Tradewise Report - 14 July 2014 The benchmark Nikkei Index dropped for a fifth day to a fresh 1 1/2-week low on Friday morning as concerns about the financial health of Portugals top listed bank turned investors risk-averse. For the week, the index has declined 1.7 percent. Bucking the weakness, Canon Inc. soared 3.4 percent after the Nikkei business daily reported that the companys operating profit for the April-June quarter likely rose 10 percent to 110 billion yen helped by strong sales of copiers. The Hang Seng Index swung between gains and losses on Friday as property companies led the city’s benchmark index higher and utilities slid. On Thursday, Hong Kong shares ended slightly higher after the Federal Reserve indicated it was in no rush to end quantitative easing and begin raising U.S. interest rates, although gains were trimmed after Chinese export data came in weaker than expected. Reuters reports that European markets traded lower on Thursday, in response to growing concerns about the health of Portugals biggest listed lender, with a leading pan-European share index slipping to a two-month low. Portugals PSI share index fell 4.2 percent to a nine-month low, lagging all other European benchmarks, after shares and bonds of Espirito Santo Financial Group, the chief shareholder in Banco Espirito Santo, were suspended over material difficulties at its parent firm ESI. Trading in Banco Espirito Santo was also later halted after a 19 percent drop, making investors nervous across Europe. According to Reuters, U.S. markets fell on Thursday as concerns about the financial health of Portugals top listed bank gave investors a reason to cash in recent gains. With the Dow and the S&P 500 near record highs, the slide in Europe triggered by financial shares quickly translated into broad selling in the U.S. Business Day reports that the JSE All Share Index closed in the red yesterday, amid reports of financial trouble at Portugal’s largest bank and dismal Chinese trade data. The All Share Index dropped 0.79% to 50 994.46, with the blue chip Top 40 index losing 0.87%. The Rand is trading almost flat against its major counterparts this morning at R10.6976 against the Dollar, R14.5505 against the Euro and at R18.2886 to the Pound. The rand weakened against the dollar on Thursday after data showed manufacturing output had slowed beyond expectations. The gold price Gold surged to 3-1/2 month highs on safe-haven buying on Thursday after questions raised about the health of Portugals top-listed bank generated worry that a new euro zone banking crisis might be in the offing. The gold price last traded at $1,336.80, with the platinum price quoted at $1,507.00, while the palladium price is trading at $868.13. Brent was last trading lower at $108.55 a barrel.
Posted on: Mon, 14 Jul 2014 05:31:29 +0000
Trending Topics
Recently Viewed Topics
© 2015