Euro Rises On Hopes Cyprus For Bailout Plan AP - Fri Mar 22, 3:36PM CDT
NEW YORK (AP) — Hopes that Cyprus will approve measures that will pave the way for a new bailout package and help the country avoid bankruptcy pushed the euro higher against the dollar Friday.
The euro rose to $1.2983 in late trading Friday from $1.2922 late Thursday.
Cypriot lawmakers are expected to vote Friday on new measures they hope will qualify the country for a bailout package. Cyprus needs to raise $7.5 billion to get $12.9 billion in rescue loans from the other 16 countries that use the euro and the International Monetary Fund.
Cyprus risks going bankrupt and may have to leave the euro currency union if it doesn't come up with funds by next week.
In other trading, the British pound rose to $1.5236 from $1.5179.
The dollar fell to 94.48 Japanese yen from 94.92 Japanese yen, to 0.9406 Swiss franc from 0.9460 Swiss franc and to 1.0227 Canadian dollar from 1.0239 Canadian dollar.
Markets Steady As Cyprus Banks Reopen By PAN PYLAS - AP - 2 hrs 3 mins ago
An investor looks at the stock price monitor at a private securities company on Thursday, March 28, 2013, in Shanghai, China. Renewed jitters about the debt crisis in Europe sent Asian stock...
LONDON (AP) — Markets have steadied Thursday as Cyprus's banks reopened after a near two-week shutdown while the country negotiated a bailout agreement with international creditors that will see many large depositors lose a big chunk of their money.
At noon local time (1000 GMT), the banks reopened and the mood was generally calm despite some long queues at certain branches. Cyprus has imposed capital controls to prevent a run on the banks, the first time such measures have been taken since the euro was established in 1999.
"Markets appear to have taken the news largely in their stride so far," said Fawad Razaqzada, market strategist at GFT Markets.
In Europe, the FTSE 100 index of leading British shares was up 0.3 percent at 6,405 while Germany's DAX rose the same rate to 7,810. The CAC-40 in France was 0.1 percent higher at 3,716.
The euro was also fairly steady, trading 0.1 percent higher at $1.2789.
It's been a volatile week for Europe's single currency following the Cyprus bailout agreement that was clinched in the early hours of Monday morning. Early relief gave way to concern that the Cyprus bailout agreement may be a model for the future.
Uncertainty over the political future of Italy is also putting pressure on the euro. Following inconclusive elections around a month ago, the country is still without a government, and that's raised concerns over the future economic path. Italy is the third-largest economy of the 17 countries that use the euro.
Wall Street was poised for an uninspiring session, with Dow futures flat and the broader S&P 500 futures down 0.1 percent.
A raft of U.S. economic due data later, including weekly jobless claims, may have a bearing on trading. But with Friday a public holiday in many parts of the world, investors have taken to the sidelines especially at the end of what has generally been a strong quarter — particularly in the U.S.
"It has been a good quarter for equities, so money managers everywhere will be pretty happy to bank some profits before they tuck into their Easter eggs," said Will Hedden, sales trader at IG.
Earlier in Asia, trading was affected by worries over policy tightening in China, the world's second-largest economy. The Shanghai composite index ended 2.8 percent lower at 2,340.50, with banking stocks leading the retreat.
That had a knock-on effect elsewhere in the region. Japan's Nikkei 225 index tumbled 1.3 percent to 12,335.96 while Hong Kong's Hang Seng lost 0.7 percent to 22,299.63.
Like equities, oil prices were steady, with the benchmark New York rate up 6 cents to $96.64 per barrel.
Asia Stocks Modestly Higher After S&P Hits Record By PAMELA SAMPSON - AP - 27 mins ago
An investor looks at the stock price monitor at a private securities company on Thursday, March 28, 2013, in Shanghai, China. Renewed jitters about the debt crisis in Europe sent Asian stock...
BANGKOK (AP) — Asian stock markets were mostly higher Friday as momentum carried over from yet another record high on Wall Street.
Trading remained thin, however, as stock, bond and commodities markets were closed for Good Friday in the U.S. and Europe, along with large parts of Asia.
The Standard and Poor's 500 index closed Thursday at its highest level, driven by more encouraging data on the U.S. economic recovery. The government said the economy grew at an annual rate of 0.4 percent in the October-December quarter, slightly better than previous estimates. The revision reflected stronger business investment and export sales.
Those markets open in Asia reflected the good news out of the U.S.: South Korea's Kospi rose 0.6 percent to 2,004.89. Taiwan's TAIEX advanced 0.7 percent to 7,918.61.
