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    Asian stocks higher but uncertainty lingers?

    Asian markets rebounded on Tuesday following a series of losses last week after released data showed improved manufacturing activity in China and buoyancy that Federal Reserve Chairman Ben Bernanke may unveil steps to boost the US economy. ? ?Hong Kong’s Hang Seng climbed 1.99 percent to 19,875, Japan’s Nikkey rose 1.2 percent to 8,733 while the Kospi in South Korea posted the largest gain to 1,777, a 3.86 percent increase.? Market uncertainty continued to prevail however as investors sought out the safe haven of the bullion, leading to gains of an all time high of 1,901,80 an ounce, up $10.60, in Tuesday’s electronic trading.? Platinum...
    On August 23, 2011 / By
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    Merkel rules out Eurobonds as Greek banks rescue small lender

    German chancellor Angela Merkel on Sunday snubbed Eurobonds as a short-term answer to Europe’s sovereign debt crisis while four of Greece’s largest banks in Athens stepped in to rescue a smaller lender. Merkel continued to oppose a bond guaranteed by all of Europe’s member states, saying the eurozone would turn into an inflation community if nations sold a joint bond without amalgamating their economic policies first. Investors faced an anxious start to the week as banks in Greece tried to avert on Sunday a run on its frail banking system by taking up €50m convertible bonds to bail out Proton bank, the Central Bank said. Proton Bank, ...
    On August 22, 2011 / By
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    Asahi buys Independent Liquor for $1.3bn?

    ?Japan’s Asahi Group Holdings said Thursday it has come to an agreement to buy New Zealand’s leading ready-to-drink cocktail company, Independent Liquor, for $1.31bn from Pacific Equity Partners and Unitas Capital Pte.? ? The brewer hopes to grow a stronger position in New Zealand and Australia, and aims to increase its overseas sales between 20 percent and 30 percent, the group said.? ?Asahi’s oversees sales currently account for 6.6 percent compared to the 23 percent of its competitor, Kirin Holdings. ? ? The transaction, which is the largest ever by a Japanese company targeting the New Zealand market, is due to be completed by the...
    On August 18, 2011 / By
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    Franco-German talks fail to reassure markets

    Stocks in Europe fell on Wednesday after a meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel late on Tuesday to discuss the area’s rescue fund and borrowing. The duo had been under pressure to re-establish market confidence after a bout of volatility and uncertainty. Tokyo’s Nikkei and S&P 500 were 0.6 percent and 0.97 percent down respectively at close of trading. Frankfurt dropped 1.5 percent, while London’s FTSE and Paris CAC were both down 1 percent in early trading. The leaders of Europe’s strongest economies revealed plans late on Tuesday for closer eurozone incorporation, including bian...
    On August 17, 2011 / By
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    German economy grounds to a halt

    Germany, the EU’s biggest economy, saw a near stalling in 2Q11 as its GDP grew by just 0.1 percent between April and June, according to the country’s Federal Statistics Office. The figure, which was below market expectations of 0.5 percent, marks a substantial drop from the downwardly amended 1Q11 increase of 1.3 percent and raises concerns over the wider eurozone and global economy. A decrease in consumer spending and capital formation in construction were largely responsible for the slowdown while investments and exports were “positive contributors” over the last quarter, according to the statistics office. The result comes just ...
    On August 16, 2011 / By
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    Asian stocks rise as Japan beats GDP estimates

    Japan’s economy contracted during 2Q11 at a slower than expected pace by an annualised rate of 0.3 percent in the three months to the end of June, the cabinet office said. Real GDP was down 1.3 percent and showed stronger signs of recovery thanks to consumer spending in the wake of the March earthquake and tsunami disaster. Analysts had been expecting a drop of 2.6 percent for the quarter. On the news the MSCI Asia Pacific Index climbed 1.9 percent in Tokyo and the Nikkei 225 was up 1.37 percent. The country’s largest car manufacturer by value, Toyota Motors, rose 2.9 percent. European markets opened higher with the FTSE MIB Index up four...
    On August 15, 2011 / By
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    EU imposes short selling ban

    Amid heightened international market volatility, ESMA, the EU’s regulator, announced late on Thursday that France, Belgium, Spain and Italy have banned short selling in an attempt to curb rumours and halt the precipitous fall in value of troubled EU banks. In Spain and France the ban will last 15 days and is only applicable to stocks in the financial sector. Financial institutions included BNP Paribas SA, Société Générale SA and Crédit Agricole SA in France, and Banco Santander and Bankia SA in Spain.  Belgium’s ban is restricted to four financials only and no concrete time duration was given. It was unclear which stocks would be a...
    On August 12, 2011 / By
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    Shares drop on rumours of French credit downgrade

    The Paris stock exchange lost over five percent of value and French financials were hammered late on Wednesday amid rumours that French banks were in serious difficulty. France’s second-largest bank, Société Générale, which holds significant amounts in Greek and Italian debt, saw its shares drop by 21 percent before closing down 14.7 percent late on Wednesday. The FTSE fell 3.05 percent, in New York the Dow was down just over three percent, the CAC in Paris plunged 5.45 percent and the pan European Stoxx dropped 3.75 percent. European and Wall Street shares had resumed their fall after a rebound on Tuesday on fears France could follo...
    On August 11, 2011 / By
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    Stock markets higher after US Fed pledge?

    ?Asian stocks have rallied in early trading on Wednesday from their downward trend earlier in the week after the US Federal Reserve promised to keep interest rates near the zero level “at least through to mid-2013.”? Europe’s stock markets also opened higher after overnight increases on Wall Street and Asian markets, which saw the Hong Kong rebound with a rise of 3.27 percent while Tokyo climbed 1.11 percent. Global stock markets have been plummeting since early August following an unprecedented US credit rating downgrade.?The FTSE 100 index gained 1.7 percent, Frankfurt’s DAX jumped 2.2 percent and Paris’s CAC-40 increased by 1.9 p...
    On August 10, 2011 / By
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    Global stocks plummet

    European stock markets plummeted further on Tuesday following a sharp rise in Chinese inflation, adding to woes over debt contagion across the eurozone and fears of another US recession. Market volatility reached its peak when Britain’s FTSE 100 index, which traded 20 percent below its February peak of 6091 points, plunged officially into bear territory as analysts watched global stocks plummet. The Dow Jones Industrial Average lost 634.76 points, or 5.55 percent, to 10,809.85, while the Nasdaq composite slumped 174.72 points, or 6.90 percent, to 2,357.69. Volatility commenced after the Dow dropped 634 points or 5.5 percent following Standa...
    On August 9, 2011 / By