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Market Review - 26/03/2009 21:52 GMT
Japanese falls on rising stocks and commodities
The yen fell on Thursday as sharp gains on Wall Street led by consumer shares along with the surge in oil, gold, and other base metals offset persistent concerns about the viability of the U.S. banking system, dampening the Japanese currency's safe-haven appeal.
In late New York trading, the dollar rose 1.2 percent to 98.71 yen while euro surged to a session high of 133.93 yen before stabilising to trade around 133.30 yen, up 0.6 percent. The increase in risk appetite also triggered gains in commodity currencies and Australian dollar climbed 1.3 percent higher to 69.28 versus the yen while New Zealand dollar touched its highest level in four months at 57.09 yen.
Against the dollar, the euro slid 0.4 percent to $1.3525, after falling as low as $1.3501 and the British pound was under pressure after data showed that U.K. retail sales in February were much weaker than expected, cable dropped to a session low of $1.4422 and shed 0.7 percent to $1.4444 in late New York afternoon session. The New Zealand dollar, meanwhile, surged to a 10-week high to 0.5803 while the Australian dollar also rose versus the greenback to 0.7022, up 0.7 percent on the day.
U.S. stock markets extended their best monthly gain since 1987 on Thursday as Best Buy Co. and ConAgra Foods Inc posted better-than-expected earnings reports while prospects of lower costs at General Motors Corp. also helped. By the end of New York trading, the Dow Jones Industrial average rose 174 points, or 2.25 percent to 7,924, while Standard & Poor’s 500 index and Nasdaq Composite index added 2.3 percent and 3.8 percent to 832 and 1,587 respectively.
On the data front, the Commerce Department said the U.S. economy shrank at a 6.3 percent annual pace in Q4 (the worst performance since 1982), compared to the previously estimated 6.2 percent drop. The GDP report also showed corporate profits dropped 16.5 percent in the fourth quarter from the previous three months, the biggest decline since 1953, while another report showed initial jobless claims rose 8,000 to 652,000 last week, topping 600,000 for an eighth straight time.
On Friday, economic data releases include Japan Tokyo CPI, National CPI and retail sales, German import price index, Switzerland’s KOF indicator, U.K. GDP and current account, and U.S. personal income, personal spending, PCE data and University of Michigan consumer sentiment survey.
Japanese falls on rising stocks and commodities
The yen fell on Thursday as sharp gains on Wall Street led by consumer shares along with the surge in oil, gold, and other base metals offset persistent concerns about the viability of the U.S. banking system, dampening the Japanese currency's safe-haven appeal.
In late New York trading, the dollar rose 1.2 percent to 98.71 yen while euro surged to a session high of 133.93 yen before stabilising to trade around 133.30 yen, up 0.6 percent. The increase in risk appetite also triggered gains in commodity currencies and Australian dollar climbed 1.3 percent higher to 69.28 versus the yen while New Zealand dollar touched its highest level in four months at 57.09 yen.
Against the dollar, the euro slid 0.4 percent to $1.3525, after falling as low as $1.3501 and the British pound was under pressure after data showed that U.K. retail sales in February were much weaker than expected, cable dropped to a session low of $1.4422 and shed 0.7 percent to $1.4444 in late New York afternoon session. The New Zealand dollar, meanwhile, surged to a 10-week high to 0.5803 while the Australian dollar also rose versus the greenback to 0.7022, up 0.7 percent on the day.
U.S. stock markets extended their best monthly gain since 1987 on Thursday as Best Buy Co. and ConAgra Foods Inc posted better-than-expected earnings reports while prospects of lower costs at General Motors Corp. also helped. By the end of New York trading, the Dow Jones Industrial average rose 174 points, or 2.25 percent to 7,924, while Standard & Poor’s 500 index and Nasdaq Composite index added 2.3 percent and 3.8 percent to 832 and 1,587 respectively.
On the data front, the Commerce Department said the U.S. economy shrank at a 6.3 percent annual pace in Q4 (the worst performance since 1982), compared to the previously estimated 6.2 percent drop. The GDP report also showed corporate profits dropped 16.5 percent in the fourth quarter from the previous three months, the biggest decline since 1953, while another report showed initial jobless claims rose 8,000 to 652,000 last week, topping 600,000 for an eighth straight time.
On Friday, economic data releases include Japan Tokyo CPI, National CPI and retail sales, German import price index, Switzerland’s KOF indicator, U.K. GDP and current account, and U.S. personal income, personal spending, PCE data and University of Michigan consumer sentiment survey.