Japan's Nikkei reversed early losses to rise 0.5 percent and close at 12,397.91. Gains were muted, however, as the yen leveled off against the dollar and the government released figures for February showing the country's jobless rate edging up while industrial production fell slightly.
Newly appointed central bank governor, Haruhiko Kuroda, has pledged to work with the government to end decades of growth-inhibiting deflation. His outspoken calls for action have raised hopes for results but some analysts said they may also have created unrealistic expectations for a turnaround.
"Unfortunately, the markets' expectations of the new Governor are so high that they will be almost impossible to meet, let alone beat," said analysts at Capital Economics in a market commentary.
Shares in mainland China were mostly flat amid limited trading volume, analysts said. The Shanghai Composite Index was nearly unchanged at 2,236.62 while the Shenzhen Composite Index fell 0.2 percent to 927.89.
Peng Yunliang, a Shanghai-based analyst, said shares in brokerage houses declined following the release Thursday of official policies aimed at tightening control over wealth management products.
Markets in Hong Kong, India, Australia, New Zealand, Indonesia, Philippines and Singapore were shut for Good Friday.
In Europe on Thursday, markets responded positively to the calm reopening of Cyprus's banks. Banks in the Mediterranean island nation were shut for nearly two weeks as the government negotiated a rescue loan from international lenders to prevent the financial system from collapsing.
However, Italy's political uncertainty will also remain in the spotlight. Following inconclusive elections around a month ago, the country is still without a government, and that's raised concerns over its future economic path.
In currencies, the euro was up slightly to $1.2824 from $1.2822 late Thursday in New York. The dollar fell to 94.09 yen from 94.13 yen.
The New York Mercantile Exchange, where benchmark oil is traded, was closed for the Good Friday holiday.
World Stocks Edge Higher On US Economy Hopes By CARLO PIOVANO - AP - 1 hr 7 mins ago
Men wait for a signal to change in front of an electronic stock indicator in Tokyo, Japan, Tuesday, April 2, 2013. A slowdown in U.S. factory production sent Asian stock markets lower Tuesday,...
Related Stocks DTE - Dte Energy Company
Sym Last Chg Pct DTE 68.39 +0.05 +0.07% LONDON (AP) — Stock markets mostly rose on Tuesday on hopes that improvements in the U.S. economy will make up for the continued gloom in the eurozone, where the unemployment rate hit a new record high.
Traders will keep an eye on data for U.S. factory orders later Tuesday in the run-up to Friday's release of the monthly jobs figures, a key measure of the health of the world's largest economy.
The steady recovery in the U.S. has been supporting markets in the face of financial trouble in the 17-country eurozone, where the economy continues to wilt under the pressure of government budget cuts. Unemployment in the single currency bloc hit a record high in January and February, at 12 percent. Governments are trimming costs and companies are discouraged from hiring due to uncertainty in markets.
Cyprus was the focus of such financial uncertainty this month as it chaotically negotiated a bailout. Deep cuts to its banking sector are expected to cause a huge slump in the economy — to ease the pain the country was granted more time to reach its budget targets.
By late morning in Europe, Britain's FTSE 100 was up 0.8 percent to 6,465.73 while Germany's DAX rose 0.7 percent to 7,849.30. France's CAC-40 rose 0.6 percent to 3,754.26.
Wall Street also appeared headed for gains, with Dow Jones industrial futures rising 0.3 percent to 14,525. The broader S&P 500 futures gained 0.3 percent to 1,560.70.
Earlier, Japan's Nikkei 225 tumbled 1.1 percent to close at 12,003.43 as the yen's recent weakness reversed course. A stronger currency makes products sold abroad more expensive, a hardship for Japan's export-dependent economy.
Analysts said, however, that the new government in Japan, with its new plan of attack to right the country's economy, has lifted business optimism. A survey released by the Bank of Japan on Monday showed an improvement in business sentiment, although it was smaller than expected.
"The economy is improving, albeit slowly, and the mood has been lifted by the assertive and coordinated economic plan of the new government," Moody's Analytics said in a market commentary.
Hong Kong's Hang Seng closed 0.3 percent higher at 22,367.82.
Australia's S&P/ASX 200 advanced 0.4 percent to 4,985.50. South Korea's Kospi opened higher but then gave up its gains by midday. It was 0.5 percent down at 1,986.15. Benchmarks in mainland China, the Philippines and New Zealand also fell.
In commodity markets, the benchmark oil contract for May delivery was up 8 cents to $97.15 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 16 cents on Monday.
In currencies, the euro rose to $1.2838 from $1.2804 late Monday in New York. The dollar fell to 93.31 yen from 94.22 yen.
