Feb 11
22
US markets were closed yesterday due to the Presidents Day holiday
Australian and Asian Market Report 22nd February 2011
Asian markets are trading lower this morning, amid persistent political tensions in the some of the North African and Middle East countries. In Japan, shipping stocks, Nippon Yusen, Mitsui O.S.K. Lines and Kawasaki Kisen Kaisha, traded lower, as cargo shipping rates dropped yesterday. Shares extended declines, after Moody’s downgraded Japan’s credit rating outlook to “Negative” from “Stable”, citing a likely risk that the government won’t act fast enough to tackle the nation’s debt burden. In Hong Kong, property developers, Hang Lung Properties and Sino Land, lost values, on speculation that the city’s government may increase land supply in tomorrow’s budget announcement. In South Korea, losses in construction stocks such as Hyundai Engineering & Construction, Daewoo Engineering & Construction and GS Engineering & Construction weighed on the Kospi index.
Nikkei 225 index is trading 1.8% lower, at 10,665.0. Hang Seng index is down 1.9%, at 23,033.6, while the Kospi index is trading 1.7% lower, at 1,970.4.
International Market Report 22nd February 2011
US markets were closed yesterday due to the Presidents Day holiday.
Other European markets finished lower yesterday, following declines in energy and financial stocks, amid concerns that political unrest in Middle East would cause energy prices to climb, fuelling inflation which might curb economic growth. Oil related stocks, Eni and OMV sank 5.1% and 4.2%, respectively, amid concerns that escalating tensions across Middle East and North Africa would disrupt their operations. Among banks, Credit Suisse dropped 1.5% as investors fled from risky assets, while Alpha Bank plunged 5.0%, after it rejected an unsolicited €2.8 billion takeover bid from National Bank of Greece. TNT fell 2.5%, after reporting full-year net income which missed market estimates. ProSiebenSat.1 Media slid 3.4%, after Goldman Sachs cut its price estimate on the stock by 10% to €29.30. However, Renault advanced 0.7%, after Citigroup lifted its rating on the stock from “Hold” to “Buy”.
FTSEurofirst 300 index declined 1.3% to 1,171.4. German DAX Xetra 30 dropped 1.4% to 7,321.8. French CAC-40 lost 1.4% to settle at 4,097.4.
