Most Asian markets made guarded gains on Monday, encouraged that Wall Street was able to weather a seemingly disappointing U.S. jobs report, though there was more than enough event risk ahead to keep investors cautious. Crucially, the new head of the Federal Reserve, Janet Yellen, delivers her first testimony to the House on Tuesday and the Senate on Thursday, and markets will be hoping for reassurance that […]
Asian shares regained a measure of stability on Friday, stepping further away from five-month lows after a strong rally on Wall Street and hopeful signs the upcoming U.S. payroll report could put some global growth concerns to rest. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.8 percent, a day after the index posted its biggest gains in over two months. The index bounced 2.2 […]
European stocks rose for a second day as investors awaited the European Central Bank’s rate decision and weighed company earnings. Asian shares and U.S. stock-index futures also advanced. Daimler AG gained 3.4 percent after posting a 45 percent surge in quarterly profit. Volvo (VOLVB)AB climbed 4.8 percent after reporting operating profit that beat projections and saying it will cut 4,400 jobs. Credit Suisse Group AG (CSGN) fell 1.1 percent after posting […]
Asian shares skidded on Tuesday while the dollar struggled to keep its footing, after disappointing data cast doubt on the strength of the U.S. economy and gave investors little reason to hope for stability in emerging markets after their recent rout. MSCI’s broadest index of Asia-Pacific shares outside Japan fell about 1.4 percent, touching its lowest level since early September at one point. The gloom was likely […]
Commodities moved lower during the course of the week as the diverging outlook between emerging and developed economies continued to raise uncertainty about the demand outlook for commodities. The weakness was primarily driven by losses in both metal sectors with industrial metals being hurt by weak China manufacturing data together with a slowdown in activity ahead of the Lunar New Year shutdown in several Asian markets. Precious […]
Hotels in Dubai reported the highest profit levels in the region in 2013 for the fourth consecutive year, according to the latest HotStats survey by TRI Hospitality Consulting Middle East. During December, Dubai continued to record strong performance levels, reflecting the growth experienced throughout the year, the survey said. These latest figures follow a recent pronouncement by the head of Dubai’s Department of Tourism and Commerce Marketing […]
U.S. stocks fell for a third week, the longest slump since 2012 for the Standard & Poor’s 500 Index , after the Federal Reserve cut stimulus even as a rout in emerging markets spurred concern about the global economy. The S&P 500 slipped 0.4 percent to 1,782.59 in the week and reached the lowest level since November on Jan. 29. The Dow Jones Industrial Average lost 180.26 […]
The Federal Reserve’s decision to keep trimming its economic stimulus drew fire on Friday as India’s central bank chief said Americans should be more attuned to the global impact of their policies, and the IMF called for vigilance given strains in financial markets. The push-back came on Fed Chairman Ben Bernanke’s last day on the job and two days after the U.S. central bank reduced the pace […]
India pledged on Thursday to take all necessary steps to ensure stability in financial markets as it tried to calm jitters over the U.S. Federal Reserve’s decision to scale down its economic stimulus. The U.S. central bank said on Wednesday it would buy $65 billion in bonds per month starting in February, down from $75 billion now. It shaved its purchases of U.S. Treasuries and mortgage bonds […]
Asian markets rallied on Wednesday after Turkey stunned investors with a huge hike in interest rates, stirring hopes drastic action would short-circuit a vicious cycle of selling in emerging markets and revive risk appetite. European shares were expected to ride the wave of optimism, with financial spreadbetters predicting Britain’s FTSE 100 to open 43-48 points higher, or up by as much as 0.7 percent; Germany’s DAX was […]
Lower-than-expected holiday iPhone sales and a weak revenue forecast by Apple Inc renewed fears about Chinese demand and a tepid global market, wiping 8 percent off company stock. This year was to have been Apple Inc’s watershed moment in China, when a long-awaited deal with the nation’s largest carrier was to have propelled it back toward the top ranks of its most crucial market, clawing back ground […]
The Reserve Bank of India unexpectedly raised its policy interest rate on Tuesday by 25 basis points but said that if consumer price inflation eases as projected it does not foresee further near-term tightening. The policy decision was driven by an expectation that consumer price index (CPI) inflation will remain high, an indication that the RBI is looking to adopt a recent proposal to base its policy […]