Euro Rises On Hopes Cyprus For Bailout Plan
ReplyDeleteAP - Fri Mar 22, 3:36PM CDT
NEW YORK (AP) — Hopes that Cyprus will approve measures that will pave the way for a new bailout package and help the country avoid bankruptcy pushed the euro higher against the dollar Friday.
The euro rose to $1.2983 in late trading Friday from $1.2922 late Thursday.
Cypriot lawmakers are expected to vote Friday on new measures they hope will qualify the country for a bailout package. Cyprus needs to raise $7.5 billion to get $12.9 billion in rescue loans from the other 16 countries that use the euro and the International Monetary Fund.
Cyprus risks going bankrupt and may have to leave the euro currency union if it doesn't come up with funds by next week.
In other trading, the British pound rose to $1.5236 from $1.5179.
The dollar fell to 94.48 Japanese yen from 94.92 Japanese yen, to 0.9406 Swiss franc from 0.9460 Swiss franc and to 1.0227 Canadian dollar from 1.0239 Canadian dollar.
Markets Steady As Cyprus Banks Reopen
ReplyDeleteBy PAN PYLAS - AP - 2 hrs 3 mins ago
An investor looks at the stock price monitor at a private securities company on Thursday, March 28, 2013, in Shanghai, China. Renewed jitters about the debt crisis in Europe sent Asian stock...
LONDON (AP) — Markets have steadied Thursday as Cyprus's banks reopened after a near two-week shutdown while the country negotiated a bailout agreement with international creditors that will see many large depositors lose a big chunk of their money.
At noon local time (1000 GMT), the banks reopened and the mood was generally calm despite some long queues at certain branches. Cyprus has imposed capital controls to prevent a run on the banks, the first time such measures have been taken since the euro was established in 1999.
"Markets appear to have taken the news largely in their stride so far," said Fawad Razaqzada, market strategist at GFT Markets.
In Europe, the FTSE 100 index of leading British shares was up 0.3 percent at 6,405 while Germany's DAX rose the same rate to 7,810. The CAC-40 in France was 0.1 percent higher at 3,716.
The euro was also fairly steady, trading 0.1 percent higher at $1.2789.
It's been a volatile week for Europe's single currency following the Cyprus bailout agreement that was clinched in the early hours of Monday morning. Early relief gave way to concern that the Cyprus bailout agreement may be a model for the future.
Uncertainty over the political future of Italy is also putting pressure on the euro. Following inconclusive elections around a month ago, the country is still without a government, and that's raised concerns over the future economic path. Italy is the third-largest economy of the 17 countries that use the euro.
Wall Street was poised for an uninspiring session, with Dow futures flat and the broader S&P 500 futures down 0.1 percent.
A raft of U.S. economic due data later, including weekly jobless claims, may have a bearing on trading. But with Friday a public holiday in many parts of the world, investors have taken to the sidelines especially at the end of what has generally been a strong quarter — particularly in the U.S.
"It has been a good quarter for equities, so money managers everywhere will be pretty happy to bank some profits before they tuck into their Easter eggs," said Will Hedden, sales trader at IG.
Earlier in Asia, trading was affected by worries over policy tightening in China, the world's second-largest economy. The Shanghai composite index ended 2.8 percent lower at 2,340.50, with banking stocks leading the retreat.
That had a knock-on effect elsewhere in the region. Japan's Nikkei 225 index tumbled 1.3 percent to 12,335.96 while Hong Kong's Hang Seng lost 0.7 percent to 22,299.63.
Like equities, oil prices were steady, with the benchmark New York rate up 6 cents to $96.64 per barrel.
Asia Stocks Modestly Higher After S&P Hits Record
ReplyDeleteBy PAMELA SAMPSON - AP - 27 mins ago
An investor looks at the stock price monitor at a private securities company on Thursday, March 28, 2013, in Shanghai, China. Renewed jitters about the debt crisis in Europe sent Asian stock...
BANGKOK (AP) — Asian stock markets were mostly higher Friday as momentum carried over from yet another record high on Wall Street.
Trading remained thin, however, as stock, bond and commodities markets were closed for Good Friday in the U.S. and Europe, along with large parts of Asia.
The Standard and Poor's 500 index closed Thursday at its highest level, driven by more encouraging data on the U.S. economic recovery. The government said the economy grew at an annual rate of 0.4 percent in the October-December quarter, slightly better than previous estimates. The revision reflected stronger business investment and export sales.
Those markets open in Asia reflected the good news out of the U.S.: South Korea's Kospi rose 0.6 percent to 2,004.89. Taiwan's TAIEX advanced 0.7 percent to 7,918.61.
