar and the euro spurredmany exporters, lifting Fanuc Corp. 2.0%, Nikon 1.9%and Sony 0.7%.There was weakness in technology stocks after memorychip maker Elpida announced its bankruptcy filing lateMonday. Elpida stock plummeted 24%, also draggingdown shares of some other technology shares.Renesas Electronics fell 3.3% and Advantest lost 1.5%.But Elpida rivals elsewhere gained on hopes investmentsto boost production capacity will fall, boosting prices.In Seoul, Hynix Semiconductor climbed 6.8%, whileSamsung Electronics gained 1.2%.Several airline stocks in the region rose in the region ascrude-oil prices declined. Korean Air Lines gained 3.2%in Seoul, Cathay Pacific Airways rose 5.7% in HongKong, and All Nippon Airways rose 0.4% in Tokyo.Hang Seng Bank rose 5.1% in Hong Kong after posting a 12% gain in 2011 profit. But indexheavyweightHSBCHoldings PLC fell 0.7%, trackingthe previous day's losses in London, as earningsresults overnight showed profit in line with analysts'expectations but costs continuing to rise.COMMODITIESBase metals closed mostly higher on the London MetalExchange Tuesday, although markets struggled for firmdirection amid mixed macro cues.At the close, LME three-month copper was 0.7% higher at $8,599 a metric ton, while nickel lagged the complex,closing 1.9% lower at $19,775/ton.Crude-oil futures fell for a second str aight sessionTuesday, after data on durable-goods orders and home prices showed declines, dulling the prospects for oildemand.The market is trying to strike a balance between factoringin worries over the potential of a supply disruption over the West's dispute with Iran about its nuclear program andthe impact that high prices will have on demand, traderssaid. Light, sweet crude oil for April delivery on the NewYork Mercantile Exchange settled $2.01 lower at $106.55a barrel.Silver futures rallied 4.5% to their highest level in fivemonths while gold settled at its highest level in threemonths amid growing investor interest in precious metalsand a weaker dollar.The most actively traded silver contract, for Maydelivery, settled at $37.205 a troy ounce on the Comexdivision of the New York Mercantile Exchange.Goldfor April delivery, the most active contract, rallied $13.50, or 0.8%, to settle at $1,788.40 a troy ounce on the Comex,the highest settlement since Nov. 9.
February 29th, 2012Published by:IBTimes3
Australian Dollar Outlook
In a quiet session overnight, the Australian Dollar held yesterday's gains as local financialmarkets await a raft of economic data to be released today and the all-important release of the European Central Bank's second round of Quantitative Easing. Australia: The main reason markets were quiet last night was the anticipation accompanyingtomorrow's ECB's release of the second round of its Longer Term Refinancing Operation(LTRO).Results will be known early tomorrow, with the markets expecting an uptake of betweenEUR300 and 500 billion, which compares with the EUR 489 billion in 3-year loans to 523Euro Zone Banks provided last December (that already feels a longtime ago).There are no arguments that financial markets have benefitted from this injection of liquidity,and this is being reflected in confidence measures in Europe which have shown improvedreadings and are trending in a superior fashion to last year's lows.Turning locally, Australia's economic data releases today include January retail sales, whichare expected to be weak again, and January private sector credit, which is expected to besoft as well. The other reading is construction work done in Q4, which is also expected tobe modest.We expect the AUD to continue its range trading today, with some potential for it to be soldon the back of the expected "weak" data releases.Majors: The EUR was sold to below 1.3400 against the Greenback when it was announcedIreland will hold a referendum on the EU fiscal compact but this news did not have a lastingimpact. It was felt this development is unlikely to derail the EU's fiscal treaty and "austeritydetermination".US Data was essentially mixed. Oil prices declined for the second consecutive night, oncontinuing fears that the recent rally in oil prices will damage global growth. Gold roseovernight, supported by the upcoming injection of liquidity by the ECB.However, the main game in town is the ECB's announcement of the LTRO. Analysts willstudy the take up by the 'weak' Euro-area banks, such as Spanish and Italian banks, to seeksigns that there has been an easing in funding conditions in the markets that have been hitthe hardest by the European sovereign debt crisis.Once this is done, the next focus will be the semi-annual testimony to the House by Chairmanof the US Federal Reserve, Ben Bernanke, and the release of the US Beige Book.
Australia Market Leads
Overnight leads from the U.S. and European marketsare to provide a boost to the Australian stock market onWednesday.The U.S. and European stock markets recorded freshgains overnight with the S&P posting 0.3% increase to1372 and the NASDAQ surged 0.7% to finish at 2987.The NASDAQ went up after Apple Inc. put in a stellar performance ahead of the launch of its new iPad.Analysts are quite excited of the encouraging changeseeing the US markets close above key levels (13,000 for the Dow and 1370 for the S&P).IG Markets strategist Mr. Stan Shamu said "investors willnow be hoping the market can hold at those levels as theyconsider fresh longs."Risk assets, according to Mr Shamu, were underpinned by hopes of a strong LTRO operation and this mightsupport the underperforming Aussie market today.He noted that it is also a welcome breather that crude prices continued to correct lower, which will be yetanother positive for equities."Some analysts are now fearing the big build-up for theLTRO operation later today makes the event vulnerableto end up being a 'buy the rumour, sell the fact' affair,"he warned.Analysts are positively hopeful that the Aussie marketwill move up between the range of 0.3% to 0.5%.On the economic front, Australia will release have newhome sales, retail sales, construction work done and private sector credit data. The economic data couldmake or break the Aussie dollar and it could be another interesting session.Worley Parsons and Harvey Norman are expected toreport their earnings today. With the reporting seasonwinding down, there would be a flood of earnings reportsfrom some companies still trying to release earnings before the deadline.
Graph
MarketPrice at8:30amAESTChangeSinceAustralianMarketClosePercentageChangeAUD/USD1.0775-0.0016-0.15%ASX (cash)4275120.28%US DOW (cash)13007-17-0.13%US S&P (cash)1373.010.07%UK FTSE (cash)5924.0-7-0.12%German DAX (cash)6886150.22%Japan 225 (cash)9791640.66%Rio Tinto Plc (London)37.310.290.78%BHP Billiton Plc (London)21.200.311.48%BHP Billiton Ltd. ADR (US) (AUD)36.570.822.29%US Light Crude Oil (Apr)106.46-1.95-1.80%Gold (spot)1785.013.00.73%Aluminium (London)2325.00-6-0.26%Copper (London)8600.00640.75% Nickel (London)19775.00-380-1.89%Zinc (London)2123.00251.19%
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IBT Markets Outlook 16 February 2012
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