After a scary sell-off in emerging markets in the past week, investors who specialize in the sector are looking for places to hide while also looking for opportunities to benefit. And that means finding countries that have stronger economic underpinnings and political stability, while abandoning or betting against those whose current account balances and government budgets are deeply in the red and where there is political turmoil. […]
Gold rallied for a third session on Monday to its highest in two months as equities fell on worries that capital outflows from emerging economies would continue, boosting bullion’s safe-haven appeal. Asian shares took a beating and the yen raced to a seven-week high against the dollar, with the U.S. Federal Reserve poised to continue tapering its stimulus and tighter credit conditions in China raising fears of […]
Karl Slym, managing director of Tata Motors Ltd, died after falling from a hotel room in Bangkok in what police said on Monday could be possible suicide. Slym, 51, had attended a board meeting of Tata’s Thailand unit in the Thai capital and was staying with his wife in a room on the 22nd floor of the Shangri-La hotel. Hotel staff found his body on Sunday on […]
The rupee hits 62.90 in early trade, its lowest level since November 22, as Asian stocks trading with heavy losses. The pair last trading at 62.77/78 vs Friday’s close of 62.66/67. Dealers will closely watch for RBI intervention at current levels after the RBI was suspected to have sold dollars in late session on Friday. The RBI to decide on rates on Tuesday. While the consensus still […]
Barrick Gold Corp’s warning this week that its in-the-ground gold reserves will shrink is widely expected to be echoed in the coming weeks by miners around the globe, spelling more asset writedowns for an already beat-up sector. For the first time in years, miners from Canada to Australia will tell their shareholders that reserves – the future source of production, cash flow and growth – have significantly […]
A leading rights watchdog said a Dubai news conference Thursday on human rights issues in the United Arab Emirates was abruptly cancelled, a move it alleges underscores threats to freedom of expression in the Gulf nation, AP reported. Human Rights Watch said it was told Wednesday by the Novotel hotel, where the event was due to take place, that the conference was being called off because a […]
By Simeon Kerr The many daily flights between Dubai and Tehran are always busy. But these days the Iranians heading home after business and shopping trips are being joined by rising numbers of briefcase-toting western and Asian passengers. They are part of a new wave of foreign investors eager to investigate business opportunities in post-sanctions Iran, a potentially lucrative trade that Dubai, the commercial hub of the […]
Gold will extend declines this year as gains in equity markets reduce the need for haven assets and increased regulation hurts risk appetite, according to Morgan Stanley, which lowered its bullion forecasts. The 2014 target was cut 12 percent to $1,160 an ounce and the prediction for 2015 reduced 13 percent to $1,138, analysts Peter Richardson and Joel Crane wrote in a report today. Gold remains under […]
Iranian President Hassan Rouhani will court global business in Davos next week after winning an easing of some economic sanctions, but any trade bonanza depends on the long-term success of nuclear diplomacy. A U.S. stranglehold on Iran’s access to the international financial system, the uncertain future of talks on its nuclear program beyond a six-month initial deal, and vested interests in the Islamic Republic suspicious of Western […]
Target Corp and Neiman Marcus are not the only U.S. retailers whose networks were breached over the holiday shopping season last year, according to sources familiar with attacks on other merchants that have yet to be publicly disclosed. Smaller breaches on at least three other well-known U.S. retailers took place and were conducted using similar techniques as the one on Target, according to the people familiar with […]
The Bloomberg Dollar Spot Index touched a four-month high as signs of improvement in the labor market support expectations the U.S. economy will be strong enough for the Federal Reserve to end bond purchases this year. The dollar remained higher versus most major peers before government data today forecast show initial claims for unemployment benefits fell. A report tomorrow may say U.S. employers continued to add positions […]
Dubai plans new rules to control speculation on properties sold before they’re built after home prices climbed by more than 30 percent last year, the head of the emirate’s Land Department said. The real estate authority plans to complete a review of what are known as off-plan transactions in the first quarter and may introduce new regulations in the second or third quarter, Land Department General Director […]