Japan's Nikkei reversed early losses to rise 0.5 percent and close at 12,397.91. Gains were muted, however, as the yen leveled off against the dollar and the government released figures for February showing the country's jobless rate edging up while industrial production fell slightly.
Newly appointed central bank governor, Haruhiko Kuroda, has pledged to work with the government to end decades of growth-inhibiting deflation. His outspoken calls for action have raised hopes for results but some analysts said they may also have created unrealistic expectations for a turnaround.
"Unfortunately, the markets' expectations of the new Governor are so high that they will be almost impossible to meet, let alone beat," said analysts at Capital Economics in a market commentary.
Shares in mainland China were mostly flat amid limited trading volume, analysts said. The Shanghai Composite Index was nearly unchanged at 2,236.62 while the Shenzhen Composite Index fell 0.2 percent to 927.89.
Peng Yunliang, a Shanghai-based analyst, said shares in brokerage houses declined following the release Thursday of official policies aimed at tightening control over wealth management products.
Markets in Hong Kong, India, Australia, New Zealand, Indonesia, Philippines and Singapore were shut for Good Friday.
In Europe on Thursday, markets responded positively to the calm reopening of Cyprus's banks. Banks in the Mediterranean island nation were shut for nearly two weeks as the government negotiated a rescue loan from international lenders to prevent the financial system from collapsing.
However, Italy's political uncertainty will also remain in the spotlight. Following inconclusive elections around a month ago, the country is still without a government, and that's raised concerns over its future economic path.
In currencies, the euro was up slightly to $1.2824 from $1.2822 late Thursday in New York. The dollar fell to 94.09 yen from 94.13 yen.
The New York Mercantile Exchange, where benchmark oil is traded, was closed for the Good Friday holiday.
World Stocks Edge Higher On US Economy Hopes
ReplyDeleteBy CARLO PIOVANO - AP - 1 hr 7 mins ago
Men wait for a signal to change in front of an electronic stock indicator in Tokyo, Japan, Tuesday, April 2, 2013. A slowdown in U.S. factory production sent Asian stock markets lower Tuesday,...
Related Stocks
DTE - Dte Energy Company
Sym Last Chg Pct
DTE 68.39 +0.05 +0.07%
LONDON (AP) — Stock markets mostly rose on Tuesday on hopes that improvements in the U.S. economy will make up for the continued gloom in the eurozone, where the unemployment rate hit a new record high.
Traders will keep an eye on data for U.S. factory orders later Tuesday in the run-up to Friday's release of the monthly jobs figures, a key measure of the health of the world's largest economy.
The steady recovery in the U.S. has been supporting markets in the face of financial trouble in the 17-country eurozone, where the economy continues to wilt under the pressure of government budget cuts. Unemployment in the single currency bloc hit a record high in January and February, at 12 percent. Governments are trimming costs and companies are discouraged from hiring due to uncertainty in markets.
Cyprus was the focus of such financial uncertainty this month as it chaotically negotiated a bailout. Deep cuts to its banking sector are expected to cause a huge slump in the economy — to ease the pain the country was granted more time to reach its budget targets.
By late morning in Europe, Britain's FTSE 100 was up 0.8 percent to 6,465.73 while Germany's DAX rose 0.7 percent to 7,849.30. France's CAC-40 rose 0.6 percent to 3,754.26.
Wall Street also appeared headed for gains, with Dow Jones industrial futures rising 0.3 percent to 14,525. The broader S&P 500 futures gained 0.3 percent to 1,560.70.
Earlier, Japan's Nikkei 225 tumbled 1.1 percent to close at 12,003.43 as the yen's recent weakness reversed course. A stronger currency makes products sold abroad more expensive, a hardship for Japan's export-dependent economy.
Analysts said, however, that the new government in Japan, with its new plan of attack to right the country's economy, has lifted business optimism. A survey released by the Bank of Japan on Monday showed an improvement in business sentiment, although it was smaller than expected.
"The economy is improving, albeit slowly, and the mood has been lifted by the assertive and coordinated economic plan of the new government," Moody's Analytics said in a market commentary.
Hong Kong's Hang Seng closed 0.3 percent higher at 22,367.82.
Australia's S&P/ASX 200 advanced 0.4 percent to 4,985.50. South Korea's Kospi opened higher but then gave up its gains by midday. It was 0.5 percent down at 1,986.15. Benchmarks in mainland China, the Philippines and New Zealand also fell.
In commodity markets, the benchmark oil contract for May delivery was up 8 cents to $97.15 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 16 cents on Monday.
In currencies, the euro rose to $1.2838 from $1.2804 late Monday in New York. The dollar fell to 93.31 yen from 94.22 yen.